How to Save for a Wedding: 11 Effective Tips

Your wedding is one of the most memorable occasions of your life. Though it can be challenging to save for the big day, it is important if you want the fairytale wedding that you've always imagined.

Studies show that it is difficult to save money if your mind is focused on living in the moment. It is much easier to save if you're thinking about your future. Your wedding is a huge milestone in your life that certainly sets the tone for your future with your partner.

If you want to know how to save for a wedding, there are several ways to help you get to your savings goals.

Keep reading for 11 effective tips to get you financially prepared to enjoy the wedding of your dreams!

1. Decide on a Budget

If you want to know how to save money for your big day, first you have to know how much you are going to need.

In the U.S, the average wedding cost in 2019 was just under $34,000. Deciding on a budget will require you and your partner to discuss what is realistic based on several factors.

Consider your salaries, your current savings and investments, and financial help from your families. You will also need to consider what type of wedding you want, whether it be intimate, extravagant, traditional, or modern.

All of these factors will play a role in narrowing down your budget. There will also be some non-negotiables for both you and your partner, so you will need to be honest about where you are willing to compromise.

2. Create an Automated System for Monthly Savings

As far as financial advice on wedding savings goes, this one is a lifesaver. Having an automated system is a great way to ensure that what you have allotted each month for savings, actually makes it to the wedding fund.

Often, when we get paid, we are tempted to overspend in other areas, letting our cash flow dwindle before we've put the money aside that we need to save. Ensure that once you get paid, the money is taken out of your account automatically before you have a chance to spend it.

3. Cut Back on Expenses

There are several ways in which you can cut back your spending daily to ensure that you get to your savings goal.

This is one of the best money-saving tips if you want to save for your wedding. Consider all of the frivolous spendings between you and your partner and find things that you are willing to eliminate.

Perhaps you can cancel a gym membership and stick to at-home workouts. Or you may be ordering delivery often and can cook at home instead. Maybe you and your partner can get creative and have more budget-friendly date nights.

These will be personal for every individual and couple. It's best to compromise between things that both you and your partner are willing to sacrifice. Ensure that you are both committed to your savings plan and encourage each other to stay on track.

If there is no wiggle room to cut costs, you may want to consider a wedding loan by Plenti to get you financially secure for your big day.

4. Avoid Peak Wedding Season

If you're planning a wedding, picking a date is the initial step that can save you a lot of money.

During peak wedding season, venues raise their prices because of the higher demand. Not only venues, but other wedding services will be much more costly during the peak months.

Another way to save on costs is to have your wedding on any other day than Saturday. Saturdays are the most popular for weddings days but you can save a lot if you choose another day.

5. Get Creative With Your Venue

While a traditional wedding reception is usually hosted in an event hall, you may want to consider a more unique venue.

There are many beautiful restaurants, galleries, or vacation homes, that can make for amazing wedding venues. This also gives you and your fiancee a chance to pick a place where the decor suits your personal style. It could save you lots on decor, lighting, sound, and overall ambiance.

Additionally, restaurants are usually happy to reserve the venue for you, only charging for the food and alcohol.

6. Eliminate Unnecessary Costs

There are a lot of unnecessary and unexpected costs that can come up while your wedding plans are coming together.

Again, it will come down to the aspects that are most important to you and where you are willing to cut from the budget. This will be personal for every couple.

These are some of the costs that you might not consider when creating your budget:

• A special gesture when proposing to your bridesmaids

• Beauty treatments leading up to the wedding

• Bachelor/bachelorette parties

• A marriage license

• Hotel rooms or accommodation the night before the wedding

• Wedding attire alterations

• Guest transportation

• Unexpected guests

• Lighting and sound

• Sales taxes and gratuities

Your venue can also include fees that you're not aware of. Ensure that you read the venue contract in detail to ensure that there are no hidden fees. Speak up if there are costs that you don't agree with and try to eliminate surprises on the day of the wedding.

7. Consider Your Location

The location of your wedding will have a big impact on the cost of your wedding. Major cities will have to most expensive venues and the most expensive services.

Consider having your wedding outside of the city. Ensure that there is accommodation nearby for your guests should they choose to stay overnight and are coming in from out of town.

Likewise, make sure that your location is not so far that many of your guests will not be able to attend.

8. Suggest a Monetary Gift

This tip is not exactly for saving money but it is a great way to make back some of what you spent.

Instead of gifts on your wedding day, you can politely suggest that your guests leave a monetary gift instead. It is a good idea to include this in your wedding invite with gracious wording such as, "monetary gifts are well-received".

Most people will understand that newlyweds don't want to start off their marriage in debt - they're also happy to offer a gift that saves them a shopping trip!

9. Set a Limit on Certain Services

This is a great way to save some money across the board by limiting some of the services you need for your wedding.

If you have a photographer, limit the time that they are present at the wedding. You'll want footage from the ceremony and your entrance at the reception, but you likely don't need them until the end of the night.

You can also save on the open bar. Limit the time you have the open bar available and offer a limited selection. Instead of choosing premium wines and spirits, opt for more cost-effective options.

10. Consider DIY or Paperless Invitations

Making your own wedding invitations can be a fun project, especially if you're crafty. There are many free templates online and you can personalize them to suit the theme of your wedding.

You can also consider electronic invitations. These are a great option for tracking your guest list and RSVPs all in one place. This can save you a lot of money on stationery and postage.

If you have some elderly family on your guest list, ensure that they have assistance with using e-mail or have special considerations for those guests.

11. Reduce Your Guestlist

You might feel tempted to invite guests that are outside of your friends and family. These are the people you invite out of obligation rather than a genuine interest in having them be a part of your wedding day.

But consider this, the average cost per wedding guest for a ceremony in the U.S. is about $244. With that in mind, you may feel less tempted to invite your second cousin twice removed.

Remember, it is your special day and you shouldn't feel obliged to make others comfortable with an invite. The extra funds can be allotted elsewhere and with a smaller wedding, it can make all the difference.

Consider leaving out plus-ones, distant relatives, and children.

How to Save for a Wedding

You shouldn't have to sacrifice your dream wedding on account of your savings. It is possible to reach your savings goals with these helpful tips. If you want to know how to save for a wedding, ensure that you stick to your budget, work with your partner to save and cut back, reduce your guest list, limit services, try a unique venue, and change the date.

These tips are sure to save you money (and hassle) on your big day!

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