Soon after couples announce their engagement, planning the wedding becomes one of the first financial obstacles that the couple has to overcome together. The best thing to do is to learn about typical trends when it comes to planning a wedding and what mistakes lead to the most financial failures among couples during this process.
Realistically, the best thing to do when planning for a wedding is to start small and as early as you can. Today’s world is full of couples that are getting engaged within the first year to year and a half of dating, which doesn’t leave much time to save before the planning starts for the big day. Here are my tips to help you spend less and be empowered financially:
- Keep a spreadsheet keeping track of all of your expenses, so you know what you are spending and where.
- Be sure to look at the big picture, what really matters to you both. Instead of wanting the best of everything, simple try to have the best of what you can afford and for what is important to you.
- Take advantage of the skills your family holds.
- Of course, everyone would love for their one of a kind special dress but buying a pre-owned dress is much cheaper and can still be your very own. Think about buying pre-owned then changing a few things on the dress to make it “customized and original.”
- There has been a common trend of starting a “wedding account” among financial advisers these days. Even if you are not engaged, it's not early to start saving. If a person has even the slightest desire to get married some day, he can start saving before dating someone. I guess you could call it the “401-Wedding,” if you get what I mean.
Invest in your marriage, not in your wedding day. There is nothing more stressful for a couple than starting their marriage broke because they had a big lavish wedding day. If the decision is to have more flowers, the perfect venue or something else that is over the top, take the road less traveled and spend less. Having a little nest egg going into your marriage will make things a little easier and less stressful through the first few months.
Still need more info? Should you put everything on credit cards, or create a separate checking account specifically for wedding expenses to avoid overspending? Check out more tips on Credit Card Insider’s community page. Also, try the wedding budget calculator here.