Weddings are expensive, no matter how you slice it, which is why it’s super important to come up with a realistic wedding budget for you and your partner. You want your wedding to be special and beautiful, but you shouldn’t feel pressure to make drastic purchases or compromise your own financial goals—in other words, don’t spend money you don’t have. If wedding expenses are starting to loom too large, it might be time to take a step back and adjust your budget. Here to help are a few money-saving tips from Student Loan Hero expert Elyssa Kirkham.
Honor Your Budget
“A smart wedding budget keeps your nuptials in perspective and helps you avoid sacrificing other important money goals or your financial security to pay for your wedding,” Kirkham says. “By figuring out much you can afford, and sticking to it, you can design a wedding with manageable costs.” And don’t forget to allocate money for the less obvious costs (like postage, vendor tipping, overtime fees and beauty trials).
Decide What’s Most Important to You
Couples who believe they need to splurge on everything from invites to favors often find themselves in a bind—and anyone on a budget knows a big-ticket event like a wedding requires a little give and take. We like to use the rule of three: Choose three wedding details that mean the most to you (maybe they’re the band, photographer and honeymoon). Then cut back on costs (maybe flowers, linens and hard liquor) that don’t make your top three. (For more on where to cut costs throughout wedding planning, head here.)
Do Your Homework
The more vendor research you do, the more familiar you’ll be with what’s out there and what you can get within your budget. Having knowledge of the wedding vendor marketplace also gives you an edge when trying to negotiate prices with pros (another good way to cut costs).
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Look at Your Debts
Kirkham also has a few tricks up her sleeve involving other ways to free up cash for your wedding or honeymoon. For couples paying off student loans, for example, she says, “You could consolidate your credit card debt to save money on your interest payments.” (Student Loan Hero has an actual Credit Card Consolidation Calculator that can give you an idea of how much you could save.) “Plus, if you have student loans, you can refinance them to save money on interest and lower your monthly payments,” she says.
Prioritize Your Financial Security First
You deserve the wedding you’ve always wanted—but remember how important it is to keep things in perspective. If you find yourself contemplating selling your car, postponing going back to school or skipping monthly payments to finance the occasion, take a step back to ask yourself, “Do I need all of this?” Maybe you can take a short and sweet minimoon and go for that luxurious honeymoon for your fifth anniversary (after you’ve saved up a little). Or host a Sunday brunch reception instead of a seated dinner on a popular Saturday night. Your wedding is, first and foremost, about you, your partner and your future—so keep your financial future in mind as you budget and plan.
