It’s no surprise that planning your dream wedding can be a massive financial undertaking. That’s why we decided to sit down with Jamie Wharton, a Social Media Strategist for Earnest. Jamie enjoys sharing her passion for finance to help educate others. She and the Earnest team strive to help build a brighter financial future, while making finance friendly for everyone. When Jamie is not working, you will most likely find her with her head in a book, sipping on a hot chai latte.
We asked Jamie for her top three cost saving tips for brides-to-be in the midst of wedding planning. This is what she had to say…
Weddings are expensive! Paying for caterers, photographers, videographers – it all adds up quickly! According to an article on The Knot, “…the overall cost of a wedding has soared to new heights, with a national average of $35,329.” The looming number might seem overwhelming and unattainable, but remember that every bride is different and so is every wedding. Sticking to what you and your groom want is important to ensure that the day is both happy and financially feasible for you both. Here are some tips to keep in mind as you begin to plan your dream wedding.
How to Plan a Cost-Effective Dream Wedding
It’s important to keep priorities in mind while planning a wedding. Just the sheer number of traditions and ideas a bride can find on Pinterest can be extremely overwhelming. To limit the stress involved with the overwhelming number of choices, build an outline for your wedding budget. The bride and groom should each make a list of what is important to them on their big day. Start with these “must-have” items and plan around them. This will give you a good foundation to start building your wedding on.
Are you a tech-savvy bride looking to take things to the next level? Start to input some of these preferences into a wedding planning app. Wedding apps like WeddingHappy allow you to make to-do lists, budgets, and lists of your vendors to keep things organized and all in one place.
2. Give Yourself Time to Plan
Give yourself a break and consider a long engagement. With at least a year or two to plan your wedding, you gain time to both shop and save. The perfect venue or dress might be waiting for you, but if you don’t give yourself time to find it, you will find yourself settling instead. Giving yourself time to save money can be a huge game changer when planning your wedding. It can help you afford the items you really want without making sacrifices due to costs. It will also help you limit some of the debt you might have otherwise put yourself in. Just a year will greatly reduce the stress involved and give you more options for your big day.
3. Think About Your Future
Not everyone is comfortable taking out a personal loan to pay for their wedding. If you are and you are confident you will be able to pay it back, then you may want to click here. Here at Earnest, we wouldn’t recommend that anyone take out an unmanageable amount of debt, especially when starting a new life together. That being said, if you do have any outstanding debts, taking steps to regain your financial independence is crucial. Consequently, you might want to do some research into some of the different debt repayment methods out there. Not sure where to begin? Take a look at this debt consolidation calculator. Working out how much money you could save using debt relief or debt consolidation solutions is key to breaking free from your debts. Moreover, now is also an excellent time to pause and take stock of your saving and spending habits. This involves considering what exactly it is you want in your married lives. Do you spend your lunch hour on Zillow, searching for your future home? Are you keeping tabs on flights using Skiplagged as you plan your ideal honeymoon? Remember, a wedding is more than a party; it’s the start of a marriage and a life together. If you plan well for your wedding, you can save that personal loan for something big down the road: A down payment a house, a big renovation project, or that vacation you’ve been waiting years to take!
Remember, there is no exact formula for planning a wedding. Be true to your current wishes and future plans, and your wedding will be exactly right for YOU (and your groom, of course)!
Thanks so much to Jamie Wharton of Earnest for sharing that invaluable money-saving advice. Now we can all plan the weddings of our dreams! But first, let us know how we can help you.