Financing Your Wedding

How can you finance your wedding?

Traditionally, brides and grooms have relied on their parents to pay for the wedding. However, more couples are paying for their big day on their own. Here are your options for financing the biggest, and probably most expensive, day of your life.

First, turn to your parents. The worst they can say is no. But most likely they’ll be willing to contribute something, or even offer to pay for it all. Just make sure not to assume they have the cash; always ask politely; and be clear about your projected budget. If you don’t have the luxury of getting the folks to pay, or you want to pay for your wedding on your own, there are various ways to gather up the funds.

Savings. If you’ve been wise with your money, you may have some savings to borrow from.  You can also begin setting aside 10% of your paycheck to deposit into a savings account (that can begin earning interest) and be put towards your wedding expenses.

Loan. Sometimes there’s no choice. Just like buying a car or a house, “buying” your wedding can be thought of as an investment. And if you can’t afford to pay it all, you’ll have to turn to your bank (or maybe your parents will even give you a loan interest free!). But be careful – if you’re already carrying a lot of debt, adding another $25,000 may not be the best way to start your financial life together.

Stocks. If any stock you own has blown up or your mutual funds are thriving, you have the option of accessing money from your investments. You were probably thinking more retirement than wedding, but if necessary you can rearrange some of your portfolio.

Predict Airfares and Save Money

Take a look at a new airline site called www.farecast.com. Farecast predicts airline fares for any major routes, and then provides suggestions for the best time to buy. The system should save you money, and is a great way to start planning for the honeymoon. Just enter your destination and Farecast can email you price movements on a daily basis!

Wedding Costs Continue to Rise!

Did you know that the cost of a wedding in the U.S. has increased +73% in past 15 years? Couples spend nearly $30,000 on their special day, and over $40,000 in many major metropolitan areas.

Here are a couple quick tips to keep costs down:

• Choose a Friday, Sunday, or Saturday morning/afternoon

• Get married in an “off-season” month like January, February, or March

• Hold the ceremony and reception at one venue

• Limit your guest list (if you haven’t talked to them in 2 years, cut ‘em out)

 

BWG Wedding Tip

Change the Day of the Week

Have your wedding on a weeknight or a Sunday. There is less demand for these dates, so vendors will often be willing to give you a much better rate.

Setting your Wedding Budget

10 Steps to a Realistic Wedding Budget

1. Determine Your Preferences - Set aside some time to review how wedding expenses should be split.  You may want to take a traditional approach, where the parents of the bride and bride pay.  Or maybe you want to take a modern approach and cover the expenses yourself.  You could also be progressive and share expenses with your fiancee.  Take time to come up with what apprach will work best for all parties involved.

 2. Ask Your Fiancee - Times have changed and it’s no longer the 40’s.  Traditionally, the groom’s family only pays for the rehearsal dinner and possibly part of the honeymoon.  Most of the expenses are for the wedding, from flowers to the gown to the cake.  You are about to share your life together, so you might as well share the expenses of the wedding. 

3. Do Some Research – Brides often set their budgets before doing any research, and then end up going way over budget.  Make sure to research vendors and get price qoutes before setting your budget.  You may think floral arrangments may cost $500, but the cost can be north of $3,000. Try to compare venues, caterers, florists, and photographers first, as these tend to take up the bulk of your spending.  A great place to get price quotes online is at www.weddingwire.com.  The service allows you to put in your details, and then sit back and relax as vendors send you quotes.  Otherwise, pick up your yellow pages an dget ready to make some phone calls.

4. Track Your Progress – Creae a detailed list with all of the vendor information and projected costs.  Try to come up with a good estimate before making all of your bookings.  You may find that you want to spend more in one area then another.  Track your progress in excel, or you can try www.weddingwire.com and www.theknot.com for easy online options.

5. Share Your Vision - Now that you have determined how to split the costs and done some preliminary research it is time to share you vision with your fiancee.  You may be above budget at this point, but make sure to be open with you fiancee of what you would like and what you can afford.  You may have to make some sacrifices, but two heads are better than one. 

6. Reach Agreement - Come to agreement with your fiancee about how much you will be spending, and how you will be paying.  This is not an easy process, but get it out of the way as early as possible.  Determine whether you will need to borrow money or take a loan to cover the costs.  Some couple feel comfortable reaching out to their parents and relatives, but you must determine the best way to get financial assistance if needed.

7. Meet the Parents - We’re not talking about the movie!  Meet with your respective parents and be honest and upfront about the costs and your plan.  Discuss how much they might be willing to contribute to your wedding fund.  Money from parents always has some string attached.  Set their expectations that this is your wedding and that you appreciate their contribution.  You don’t want them calling all the shots just because they helped pay.

8. Monitor Your Expenses - Keep a close eye on all of your expenses.  There are always small expenditures that come up during the planning process, and these costs add up quickly.  Make a detailed list of all the possible expenses that could arrise, and set aside some money for the small things (after all, they make the difference!).  Continue to track these costs in excel or at one of the great websites mentioned above.

9. Pay Your Bills - Many vendors offer flexible payment schedules, but make sure to stay on top and pay the bills in time.  You may have some expenses that hit after your wedding day, and post honeymoon they may not be top of mind.  Try to close your expenses as soon as possible after your wedding day.  You don’t want to incur any additional charges.

10. Enjoy the Process – It can be a stressful process and may lead to many headaches, but you are planning the day you will always remember.  This is the day you have always dreamed about.  Make your dreams come true on a limited budget. 

BWG Two Cents: Ask local married friends for suggestions on low cost, but quality vendors.

Welcome to BWG!

 Welcome to the Budget Wedding Guide (BWG), your ultimate resource to plan the wedding of your dreams on a limited budget.  You don’t have to make comprimises when it comes to planning your perfect day, and we will show you how to make it happen.  Thanks for joining us at BWG!

Ideas For Budget Wedding Invitations

Ideas For Budget Wedding Invitations:

• It used to be proper etiquette to mail them in two envelopes. The inner envelope protected the invitation. But that isn’t necessary nowadays and is an added expense.

• Consider using a postcard inside for the RSVP. You’ll save on postage

• You can check online for wholesale or discount invites. There are lots of sources on the net.

• Check out places like Kinko’s or even Staples. They have very reasonable prices.

• A very cheap alternative is a kit- this allows you to make them yourself right on your computer

BWG Tip: Make the hand-written addresses elegant and pick pretty stamps. You won’t sacrifice style; you’ll just save money.