Congratulations! If you’re one of the lucky 6 million people annually who get engaged on Valentine’s Day, then you have a BIG job to do — plan (and pay for) your wedding! The excitement is real, and we’re right there with you! Rustic vs. fancy, traditional vs. modern — no matter what style you’re planning, you want your wedding to be enjoyable and memorable. But before you jump into centerpieces and bridesmaids’ dresses, how are you going to pay for this spectacular wedding? Not sure yet? Well, we’ve got a few suggestions that can prevent your big day from taking a big chunk out of your wallet.
Have the money talk to understand your budget
It may be awkward, but it’s a good idea to bring all parties together and discuss who is paying for what. While old-fashioned tradition may say the bride’s parents must pay for the wedding, that isn’t a law. Some parents pay half while some couples pay for their wedding totally on their own. No matter who is paying, make sure the responsible party is in agreement and has given a budget. Once you know what you have to work with, you can start making plans.
Decide What Parts of Your Wedding are the Most Important to you
According to Value Penguin, in Michigan and Wisconsin the average wedding costs between $19,000 – $22,000.* The most expensive parts of that investment are the reception venue, band, photographer, and ceremony site. The cost also depends on your guest size as well as the date and time you’re planning on having the wedding. So which of these wedding items are the most important to you? To save money, you can plan your wedding at a more inexpensive reception venue or cut the guest list from 200 to 75.
Working with a smaller budget than the average wedding cost? There are many ways to easily plan a wedding on a small budget. You could save a lot of money (think cheap but classy) by having a Friday winter wedding versus a Saturday summer wedding or by asking guests to document the event with candid photos instead of a photographer.
Wondering where you can make cuts and stay within your budget? Think about using a budget template or budgeting app.
DIY to impress and save money
Don’t forget about your old pal Pinterest during your wonderful wedding plans. Why buy when you can DIY? Save money and make your wedding a lot more “you” by making your invitations, décor, and favors. You’ll wow your guests while saving money and having fun. Plus, staying home and working on wedding projects as a couple is a great way to have fun together while not going out and spending money — win-win!
Take Time to Save for your Wedding
Just because you’re thinking about the wedding plans already, doesn’t mean you need to rush into having the ceremony before you’ve saved your full balance. To get serious about cutting down on spending and saving as much as you can, think about putting your savings into a CD. With our EZ-Saver CD, you can start with a small deposit (only $50!) and add money to your CD whenever possible. You’ll get a better savings rate and the money is kept off-limits during the term so you can’t break down and spend your savings on something other than the wedding!
Cut down on extra spending
Since we mentioned curbing your non-wedding spending, make a wedding budget and stick to it. Cut down on unnecessary spending like shopping, going out to dinner, or automatically-renewing subscription services. Also, it’s easier to cut things out and put money aside when you visualize your savings goal. One way to do this is to rename your current Savings Account “Dream Wedding,” that way every time you even think of transferring money out of that account to go do some frivolous spending, you’re sure to think twice.
Not sure where all your money goes when you’re trying to save? Understand your spending habits by using the Budget and Spending tools within Digital Banking. You may find some easy ways to save just by cutting back on daily coffee runs.
Get help paying for your wedding
We offer savings products that can stretch your dollar farther, and we also offer lending products that can get you what you want now. With a Signature Loan or Advanced Line of Credit, you can get the money you need now to pay for your wedding, and then pay it back in affordable monthly payments once you’re married. We understand saving can take time and the excitement of getting married is hard to resist, so move up that wedding date and apply online for a Personal Loan!
We wish you a wonderful wedding and a happy marriage. Please contact us with any questions you have on savings plans, budgeting, or personal loan options.