How To Afford Your Wedding

Reviewed: April 14, 2015
By FinanceWeb

You dream and you prep so much for this unique and life changing part of your life. Of course, you want to pull out all of the stops when it comes to this special event; however, if you are like most of us, you are on a budget.

This does not mean that you cannot have the wedding of your dreams. You just need to be a little more conscious when it comes to the way that you spend money for a few months. Here are some of the things that you can start to do today in order to help afford the wedding that both you and your partner will cherish for a lifetime.

First Of All, Make A Timeline…

…starting now, that will provide you the budget that you need for the wedding that you want. Saving money without a purpose will likely not get you to your goal. You need to understand exactly what it is that you want in your wedding and how you will get there financially. The first thing that you should do before you change anything about your budget is to create a financial timeline with all of the elements of your wedding quantified as a hard number. Not only will this help you determine how much you need to save, but it will also help you to bring together elements that may be purchased in bulk or as a group for discounts.

 Look Over The Average Costs Of Similar Weddings.

The next thing that you will need is a price out for your own wedding. Although no two weddings are alike, you can certainly find a great deal of information on similar weddings that have been conducted in the recent past. You may also be able to ask your friends and family about the niceties in their wedding that you may want in yours. There is nothing wrong with getting a few of the aspects of your wedding done secondhand as long as the entire thing comes into being under budget.

Limit Your Day To Day Costs.

Many people believe that they cannot reduce the day to day costs of their ordinary lives. The truth is that this is very possible. Not only is this possible, but it is also quite necessary if you are going to afford the wedding that you want. You do not have to give up your daily lifestyle in order to get the wedding that you want, however!

Start by investing in your lifestyle by doing things like buying a home coffee maker instead of going out for convenience coffee. Many financial experts say that this step alone can save an individual around US $1200 a year. Done twice, this is US $2400 extra funds that you will have for your wedding.

Another great tip that everyone can use is to join a warehouse service. This will give you the opportunity to buy all of your day to day staples in bulk such as basic foodstuffs, t-shirts and socks.

Use Your Time Off And Bonuses

If you have employment that includes some sort of a bonus, let your employer know that you are looking to finance a wedding in the future. See if that employer will restructure your compensation to give you an influx of cash for your wedding. Also, if you restructure your time off or reduce it, you may have more leverage to ask for monetary compensation that will help with your budget. Do this well ahead of time, at the same time that you are creating your overall budget.

Time Your Saving’ Or Fund’ liquidity With Your Wedding Day

This is a great tip if you have a large windfall that can earn while you are waiting for the great day. Putting this money away will give you a cushion, but it also ensures that you will not spend it ahead of time on frivolous things.