5 Tricks to Planning a Debt Free Wedding!

Happy National Wedding Month!

We’re using National Wedding Month as an excuse to highlight the importance of how to financially plan for your big day! According to the National Center for Health Statistics, over 2 million Americans get married each year and it is estimated that over 6 million couples use Valentine’s Day to move relationships to the next level. While getting engaged and planning for your big day is a happy time, it can also be a big burden on your budget. 2011 reports from the Conde Nast Bridal Group and The Knot suggest that the average American wedding costs over $26,989.

With young couples already saddled with student loan debt, among other major life expenses, planning a wedding can be a financial challenge. While it may be tempting to plan a wedding with many bells and whistles, it’s crucial to not let your wedding plans compromise your future financial plans, or put you in debt.

You can plan a memorable wedding on a budget and not break the bank.

Here are tips to consider when planning your special day with your soon to be spouse!

1. Trim your guest list – Think long and hard about guests you want to invite to the wedding. While you’d like to invite as many people as possible to celebrate your big day, don’t forget the costs that come with it. The more people that come, the more expensive the wedding. To get a better idea of how much it’ll cost to invite a certain number of guests, multiply the number of guests by the estimated cost per person. If you can’t seem to get the guest list down, consider making the event adults only to eliminate the cost of any children attending.

2. Create a wedding budget – Try to formulate a wedding budget that meets your needs yet does not compromise your future plans after the wedding. Consider cutting expenses by determining which items are a priority and which you can live without. Be creative and do some things yourself, such as picking your own flowers and making the arrangements or printing your own invitations. Cut expenses by either opting to forgo some items or doing some things yourself. Allocate parts of your budget to those items that are of greater value to you such as a particular venue or band. Be sure to do a good amount of research to compare costs for venues and items to see where you can possibly trim expenses.

3. Ask to pay in full for a discount – Most wedding venues require you to put a down payment on a venue to book the space for a specific date. If you are able to pay for the space in full, rather than a partial payment, ask to see if you can get a discount paying for it all up front when you book it.

4. Reach out to past brides or grooms - Reach out to your friends to see if they know of potential vendors, including florists, photographers, hairstylists, venues, etc. Social media has made it much easier to find answers relatively fast from trusted friends. It’ll cut out much of the guesswork in finding different vendors and chances are if your friends were not satisfied with their services, they would not have recommended them to you! Some vendors may even give you a discount if you were referred to them!

5. Host the ceremony and reception at the same location – If you have the ceremony and reception at the same place, you can eliminate paying two location fees. You also can eliminate any travel expenses (i.e. limos, transportation). Not to mention that your guests will appreciate this as they won’t have to travel from the ceremony to the reception!

Planning a wedding can be stressful and exciting at the same time. While there are many factors to take into account as you plan out this once-in-a-lifetime day, if you plan step by step, and find ways to trim expenses without cutting down on quality, you’ll be on your way to having a special day!