Weddings are beautiful events that engaged couples spend plenty of time (and often money) planning. However, these costs can blow out of proportion if not well planned and executed. Most engaged couples prefer having lavish weddings, which can end up denting their finances.
There are a few ways that couples can make their wedding affordable and save costs. Let us brush over some of the ways to help manage wedding costs and look at the option of taking out a loan for wedding expenses.
1. Plan ahead
Planning gives you an added advantage as a couple, being that you can organise yourself in advance. For example, a wedding planned to happen in a year is not the same as a wedding pulled together in a month. The latter will be rushed, and the couple may be overcharged for prices because the date is closer. For this reason, planning ahead will help in cutting costs.
2. Set your priorities and budget
It is important to set priorities when budgeting for a wedding. A destination wedding is ideal, but it is pretty costly. For this reason, couples need to identify the must-have items on the list and work within the budget. Once you know what you must have and might not be necessary, you can cut costs.
3. Borrow money
Some people may term it as equally a good way of covering costs. However, it is best to seek financial services that have tailor-made loans for weddings. Many companies offer a loan for wedding costs.
Moreover, financial lenders provide a flexible repayment period that will not end up causing financial strain to the couple as they start the marriage journey. Using a wedding loan will allow you to have the day of your dreams now, while factoring in weekly, monthly, or fortnightly payments that work for your budget spread out over a set period.
4. Negotiate everything
Planning gives you this advantage as a couple. First, you can negotiate prices with vendors, hence cutting costs. Identifying various vendors will go a long way in dealing with charges. Second, you can compare costs from multiple suppliers then choose the most appropriate one that will not end up causing financial strain. While at it, remember to be courteous and stand firm with regards to your budget.
5. Do it yourself
Doing things yourself is an excellent step in cutting costs. Instead of hiring people to perform some duties for you, you can save money by handling certain things personally, or ask friends to help out. Think of the jobs you can do yourselves.
For example, wedding invitations, table décor and other details are great examples of things that the bride and groom can take care of themselves. While you can think of creative ways of cutting costs like catering by finding a food truck, you will pay for the food consumed instead of bringing in caterers, which might be costly.
6. Find a new bank
Opening up a new bank account in a new bank has various benefits. Opening an account in a new bank may prevent you from going to withdraw money regularly. Depending on the financial institution, you may get rewards for every deposit you make with them. These extra incentives might just help you save more for your wedding.
7. Pay in cash
After settling on your wedding date, you can opt to pay for services and items from a designated savings account, and you may be able to arrange some discounts for paying full amount upfront. This helps to prevent extra money from slipping out of your pocket, and is a good way of cutting costs for your wedding to help you stay on budget.
8. Bring in extra money
Depending on one source of income may end up straining your finances. It could be beneficial to find side hustles such as a garage sale or any activity guaranteed to generate extra money. These short-term wins can help put extra cash in your pockets to put towards your wedding.
9. Crowdfund it
If you’re comfortable with it and think your friends and family would be on board, you could try to fund your wedding through reputable sites. It is a good way of cutting costs because most guests are willing to buy you gifts. Instead of those gifts, they may channel the money to online gift registries. So, instead of gifts you don’t need, you end up having cash to finance the wedding costs.
10. Cut your spending costs
When planning a wedding as a couple, you need to identify spending habits that need to be cut down. It may include energy bills, eating out expenses, and even getting a cheaper mobile phone plan. All these are costs that end up taking a lot of your finances. However, once you realign yourself, you can find some money to spare for your wedding.
Planning and having a wedding is a costly affair not only in terms of finances but time. For this reason, it is important to work within a budget. Keep a diary to plan what needs to be done. Being organised will save you a lot of hassle in the long term.
In addition, it is best to think of financing methods that will start your marriage on healthier finance habits and consider which options you’re comfortable with as a couple.