The number one thing that leads to divorce is money. Not enough, not managing it well, or not being on the same page. Begin your marriage on the right foot by learning how to properly plan, prepare for, and budget for your big day.
Here you will find some of the best money-saving hacks for your wedding, and also different habits you can incorporate to make money work in your marriage.
1. Make a Budget
The best way to save money on your big day is to make a budget. Hopefully, you’ve already had the money talk with your finance, but if not now would be a great time. Important things to consider are your combined monthly income and expenses. Is there a surplus in your budget that you can begin setting aside for the wedding? Is there a small portion of savings that you have already set aside to help finance the big day?
When making these decisions, it’s important to consider that a wedding is only one day, it is not the rest of your life, and you should not overextend yourself at the expense of your life pursuits.
Additionally, many of the costs of the wedding are often traditionally paid for by the bride’s family, but the groom’s family can also help to cover some of the costs. When making your budget, it’s important to ask both families what they are comfortable contributing to the wedding.
Making a wedding budget is good practice for making your monthly budget down the road. When you learn to prioritize your expenses and have a running balance sheet, you are opening up communication about a vital topic in your marriage.
2. Consistently Review Your Budget
As you combine households, if you haven’t done so already, having the big money talk and knowing where each of you stands financially can help to mitigate future arguments as you learn some conflict resolution through your wedding planning experience. This topic can often bring stress, but proper communication brings understanding.
It is important to remember that one conversation about the budget does not ensure that the budget will be properly followed or need changing. For your wedding, you may need to either reassess your budget or reassess your expectations.
This same idea holds true for your monthly budget after marriage. It’s important to review your budget on a month-by-month basis. Especially with rising costs, some expenses may need to be changed or re-evaluated. Are you budgeting enough for special occasions? Are there some areas where you can change some of your spending habits?
By consistently having the budget conversation, you are helping to eliminate the negative emotions often associated with budgeting. Instead, you are making money and budgeting work better in your marriage.
3. Save on Big Ticket Items
There are many tips and tricks out there that can help you save money on your big day. These lists tend to be quite comprehensive and share many hacks for your wedding – among them are DIY ideas. When planning a wedding, it is most important to consider the biggest ticket items.
The first purchase of your wedding is traditionally made by the groom; this is the engagement ring. There are many different theories on how much money you should spend on your ring, but when you understand your finances, you will have a better indication of what would be appropriate for you.
When purchasing the ring, it is important to consider the whole ring – or more specifically, the bridal set. When you purchase a set, you are more likely to save money when purchasing the engagement ring and wedding band together.
Other big-ticket items that you should consider while planning your wedding include the wedding venue, the flowers and food, and the wedding dress. When you book your wedding in the off-season, you are more likely to get a better price on the venue, and when you schedule your whole wedding and reception in that one location, you are more likely to spend less than if you had booked multiple locations.
By corresponding your food and flower choices to the specific season, you will not pay inflated prices as the items will be more readily available and not have to be shipped from farther away. Additionally, buying off the rack, or even borrowing or renting your wedding dress can save you a significant amount of money, and should be highly considered. All of these tips can save you thousands of dollars.
Final Thoughts
The wedding, and everything that comes along with it, can be very stressful. When you are on the same page from the beginning, these stresses can be mitigated. Soon, you will find yourself married and armed with some good habits and skills to help ensure a more successful marriage.
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