What You Can Do to Avoid the Wedding Bell Blues
According to Wedding Report Inc., more than 2.1 million weddings were held in the United States in 2008, and couples spent an average of $21,814 for their special day. That total dollar amount is expected to fall slightly in response to collective belt tightening across the nation. Like any other life dream or goal, talk with a financial advisor before you begin your wedding planning to develop a financial plan. Here are some ideas for keeping your wedding costs to a manageable level during challenging economic times:
Trim Your Guest List
Every guest who attends your wedding represents a mouth to feed, even if you’re just planning on having appetizers and cake. Reducing the number of guests means you can get by with fewer invitations, a smaller reception hall, and a more modest budget for food and beverages.
Check Out Less Pricy Venues
A daytime wedding in a public park is more affordable than an afternoon wedding at a cathedral with a lavish reception at a hotel. You may have to wait longer or take a risk on good weather, but outdoor public spaces can provide a very romantic and beautiful backdrop for your wedding celebration.
Modify Your Food Bill
One way to keep a handle on your food bill is to schedule your reception during non-peak hours, when guests are not expecting a full meal. Serve appetizers and snacks and non-alcoholic beverages for a fraction of the cost of a sit-down dinner.
Borrow or Buy a Secondhand Gown
Wedding dresses are a big expense for most brides. In 2008, average spending for a wedding dress was $916 (estimated to fall to $841 in 2009, according to Wedding Report, Inc.). Borrowing a dress is a great way to reduce your costs. Plus, you won’t need to pay for wedding dress preservation, which can cost an average $100 annually.
Drive a Bargain
Forget the limo, the horse and carriage or the antique car. A friend or family member with a nice set of wheels may be willing to loan their vehicle for the day.
Negotiate
When making arrangements with wedding vendors, don’t be shy about asking for a reduced price. Though the wedding industry has been fairly resilient through the recession, many vendors are hurting for business and may be willing to strike a deal.
Keep It Simple—Very Simple
If none of the above cost-cutting measures makes a wedding affordable for you and your fiancé, you still have options. A simple legal service at City Hall will make your marriage legal with a bare minimum of expenses. You can opt for a small reception or no reception at all. Or, you can postpone your plans altogether and wait until you have more expendable cash to put toward the wedding of your dreams.
Check In With a Financial Planner Before Tying the Knot
Planning a wedding, including developing a reasonable budget and sticking to it, is an excellent test of how well you and your future spouse are able to work together toward a common goal. Meeting with a financial advisor is also a great place to determine how well you manage money and participate in premarital financial counseling.
