Don’t Let Your Wedding Break the Bank: How to Budget and Plan Accordingly on Your Big Day
Nowadays, the cost of a wedding amounts to a small fortune. Whether you waited until later in life to tie the knot, are starting over with another marriage or plan to contribute to your child’s wedding, don’t let it derail your life’s savings. There’s a healthy balance of having a dream wedding and not breaking the bank. In order to do this, you must create a budget that includes all the details, find creative ways to save money and remember that at the end of the day it’s not about the wedding itself, but a celebration of a lifelong commitment.
Establish a Comprehensive Budget
The first step in planning your wedding is establishing a budget. Sit down with your partner and decide exactly how much you can afford to spend on the big day. There is no rule-of-thumb when it comes to deciding on this number, and by no means should you feel obligated to spend the national average of $35,329. There are several websites such as The Knot that offer free budget tools like a budget breakdown and expense tracking sheets which serve as a great starting point. However, these tools are usually one-size-fits-all and your budget may look slightly different depending on the specifics of your big day.
If you aren’t sure exactly how much to put aside, it may be helpful to do some research and scout out prices of vendors in your area to get a rough estimate of just how much cash you’ll need to cough up. The most expensive part of the wedding is likely to be the venue and catering, that is if it’s not already included with the venue. Don’t forget to include the most commonly overlooked wedding costs such as vendor gratuities (roughly 10-20 percent per vendor), postage for save the dates, invitations, RSVPs and thank yous (depending on number of guests, postage alone may add up to several hundred dollars), wedding bands and dress alterations.
Look for Opportunities to Save
There are tons of ways to cut down on costs for your wedding -- especially if you’re willing to roll up your sleeves and tackle some DIY projects leading up to the big day. It’s important to keep in mind that many vendors add a “wedding tax”, photographers and caterers in particular, which is a marked up price for weddings. It’s perfectly okay to haggle the price and many vendors will be happy to accommodate your budget. Here are the easiest ways to save some dough:
Linens: When you select a venue, the table and chair linens may or may not already be included. If they aren’t, you’ll need to provide your own, either by renting from a third-party vendor or the generally cheaper option of buying your own. Websites like Linen Tablecloth and CV Linens sell economy linens in bulk, and you can save up to $10 per linen -- which adds up quick for a guest list of 100-200 or more people.
Wedding Gown: Although it may feel like the most important aspect of the wedding to the bride, spending thousands of dollars on a dress that is worn once is hard to justify -- not to mention the costs of alterations and steaming the dress on the day-of. Luckily, there are tons of options for brides looking to save on the expense of a wedding gown. Keep an eye out for sample sales at local bridal salons and consider renting or purchasing a dress secondhand. Websites like PreOwnedWeddingDresses.com make it possible for brides to score a dream designer dress for less than half of the full retail costs.
Timing: Saturday is by far the most common day to have a wedding, but who says you have to? Many venues will have significantly lower rates for Friday and Sunday rentals as they’re typically not as booked up as they are on Saturday. Your guests will be happy to score lower rates on hotels and airfare, too. In addition, some venues charge extra for peak season. Wedding season typically lasts from April-October, and getting hitched during the off-season of November-February can also help you save money.