5 Smart Ways to Reduce the Strain of Your Wedding on Your Finances

Dreaming of that fairytale wedding but feeling the weight of its price tag? Every bride-to-be wants her big day to be memorable, but the looming expenses can often overshadow the excitement.

From venue bookings to the perfect dress, the costs add up quickly, leaving many wondering how to have their dream day without the financial nightmare. But what if there were smart ways to ease that financial strain without compromising your vision?

Here are some strategies that may address these concerns, ensuring your special day remains both magical and affordable.

1. Open a Dedicated Wedding Savings Account

Studies have shown earmarking funds for specific goals increases the likelihood of achieving them. Hence, setting up a distinct account for your wedding is recommended. This account will function like a piggy bank, ensuring you don’t dip into it for other expenses.

You can choose three bank account options for your wedding money: a checking account, a savings account or a money market account. Having any of these separate bank accounts will help safeguard your wedding budget and gain clarity on your financial progress.

Moreover, just as a wedding day gives you a timeline for planning, a savings deadline keeps your wedding financial goals on track. Pairing a separate account with a clear deadline for savings will help you have a clear roadmap for your goal.

2. Break Down Your Budget

If you have a significant budget goal, break it down into smaller, more digestible chunks to make it seem more achievable for you. When deciding on a wedding budget, factor in your on-the-wedding-day expenses and your pre-wedding expenditures.

Having bachelorette and bachelor parties, for example, can bring unexpected costs. Decide if you want to have one and what kind of pre-wedding celebration you want to have.

For instance, if you plan a $30,000 wedding in a year, aim to save around $2,500 per month.

Adjust this amount based on your financial comfort and time before the big day. You can save more in some months and less in others. The key is to keep the end goal in sight and make consistent, deliberate efforts toward it.

3. Cut Back on Monthly Expenses

Did you know that the average American spends almost $18,000 a year on non-essential items? That’s over $1,000 a month on things we can often live without. Hence, when planning a wedding, you must reevaluate your monthly subscriptions, memberships and other unnecessary expenses.

An average gym membership costs about $50 a month while having multiple streaming platforms cost an average of $15 monthly. If you’ve been getting a $5 coffee daily, it can add up to $150 a month. Trimming these three areas alone can help you save at least $2,500 a year. That’s a significant chunk of a wedding budget!

For bigger savings, reevaluate significant monthly commitments like car payments. Here, refinancing options can be the solution as they can lower your loan payments by as much as $150 a month and help you free up more funds for your wedding.

Remember, every dollar you save by cutting back on monthly expenses is a dollar closer to your dream wedding.

4. Find Alternatives and Bargains

A staggering 54% of couples overshoot their initial wedding budget by an average of $7,100. Why? Often, it is because they settle for the first quote they receive or overlook potential alternatives.

Actively seeking multiple quotes for every wedding-related expense ensures the best value for your money and opens doors to alternative options that offer similar quality at a fraction of the price.

Being open to trade-offs is also important in keeping your wedding within your desired budget. When zeroing in on a wedding venue, for example, check for hidden charges and additional costs. To avoid this, list down questions that must be addressed to keep your wedding venue costs within budget.

Through this, you will be able to ensure transparency in your cost, identify areas where you can make bargains and determine where you can opt for a less expensive option.

5. Increase Source of Income

Aside from just trimming down your expenses, focus on increasing your income as well. About 50% of working Americans already have a side gig, even those earning $100,000 or more.

Whether it is freelance writing, online tutoring or selling crafts, there’s potential to boost your wedding fund. Channel this additional income towards your wedding budget so you alleviate financial stress and perhaps even afford a few of those luxury items on your wedding wish list.

You can also consider short-term investing to raise more funds for your dream wedding. There are online platforms that offer opportunities for novices to dip their toes into the stock market or mutual funds. With careful research and some financial understanding, you could see decent returns in a relatively short span.

Walking Down the Aisle Debt-Free

Your wedding is undeniably monumental and every bride-to-be dreams of a fairytale wedding. However, the reality of its costs can quickly dampen the excitement and magic of the event.

The venue deposits, the perfect dress and the memorable reception, among others, all add to a staggering amount of expense. But with informed financial choices and smart financial strategies, you can craft a magical and budget-friendly day.

Author Bio: Oscar Collins is the editor-in-chief at Modded, where he writes about a broad spectrum of topics. Follow him on Twitter @TModded for frequent updates on his work.
 

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