You’ve fallen in love and are now planning the day when you can say “I do.” But you’re starting to realize that anything with “wedding” attached to it is costly.
1. Create a budget
While it’s nice for parents to foot the bill, 73% of couples contribute to their own wedding, according to a 2016 study from Brides. The best way to know how much money you’ll be spending is to put a cap on it right from the start.
Ellie Thompson, CEO of Venyou, a company that helps make your property an event venue, said you should start making a budget before you even look at anything related to weddings.
“You don’t want to fall in love with something you cannot afford,” she said. “Once you establish your wedding budget, you may realize some things will have to go. Be prepared to make sacrifices.”
Decide on the one thing that matters most to you. Do you want your wedding at a resort or specific destination? Do you want food from a certain restaurant or caterer? Pick your one must-have and work around it.
2. Don’t use the ‘w’ word
My husband and I had already been married for eight months when we planned our reception. As I researched caterers, locations, and other bedvendors, I made sure to avoid saying we were having a wedding-related party. It was true for me, and you can bend your truth a little to save a lot. Others have done the same.
“We purposely avoided anything marketed as a wedding venue when we looked for a place to hold our event because that made the price exponentially more,” said Eric Roberge, founder of financial planning firm Beyond Your Hammock. “We ended up renting a large beach house on the water for our ceremony and reception, and it was probably a third of the cost of what nearby wedding venues rented for.”
3. Pick a different day or time
Unless you have to get married on a specific date, shoot for getting hitched on any day but Saturday. Better yet, opt for a nighttime ceremony between Monday and Thursday. Weekends are convenient, which means they’re expensive. My best friend saved $10,000 by getting married on a Thursday instead of a Saturday night.
If you can’t budge on the wedding date, try changing the time of day. My bed-and-breakfast locale took off $2,000 when I said I wanted a brunch reception instead of dinner. I was also able to save on food since breakfast and lunch are cheaper than dinner.
4. Cut the guest list
Creating the guest list might be one of your biggest stressors, especially if you’re feeling pressured by family and friends about inviting people you wouldn’t otherwise consider. But stand firm in your decisions. Tiffany Hayden, a Los Angeles-based wedding planner and owner of Detailed, suggested keeping your guest list small.
“There’s no need to invite everyone you know,” she said. “Only invite the most important friends and family to surround you on your special day.”
Skip invites for anyone you don’t actually want to see on your wedding day. Every person needs a chair and a meal, so budget accordingly.
5. Rent and borrow — don’t buy
You know what you’re never going to use again? Anything from your wedding. Unfortunately, everything for weddings is notoriously overpriced.
See if your venue includes essentials, such as linens, tables and chairs, and dinnerware. If it doesn’t, shop around for party rental supplies instead of buying them. You could also rent or borrow your wedding dress or tuxedo — unless you plan to wear it again.
6. Limit your alcohol
Open bars are nice, and guests appreciate them, but liquor is expensive. While your friends will love you, your bank account won’t.
Stick to beer and wine or create a signature drink. At my brunch party, we served mimosas and coffee. You don’t need to have unlimited choices. In fact, giving your guests a small number of options shows you put in work to pick the right drinks while also being conscious of what you can afford. If guests are up in arms about it, let them bring their own drinks.
Weddings don’t have to break the bank
Your wedding day doesn’t have to be the day you go into debt. It’s great to invest in the things that matter most, but be careful about throwing money at everything. It can be tempting to say “It’s my wedding day!” to justify an expense, but your postnuptial bliss will fade when you see those bills.
You can get a wedding loan if you need to, but try your best to budget carefully. You can have a great wedding day while also going into your marriage debt-free.
Interested in a personal loan?Here are the top personal loan lenders of 2020!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Opploans.
Direct Deposit required for payroll.
Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.
3 Includes AutoPay discount. Important Disclosures for Payoff.
4 Important Disclosures for FreedomPlus.
5 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
6 Important Disclosures for LendingPoint.
7 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
8 Important Disclosures for Earnest.
9 Important Disclosures for Avant.
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30.
Based on the responses from 11,574 customers in a survey of 210,584 newly funded customers, conducted from 1 Feb 2018 – 1 Aug 2019 95.05% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
* Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|5.99% – 20.01%1||$5,000 - $100,000|
|6.14% – 35.99%||$1,000 - $50,000|
|6.98% – 35.89%*||$1,000 - $50,000|
|99.00% – 199.00%2||$500 - $4,000|
|5.99% – 24.99%3||$5,000 - $35,000|
|5.99% – 29.99%4||$7,500 - $40,000|
|6.79% – 20.89%5||$5,000 - $50,000|
|9.99% – 35.99%6||$2,000 - $25,000|
|6.95% – 35.89%7||$1,000 - $40,000|
|5.99% – 17.24%8||$5,000 - $75,000|
|9.95% – 35.99%9||$2,000 - $35,000|