Are you concerned about how much your upcoming nuptials will cost? If so, you’re not alone. The cost of living worldwide is rising at an alarming rate.
According to a poll done for the World Economic Forum in May 2022, even in developed countries, 25% of the population is struggling with their finances. The war waged by Russia in Ukraine resulted in an increase in the cost of natural gas by 166.8% up to May 2022. Sunflower seed and corn oil prices increased by 60% to 70%, while the price of wheat increased by 40%.
Couples preparing to get married and start a life together often have many questions about how to make their money last. Here are some tips to help you get started.
Start by Setting a Budget and Sticking to It
Do not spend a lot on your wedding. Have a realistic idea of what you can afford, and don’t be tempted to overspend. To put a hard stop on your spending, you must first list down everything you need to start a life together.
Where will you live? If you will rent a place, how much down payment and monthly rental will you need? If you purchase a condominium unit or a house, you will also have to pay for a down payment and closing costs. How much can you afford for a monthly mortgage? If you choose to live in a condominium building or a subdivision, you may also need to pay monthly dues.
What basic appliances and furniture do you need? Get the prices of the types of furniture and appliances you want. Add the monthly cost of utilities like electricity, water, and gas.
You must also allocate money for at least a year’s worth of home maintenance expenses and a fund for emergency home repair expenses. In addition, experts advise that you have a nest egg worth six months to a year of living expenses.
Add these all up. Now you know how much you must set aside from whatever funds you now have and how much is left for you to spend on your wedding. Consider your priorities and make sacrifices accordingly.
Spend on Your Rings as an Investment
Some couples opt for cheap wedding rings, thinking that they will buy more expensive ones later. Some even use wedding rings that are not made of precious metals and precious stones. That is a huge mistake. The prices of fine jewelry rise fast, and the longer you wait, the more you will spend on them. Meanwhile, the cheap rings you choose will lose value.
In the entire wedding scenario, the only things that are worth spending as much as you can afford are the engagement ring and wedding rings with diamonds. Why so? That is because these are tangible investments. The value of both the precious metals and the diamonds will appreciate with time. Your money will even do better than if you left it in your savings account. Purchasing fine jewelry is wealth-building, like buying property.
Choose a Modestly-Priced Wedding Dress
You can always find a beautiful, modest wedding dress for less than $1,000. Research on the internet or ask your friends for recommendations. Many affordable designers make stunning wedding dresses.
Some brides choose to wear wedding dresses handed down within the family. This gives it more meaning. Others opt for vintage wedding dresses from thrift stores or antique shops. If you decide to go this route, be sure to have the dress cleaned and pressed by a professional.
If you or anyone in your family can sew, you can even design and make your wedding dress. There are patterns you can buy at low prices. You’ll only have to spend on the material.
Make It a Destination Wedding
Having your wedding in a destination away from where most of your guests live has several advantages. First, it is cheaper because you will not have to worry about feeding and accommodating all your guests. You will only have to take care of those who are willing and able to spend on their travel expenses.
Second, it is easier to find a venue for your wedding if you are not picky about location. You can get married in a church or a public park. Third, you can turn your wedding into a mini-vacation for you and your guests.
If a destination wedding is not possible, look for a local location that is affordable and convenient. Many community halls, function rooms, and restaurants offer affordable rates for weddings. You can rent or borrow items like chairs, tables, tents, and other things you need for the event.
Manage Your Guest List
Don’t invite too many people to avoid extra costs for food, drink, and decorations. You don’t have to invite everyone you know. Focus on inviting only those people who are closest to you and who will be truly happy for you.
You can also save by not inviting children. If some of your guests have children, ask them if they are willing to leave them at home with a babysitter. You can also specify in your invitations that children are not allowed.
If you invite only the people who are closest to you, you can explain your situation, and they will be glad to help out. For instance, you can ask for their help in decorating the venue. You can make the reception a potluck. If one of your family members or close friends can bake, you can ask them to make the wedding cake as their gift to you. Instead of hiring a photographer or videographer, you can ask a friend or family member who is good at taking pictures or videos to do it for you.
These are only some of the ways you can save on your wedding expenses. Plan it well and be creative to make your wedding day special without breaking the bank.