A wedding is an expensive undertaking, and because it is one of the most important days in your life, you may not want to cut back too much. However, going all out can be hard on your budget. The key is to find a balance between having a wonderful day and avoiding draining your savings account.
Consider Getting a Personal Loan
If you know you can pay off a personal loan in a reasonable amount of time, you may want to look to taking one out to cover the remaining balance. One benefit is that you won’t have as much stress about saving enough to cover the entire cost of the big day. By taking advantage of loans they can be used to pay for everything from catering to decorations to the venue itself.
Use a Sinking Fund to Help You Save
If you want to master your finances, you can start saving as soon as you know you will be getting married, and once you have settled on a budget, you will know how much you should be setting aside each month. Consider setting up a sinking fund so your wedding money is separate from other expenses. That way, you won’t be tempted to fritter it away on other things. If you don’t think you will be able to set aside every month to get there, just set aside as much as you are able. There are other ways to make the day more affordable. It’s common for the couple to pay for about half the cost of the wedding, and the rest of the balance is often covered by gifts or the couple’s family members. Just make sure you and your family agree on everything ahead of time.
Reduce Your Current Expenses
Cutting back on unnecessary expenses will free up funds to save for the big day. That does not mean you need to give up all your subscriptions forever, but it does mean taking a closer look at your budget and figuring out where you can save. You’ll want to strike a balance between what is important to you and what you can wait on until after you are married. It is best to do this with your fiancé so you can figure out ways for both of you to save. Even though it might mean giving up shopping trips or dining out, you will get more enjoyment out of your big day.
Work a Temporary Job
It takes time to plan a wedding, and you may be able to use the months and weeks leading up to it to earn some extra income. Of course, if you are already balancing wedding planning with a full-time job, you might feel like you don’t have enough time to cover the costs. Still, if you work a side hustle, you will have some extra income you can use to pay for the photographer, florist, or officiant. Make sure you keep track of any side hustle income you receive so you can report this as self-employment income. The taxes work a little differently than if you just got extra income from your full-time job.
Downsize the Event
Downsizing your wedding can make it a little easier to pay for everything since it won’t be as expensive. You may not want to skimp on expensive items or cut the guest list, but it doesn’t equate to giving up on your dream wedding. Instead of inviting the whole town, consider having a smaller event with family and close friends. This can also give you more quality time with each guest, instead of having to split your time at the reception and only getting a couple of minutes with each person.