When planning a wedding, it’s easy to get carried away with thoughts of romance and “happily ever after.” But a wedding takes a great deal of planning and organization. More importantly, it can take lots of money. Planning for the financial aspects of your wedding is best done in advance.
1 Talk About Money Together
Clear some time together early in your engagement to have The Money Conversation. To have an enjoyable wedding day, you’ll need to make choices and set budgetary goals. You must be honest with each other about your current finances and your credit rating. How much can each of you – or your families – realistically contribute to the wedding?
2. Plan Future Expenses
As important as your wedding day will be, you may decide to agree that any financial savings should go towards your future – especially toward buying a house. According to Trading Economics, in 2022, the number of newly constructed single-family houses in the U.S. increased by over 70% in the Midwest. However, during the same year, construction of homes in the West increased by less than 17%.
3. Calculate a Wedding Budget
When you two discuss money and discover your financial starting point, you can then decide what type of wedding you want – and compare it to what you can afford. How fancy do you both want the wedding to be? Who will be responsible for which parts of the costs? Planning for those costs before they occur is essential- because your wedding day will be here much more quickly than you think.
4. Save Money with Fewer Guests
No matter how carefully you plan your wedding, saving money where you can is always a good idea. Financial experts say the most effective savings tip is to limit the size of your wedding. Wedding caterers charge per plate, so this is logical. If you have many people who want to see the ceremony, invite just family and a few friends- and live stream the ceremony for everyone else. Take your savings one step further by eloping and coming home to a backyard barbecue reception.
5. Get Help from Friends and Family
You can be honest about your financial situation with your friends and family – and let them participate in your wedding day. Suggest one (or more) family member be responsible for your cake – and another for the flowers. For an informal wedding reception, a family or group could join to prepare and serve the food. If a family member or friend is a singer or part of a band, they can provide part of the music.
6. Get Professional Guidance
Once again, it’s important to remember that your wedding is the first day of your married life. If you want your wedding to be in a particular church, you must undergo premarital counseling. However, even if you’re not required to get counseling, perhaps you should. According to Verywell Health, couples who attend premarital counseling have a 30% better likelihood of staying married than those who don’t attend counseling.
7. Make Lifelong Plans
After your wedding, the two of you will face financial challenges together. Discussing what your finances will look like after marriage helps you prepare for your married life. Your financial discussion should even touch on the end of your life. You may be interested to learn that heirs must pay estate taxes for estates over $10,860,000 for married couples (as compared to estates of single people over $5,430,000.)
You’re happy, in love, and about to be married and spend your lives together. You’ll want your wedding to be special and memorable. Financial discussions may seem unromantic, but because of them, you can have the wedding of your dreams. An excellent financial beginning will pave the way for mutual financial harmony.