13. Setting The Budget

Many couples are waiting to marry later in life, thus shouldering more of the cost of the wedding. Because of this, couples are looking for ways to strike a balance between their romantic dream wedding and an affordable wedding.  If this is your situation or if you simply want to make the most out of your money, you will find valuable tips in this post to help you accomplish just that.

13.1 Saving Money Before The Wedding

No matter how they are viewed, weddings are expensive. Even the small, intimate weddings come with a price tag. Obviously, you want the wedding you have always dreamed of having. However, to have that wedding, you will have to make some major sacrifices. In truth, by making smart choices and working with a good budget, there does not have to be any “real” sacrifices for you to have your dream wedding.

If you have decided to set the wedding date one-year away, making small changes will provide opportunities for thousands of dollars to be saved. It is all about learning to spend and save differently than you have before and once you get into the new habit, it is not that difficult to do.

13.1.1 Off-Peak Weddings

For starters, consider having the wedding during off-peak months. For instance, a wedding held from April through to September, can save you as much as 70%.

That means for a November wedding costing $20,000, you could have all the same things during the off-season for around $6,000. Considering that discounts are offered at hotels, churches, for cruises, rental cars, bands, photographers, florists and so on, the savings are substantial.

13.1.2 Time Of Wedding

You might also think about moving the time of day to morning or mid-morning rather than having an afternoon or evening wedding. The reason is that the food choices will not be as expensive and other vendors will not be as in demand. This means the price of catering for the reception is reduced.  Additionally, if you choose to serve alcohol, the cost of serving Brandy Alexander’s and Bloody Mary’s is a lot less than serving beer, wine and champagne.

13.1.3 Location Counts

When trying to find ways to cut back, location counts. The first place you probably thought of was a church, which of course, is a viable option.  However, a wedding can be held anywhere. For instance, you could have the wedding at a historical place, botanical garden, a local park and so on, all places that are inexpensive or free.

You even have multiple options for the location of the reception. As an example, a clubhouse, community centre, tropical garden or even a friend’s home would all be wonderful choices. As long as the location will accommodate your needs and the number of guests expected, then the opportunities are endless.

13.1.4 Wedding Gown

Just about every bride wants a designer gown, a flowing, rich gown made from fabulous fabric. The bad news is that a designer wedding gown is very expensive but the good news is that if you have your heart set on wearing a designer gown for your upcoming wedding, there are options without having to pay the price.

First, you can find many different websites on the internet where designer gowns are sold for literally $300 and less. Other excellent resources include consignment shops, overstock stores and even online auctions such as eBay.  The worst place to shop for a wedding gown (unless they are having a huge sale) is a bridal store where you can expect to pay premium prices.

13.1.5 Flowers

If you have a family member or friend in the floral business or one that has a talent for putting flowers together, then you will save quite a bit of money.  However, if not, you can still enjoy savings by buying flowers from a wholesaler.

Additionally, by choosing flowers that are grown locally to where you live, the price will be much less than choosing flowers that are difficult to grow and have been shipped in. You should also choose flowers currently in season.  Remember that a good florist can use any type of flowers to create a masterpiece.

13.1.6 Reception Savings

The reception is very costly but by making a few changes, this too can be very affordable. As an example, rather than offering guests a full sit-down dinner, you might think about setting up a buffet dinner. Other options to help you save money would include:

• Keeping the food simple – instead of roast beef and seafood, change to pasta or chicken.
• Limit the number of menu items – instead of providing guests with 10 different food stations, you could offer five and save significantly.
• Set up a special section for children, offering foods they like and smaller portions.
• Instead of serving food, stick with a cocktail party, tea party or dessert or appetiser bar.
• Toast with sparkling, white grape juice instead of champagne.
• Choose a two-tiered wedding cake and then for the guests, have sheet cakes made.

For the decorations, again requesting help from family and friends, beautiful decorations can be made along with centrepieces. Ideas can be obtained from the internet and then you could organise a party with members of the wedding party to make many of the things that would otherwise need to be purchased.

13.1.7 Music

The cost of music for weddings and receptions is typically around 10% of the overall budget. Since this cost is on the rise, couples are pushing to find ways of saving money. First, although you might be determined to have a live band, this is expensive. A great alternative would be to hire a good DJ. With high-tech equipment and quality-sounding CDs, a qualified DJ can make the music sound incredible.

Another option would be to contact your local university to see if they have a young group of musicians that would be delighted to perform at a great price.  Typically, these students are very talented and eager to get some experience in building their portfolio.

Although recorded music may not be the first choice, it is an option. Again, quality equipment can be rented and favourite CDs can be gathered from friends and family to offer the guests a great variety.

13.1.8 Dining Out

Eating out, even at inexpensive restaurants can add up quickly. To save money in this category, you could make some changes that are nothing major.  For instance, instead of trying the new four-star restaurant and going to an opening play, why not rent a movie and order Chinese take away. As money is put aside, it will quickly begin to grow.

Many people eat out for lunch at work each day, which at $5 or more a day, that can add up quickly. However, by packing a lunch at least three times per week, a minimum of $10 per week can be saved. Over a one-year period, the $40 a month savings has now turned into $480, perfect to pay for the wedding cake, shoes or invitations. Considering that this is just one change, just imagine all the money that can be found simply by changing lifestyle.

