Say Yes to the Budget: Plan a Modest Wedding
05th Jun 2016, Author: Admin SALAR
We all love weddings! The coming together of family and friends to celebrate love and companionship. However, these joyous occasions can cost us a lot of money. With mindful planning you can save both your wallet and your nerves. Helping clients create beautiful events while still being mindful about how they spend their money is what we do.
Breaking the Bank for a Wedding
We have worked with clients who spent years saving up before tying the knot and others who have freshly come out of university, still at the start of their careers. We’ve witnessed some of the younger couples max out their credit cards to plan for their big day. This one time, we were planning a baby shower for a client and upon liking how a design was turning out, she got really excited and handed us over her credit card telling us to rent or buy whatever we thought was necessary. We handed her card right back to her, telling her that spending more money wouldn’t mean a ‘nicer’ design.
In fact, spending money intelligently and in a strategic way is what was going to help us achieve the desired look. The design turned out to be beautiful and exceeded all her expectations – all the while, remaining within the budget we had initially set.
“A recent TD survey found that one third (31 per cent) of Canadian Millennials spent more than they expected on their wedding receptions. On average, Millennials in general went over budget by 55 per cent. “Till debt do us part” also rings true, as one in five Millennials (21 per cent) say they went into debt for their weddings and more than four in 10 (43 per cent) say the financial aspect of their nuptials caused stress between them and their partner. [TD, Media Room Survey, 2016]”
We have planned $5000 budget weddings, as well as $50 000 ones. Our first wedding was actually reaching the $50000+ mark. Everyone has their style, taste and desires. What we do advocate though is mindfulness and the importance of asking questions and making rational vs. emotional financial decisions. Post-wedding, many couples end up in debt, causing unnecessary strain on their marriage. To avoid splurging and remorse, here are some guiding points to help you plan your frugal (not cheap) wedding!
1. Say no to tit-for-tat invitations : The best way to keep your wedding budget low is to keep your guest list limited to the people who truly care and matter in your life. No, you don’t need to feel obligated to invite x or y because they invited you to their wedding. And don’t be sorry about it because a wedding is a personal affair.
2. Save your money : It is a tendency for most couples to become spendthrifts when their wedding day approaches. At times, a little compromise goes a long way in saving those notes in your bank account. When purchasing something, think twice before making a decision. Also, think long-term. Money saved will benefit you a lot more later. You can save for your honey moon or for a new house. Spending less won’t make your wedding less unique.
3. Buy rationally vs. emotionally : Have a sensible budget that fits your financial situation rather than spending money while being driven by your emotions. Come to the understanding that you do not have to have it all. When shopping, ask yourself: is this a ‘want’ or a ‘need’? It’s also okay to have a few ‘wants’ but these should be kept limited.
4. Avoid comparing yourself to others: As wedding planners, we notice that our couples spend a lot of time online. They’re screenshotting the perfect centrepiece design or pinning their dream backdrop on Pinterest, looking for inspiration and unique ideas. Young couples easily fall into the trap of unrealistic expectations. Wanting to add uniqueness to your wedding is fine, but do it by finding what it is that truly defines YOU to personalize your wedding instead of wanting what everyone else has.
All in all, weddings are meant to be memorable events. Making mindful financial decisions will help you save a lot of money and stress. Remember that a wedding only lasts for a day, before you know it, the months and months of planning come to an end and if what is left is debt and remorse, you will be taking that into your marriage.
If you are looking to plan a mindful wedding, know that it is possible, you just need to be realistic, prioritize, reconsider how many people you plan to invite and hire a wedding planner to help you find the best deals that fit your budget, if you can afford to. We can actually make a case of how it’s no longer a luxury to hire a wedding planner but more of a worthwhile investment (hey, you can ask our lovely clients), but we’ll leave that for another post! 🙂