A wedding is an event that should be cherished. There are a lot of festivities, the people you love the most get to celebrate with you, and the excitement of starting a new life together is overwhelming. That said, weddings can be very pricey. In fact, couples spent an average of $33,900 on their weddings in 2019, which is a huge expense for most people.
That’s why preparing for it financially should be a priority. It’s a milestone for sure, but couples should also be mindful of how much they spend on it if they don’t have unlimited funds to begin with.
Where Will You Get the Funding From?
So, what is the first step in the financial planning of your wedding? Know where the money is coming from, of course! Lots of couples dip into their shared savings, while others get generous help from their relatives and, at times, even friends. The couple’s families might offer to split the cost of the entire affair, and if that’s something that is agreeable to the both of you, there is no shame in accepting it.
Another option is to put the expenses on plastic. That is, to use your credit card to cover some of the costs of the event. You can earn a lot of points for spending several thousand on the wedding and, not to mention, borrow the exact amount you need. Many credit card options now come with 0% interest rate, so it won’t be a headache to pay off later on. The downside is that you might end up paying high fees and end up spending more than you intended. Some couples also don’t want to start their married life with debt and, understandably, would rather use their savings.
An alternative option is to apply for a personal loan. As with credit, this gives you the option not to shell out a huge sum of money up front. Before sending in an application, it might help to use a personal loan calculator to determine how much you can afford to borrow based on how much you can pay back in installments. Again, it’s better to start off your marriage on a good note, so planning for your finances together is crucial. You’ll need to have a sense of how much your wedding is going to cost, which brings us to the next point: setting your wedding budget.
What Will You Be Spending On?
To set your budget, you need to know what you’re actually spending on. Another survey by The Knot, this time from 2017, created a breakdown of a wedding’s typical expenses. These are some of those costs:
- Engagement ring – $6,163
- Catering per person – $71
- Party favors – $268
- Wedding dress – $1,564
- Venue – $4,000-$8,000
Of course, that list is a lot longer and it helps to inquire from several vendors before committing to any of them. That way, you can choose the best option that fits your budget. For example, you can look at the rates in Villa Antonia to see when it’s best to schedule your big day. Weekends are more expensive, of course, while weekdays are very reasonably priced. You might want to hire the photographers in-house too, and save a ton on your wedding. The point is that you have to know your options so you can more accurately stick to a realistic wedding budget.
Can You Cut Costs on Your Wedding?
The short answer is: yes! There are many ways to save money while still having the wedding of your dreams. For one, you can have a smaller ceremony altogether. Villa Antonia even has a micro wedding package that might suit your needs. By making this more intimate, you can also celebrate with the people you’re closest with.
A lot of food also gets wasted during weddings, so according to some planners, you can ask the caterer to provide smaller plates. That doesn’t mean guests can’t come back for second helpings — it just means they can control their portions more and avoid food wastage.
It also makes more sense to send out digital RSVPs instead of paper invitations, especially at a time like this. And, renting your bridal party dresses (and entourage tuxedos) can also help you in a pinch. Let’s face it: these dresses may never be taken out of the closet again, so there’s really nothing wrong with renting them! Some brides are even opting to rent their own wedding gowns these days.
Weddings are very important, but so is starting your married life on the right foot and without a huge bill to worry about. The important thing really is that you get to celebrate your union — all the rest are just details. And if you’re ready to get started on the planning, set an appointment for a tour around the villa now.
By Angela Taylor solely for villaantonia.com