13.1.9 Entertaining

Even entertaining friends can be changed so that you still have fun while not spending the same amount of money. In this situation, everyone could gather at a mutual friend’s home where they drink beer and wine, play board games, listen to music and just enjoy each other’s company instead of hitting the nightclubs where the cost of drinks are sky high.

13.1.10 Travel

This expense is another area where money can be trimmed back. For instance, frequent taxicab rides can become very costly whereas a bus or subway can save money. Another option that you might consider is to carpool with one or more people instead of driving to work alone. Even daily errands can add up quickly. Therefore, lists should be made so that many errands can be run at once, saving trips to the store.

13.1.11 Holidays

Holidays always put a bite on the budget. Giving gifts is a wonderful thing but too often, people go overboard. By making changes and putting a firm budget into place on how much you will spend, the wedding account will grow quickly.

13.1.12 Wedding Insurance

Purchasing insurance for a wedding is something most couples never even consider. You will be working hard for months, planning everything for the wedding. As the big day approaches, you will probably keep your fingers crossed hoping nothing goes wrong. Unfortunately, things do go wrong – some minor and some major.

Rather than just “hoping” things will be fine, you can actually take out insurance for the wedding. With this type of policy, you have the assurance that if something does go wrong, you can at least recoup some, if not all of the cost. After all, wine is spilled on carpeting, limo drivers do show up late or not at all, bands fail to fulfill their duties, people fall and things just happen.

With wedding insurance, although things can not be stopped from happening, you are provided with a level of confidence that you will not be sued or put into a position of losing significant money. These policies are very affordable, usually starting around $150 and offering coverage up to $50,000.

Designed specifically for weddings, these policies add a degree of protection, saving you potentially thousands of dollars, not to mention the hassle. Let us say the guests were fed something that made them sick. If the food was catered and there were a clause in the contract for such a thing, great.  However, if the food was made, then there is the risk that someone would want the hospital bill covered. In this scenario, you would be covered.

Another situation might include someone having a bit too much to drink and either taking a nasty spill or breaking something of value. Again, with wedding insurance, you are protected. Not all policies are created equal so it is important that you look around and understand exactly what you are buying. However, the standard things covered include:

• Weather – Purchased two weeks prior to the wedding, this would cover charges incurred from changes that are in relation to bad weather. For instance, if the reception was paid for but there was a blizzard prohibiting the reception from occurring, then the food, entertainment and any other deposits or payments that could not be recovered would be paid for under the policy.
• Minister and Key People – Should the minister, one of the wedding party members or another key person become ill or be injured the policy would offer coverage.
• Servers and Vendors – The wedding policy would provide protection for the band or DJ, servers, caterers, florist, photographer and other individuals that do not perform their duties, causing the wedding to be rescheduled or postponed. Typically, the cost associated would be recovered.
• Miscellaneous – The policy would also have coverage for the wedding gown, the groom’s tuxedo, wedding party attire, gifts, rental property for the wedding and/or reception, as well as personal liability.

13.2 Saving Money After The Wedding

One thing that you do not want to do is start the marriage out in debt, which is often the case. Instead, you should plan well for the wedding so that once you become husband and wife you are beginning life together with a clean slate.

Unfortunately, one of the biggest strains on a marriage is money problems.  Therefore, take this aspect of marriage seriously and put a plan into action that will help you save money after the wedding. To be successful, you will need to learn to compromise, make sacrifices and communicate.

13.2.1 Paying Bills

One of the best ways to start the marriage is by having one person be responsible for paying the bills while letting the other person know what is going on with the money at all times. That way, the risk of not logging a check or overspending is greatly reduced. This individual would be the person that is best in managing money.

13.2.2 Credit Cards

If you are used to spending on a credit card, this is the ideal time to cut them up, perhaps leaving one for travel and emergencies. Society has instilled in the minds of millions that using credit cards is not just acceptable but expected.

In truth, credit cards can have their place, as long as you know how to use them properly. The problem is that most people do not know how to do this and thereby overspend. Cutting credit cards up will actually be beneficial to the marriage.

If you were already in debt when married, the number one goal for both of you should be to get out of debt. To accomplish this, the debt with the highest interest rate should be focused on first. Once that debt is clear, then the remaining bills can be tackled. Having a marriage that is debt free is truly the best way to avoid fights and stress.

13.2.3 Saving For A House

Another important reason why you should begin life out of debt is that eventually, you will want to purchase a first home. To do this, you will need good credit and money in the bank for a deposit. Again, learning to cut back on unnecessary purchases is the ideal way to start building a bank account.

The two of you should sit down and work out a plan together where all the bills are prioritised. By doing this, you are agreeing and working on the issue together, as a team, meaning the bills will quickly be paid off.

If you start the marriage out too far in debt, you may need to seek the advice of a financial advisor. In fact, most states have free credit counseling services where people can get all the help they need. You would be placed on a program that will help you pay off debt while still having money left over to do fun things. As time goes by, the advisor will re-evaluate the progress and make necessary adjustments.

Even taking a financial planning class together can teach you how to stay out of debt once all the bills are paid. If applicable, this type of class would be ideal prior to getting married but it would still be extremely beneficial after becoming husband and wife. A financial planning class is designed to teach people to understand money and proper ways to manage it.