Weddings can be a pretty expensive affair, even without the pomp and splendor. The simplest of weddings can cost a lot of money. More often than not, people collect money over several years to save for a wedding.
But, it’s not easy to do the same if you don’t have experience with it. So, it’s useful to have a plan for saving up for your big day. Here are a few tips to save money for your wedding.
Invest in Inexpensive Jewelry
Among the best ways to save money for your wedding is to invest in inexpensive jewelry. This can seem like a mammoth task considering how expensive wedding jewelry is.
On average, couples spend over $3,000 on an engagement ring alone. Add that to the cost of wedding bands and it’s easy to see how you’ll end up spending a fortune. So, it makes sense to invest in jewelry that doesn’t burn a hole in your pocket.
One way to save money on jewels is to buy lab-created instead of mined diamonds. These diamonds are present in wedding bands in various cuts and shapes. They’re also present in studs, engagement rings, and small earrings.
Lab-created diamonds are 40-50% less costly than mined diamonds. So, you can choose larger diamonds for the same price if you choose lab-created diamonds. Or, you can pay less and settle for smaller diamonds.
Lab-created diamonds are indistinguishable from natural diamonds in every way that matters. To an observer, both diamond types appear the same. So, it doesn’t matter which one you choose to add some sparkle to your big day.
Besides, the money you can save by choosing lab-created diamonds can serve you well. It’ll allow you to save money for your wedding and spend it on more important expenses. For instance, the money you save on jewelry can pay for a professional videographer.
You could also use it to pay for a few extra plates of food. Or, you could use it to pay for lavish flower arrangements. The point is that it can cover many expenses that you may otherwise find difficult to manage.
Another way to save money on jewelry is to rent it rather than buying it. But, bear in mind that buying jewelry is a better investment than renting it.
Consider Your Expenditure
It’s important to plan your expenditure when you plan for a wedding. Many expenses make their way into wedding planning. Studies show that the average cost of a wedding in the U.S. is $28,000.
This figure includes the cost of a cake, food, and other arrangements. It also includes the cost of transportation, photography, and more. But, you should consider which expenses you can do away with.
The best way to do this would be to first consider which expenses are unavoidable. For instance, the cost of food and flowers are often unavoidable. The same goes for the wedding dress and cake.
There are some wedding traditions that are optional. Not everyone chooses to carry them out if they’re working with a tight budget. You can choose which traditions aren’t important to you on or before your wedding day.
For instance, you can choose whether you want to have a rehearsal dinner. You could also choose to save money on invitations. People are now opting to send online invitations rather than traditional ones.
Also, it’s convenient, but not always necessary, to hire a wedding planner. Sure, it can help you save time and effort planning your wedding but it often costs more than $1000 to hire one.
If you have time on your hands, it would be cheaper to plan your wedding yourself. This would be workable especially if your wedding is going to be an intimate affair.
You could even save money on a live band for your reception. Hiring a DJ could be up to four times cheaper. So, this could be a good option to help you save thousands of dollars on your reception.
Another area in which you can save money is your party favors. You can choose simple favors or make them yourself to save cash.
Set Regular Saving Targets
After you create a budget for your wedding, it’s time to start saving money. There are two important factors to consider while saving for your wedding. One, the amount of money you’ll have to put aside at regular intervals. Two, where you’ll store the money you plan to put aside.
First, decide how often you’d like to put aside the money you intend on using for wedding expenses. In this way, you can create a schedule of savings that’ll be simple to follow.
A good strategy to follow here is to count the number of months left till your wedding day. Then, you can work out how much money you’ll have to spend each month or week. Breaking down your target into such segments will make it easier to achieve.
It’ll also let you manage your routine expenses better. In this way, you can also determine if you have time to save enough money for your wedding. If not, you can consider other financing options available to you.
For instance, you can consider asking for a loan from your friends or family to cover expenses. If they’re unwilling, you could opt for a bank loan instead. You’ll have to plan out your interest payment if you opt for a bank loan.
Also, you would need to think about where you’ll keep your savings. A good idea would be to store them in an interest-bearing account. Sure, you might not be able to rake up too much interest if your wedding is soon. But, a little interest is better than letting your money lay idle until your wedding.
You could even invest your savings in the money market. But, this might be a risky move if you’re unfamiliar with buying stocks.
Saving up for your wedding is challenging, but rewarding in many ways. It’ll give you a taste of good financial planning for the future. Also, it’ll help you save money for your post-wedding expenses.
These expenses could include your honeymoon. They could also include your immediate living expenses after your wedding. So, saving money for your wedding can serve you in more ways than one.