You Can Do It Without Going Into Debt or Breaking the Bank
Can you have a beautiful, memorable wedding for less? Of course. All it takes is careful planning, a little research, a dose of practicality, and a wedding budget.
Putting It All in Perspective
When all is said and done, what will you have to show for your wedding day? The rings, the bridal gown, the photo albums, and the videos. The bridal gown will probably be packed away, but you and everybody else will be looking at it in photographs for years. The rings will be worn for the rest of your married life and the photos and videos will be shared untold times over the decades. Don't skimp on these items. Buy or rent a wedding gown that you like and that looks good on you. Get a professional photographer. Buy good quality rings that you like.
This doesn't mean you can't save money on these items. You don't have to pay full price at an upscale wedding boutique to get the wedding gown of your dreams. Browse through Internet sites like Wedding Warehouse or Price Less Bridals or search the Internet using the search terms "bargain wedding gowns."
Set Up a Wedding Budget
A budget is absolutely essential in planning your wedding. Costs can easily spiral out of control, and if you don't document them, you may end up paying far more for your wedding than you planned.
Remember that what determines your costs more than anything is the number of guests you invite. Why not keep the list down to people you really care to share the biggest day of your life with?
Be sure to consider all of the details when estimating your costs so that you stay within your budget. Use the Wedding Budget Worksheet to help you estimate and stick to your wedding budget.
One of the most overlooked costs, which can be significant, is tipping. Plan on tipping caterers, limo drivers, photographers, and others 15 to 20% of their total bill if their services are satisfactory.
Who Pays For What?
It also helps to know who traditionally pays for the various functions and features of your wedding. What does the bride's family pay for? What does the groom's family pay for? See Who Pays For What? for details.
What Are the Average Amounts Spent on Each Category?
The average bride spends approximately 40% of her total wedding budget on the caterer (food, cake, and alcohol), 3% on the facilities for the reception, 8% on flowers, 10% on entertainment, 14% on clothing, 7% on a photographer, 4% on invitations and other printed supplies, 4% on gifts, 2% on transportation, and 8% on miscellaneous items.
How Can I Reduce Costs?
How can you reduce costs and still have a beautiful, memorable wedding? Some of the biggest ways to save money are:
Reduce the number of guests
Have a buffet or hors d'oeuvres instead of a sit-down dinner
Have a cash bar, or close the bar during dinner, or have an alcohol-free reception
Consider an off-season wedding (November through April) to reduce costs for the reception site
Consider having your wedding on any day other than Saturday to reduce costs for the reception site
Have a smaller wedding party (number of attendants)
What If?
Not convinced that it's worth it to try to cut costs for the most important day of your life? Consider this: what if you had a small private affair for your closest friends and relatives and didn't buy an expensive engagement ring, spending around $13,000 for your wedding instead of the average price tag of $27,000?
What if you invested the $14,000 you saved in the stock market and left it there until you retired (assuming 40 years later), earning an average of 10% a year? What would you end up with? A whopping $634,000!
It's hard to look so far ahead when you're just starting out in your life together, but the world is full of people who find themselves quickly approaching retirement age without the financial means to retire. When all is said and done, I'll bet many of them would have traded a bigger, fancier wedding for the $634,000 nest egg.
Next page Wedding Budget Worksheet
