How To Avoid Wedding Debt

Your best friend asked you to marry them, and now you’re able to benefit from the bliss of being engaged and planning your wedding. For those who’ve never planned a marriage before–and we’re guessing you haven’t–all the process can feel overwhelming, especially in relation to funds. 

While some couples receive money from their family and friends, we all know this isn’t an option for everybody. We also know just how expensive weddings may be. Based on The Knot, the typical wedding in 2021 was $28,000. That’s removed from chump change.

Though the choice of taking out loans is there, we understand that many couples wish to avoid wedding debt, which may feel virtually unattainable. But we’re here to inform you that it’s not! And we’re sharing our greatest tricks to allow you to stay out of debt while still with the ability to benefit from the wedding of your dreams.

How To Avoid Wedding Debt

Create A Budget

There are just a few steps to take before you may even begin to take into consideration booking your vendors and venue–the primary being making a budget. Take a take a look at your and your partner’s saving accounts, how much money you may realistically save every month leading as much as the massive day, and what money (if any) you might be receiving from parents or family members. This big-picture number will allow you to stay on the right track throughout the planning process.

Determine Your Non-Negotiables

As you begin planning, chances are you’ll find there are just a few “must-haves” on your big day. This might be a venue you’ve had your eye on, a selected photographer, or an abundance of flowers. Whatever it might be, sit down along with your partner and list your top three non-negotiables. That is where most of your budget will likely go. This can even allow you to cut costs in other areas which can be less vital to the 2 of you.

Don’t Forget A Miscellaneous Item Line In Your Budget

When putting together your budget spreadsheet (which we’ve already put together for you), don’t forget to incorporate a line for miscellaneous expenses. There are quite just a few unexpected costs, corresponding to alterations, your marriage license, taxes, service fees, and more.

Create A Separate Bank Account

Making a separate checking account that’s used solely for wedding planning permits you to automate your contributions and keep track of your spending. While this may increasingly seem to be a silly extra step, it may prevent you from overspending. For instance, in the event you are only using money out of your regular savings, chances are you’ll spend greater than you propose because the cash is within the account. For those who create a separate account, you may keep a specific amount in there, and once it’s gone, it’s gone.

We recommend opening a high-yield saving account. This permits you to earn money by just having some within the bank. Even though it is probably not much, that extra $50 that you simply make might be what helps you get the florist you fell in love with on Instagram.

Give Yourself A Deadline

The last item that you should do is spend years saving up on your wedding. While your wedding is something you will have dreamed about because you were little, it’s also vital to keep in mind that it’s just a elaborate party. A very powerful aspect of a marriage is you and your partner promising perpetually to 1 one other. All the other details are only an added bonus. That’s why it’s not value spending years saving for a single night. In fact, you would like it to be special, but don’t put it off simply because it’s worthwhile to save. Make the deadline realistic.

Discuss Funds Often

We’re firm believers that you need to be discussing funds along with your partner often in the course of the wedding planning process. For those who begin to feel overwhelmed financially, have a date night where you get the main focus back on just the 2 of you. Take into consideration your future dreams together, whether buying a house within the near future, traveling the world, or starting a family. Specializing in saving money and never going into debt for these future aspirations will allow you to reel it in and remind you why you’re committing to a budget in the primary place. 

Image by McKenzie McNeil

Other Helpful Financial Suggestions

Get Married On A Friday or Sunday

It should come as no surprise that Saturdays are the most well-liked day of the week for weddings. They’re also the costliest. While having a weekday wedding is probably not realistic for a lot of, in the event you’re looking to save lots of somewhat extra cash, consider getting married on a Friday or Sunday. There’s nothing we love greater than a Sunday brunch wedding filled with delicious breakfast foods and sunshine.

Opt For A Wedding Website

While we recommend sending out physical save-the-dates and invitations to your guests, you may get monetary savings by having a wedding website. On the positioning, you may list all of the small print concerning the rehearsal dinner, your welcome party, and data concerning the hotel room block you’ve arrange, so that you don’t must have this printed on much more cards.

Host An All-Inclusive Destination Wedding

Did you recognize that destination weddings can actually be cheaper than traditional weddings? Especially in the event you select an all-inclusive venue. Depending on the placement, you may save 1000’s of dollars. Doing so also helps you trim down your guest list naturally, which also helps you get monetary savings in the long term as well.

Now that you recognize some suggestions and tricks to allow you to avoid wedding debt, it’s time to get serious about your wedding budget. That is step one, in any case. To make planning as seamless as possible, we’ve created a budget guide with all the pieces it’s worthwhile to know. It even comes with a free budget spreadsheet, so that you don’t must make your personal!

Image by Villetto Photography