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The Bachelor’s Guide to Budgeting for a Wedding

The Bachelor’s Guide to Budgeting for a Wedding

 

Thank You, Yes!

The Bachelor is in full swing and love is in the air. As this season of the TV hit reality show winds down, one bachelorette will be hoping for that final rose and lifelong love. In the real world, tis the season for all things love and gushy stuff, so if you’re a bachelor yourself and you’ve proposed, or are about to offer your significant other your final rose, we want you to be prepared for what’s next.   

 

Now, you’re a bachelor and you’ve finally found the one that checks ALL the boxes.  Want to just show up in a sweet tux and marry the person of your dreams? If only it were that easy. If you actually want to see your state-recognized ceremony of love come to life, planning and budgeting are key. Weddings are often the first time couples have to plan, prepare, and budget for a major expense together. While you may want to give your significant other the wedding of their dreams, and maybe even an exotic honeymoon, starting your new lives together in a financial hole is not ideal. Budgeting for a wedding will prevent that or at least keep things under control. It doesn’t have to be a scary process, either. Here are some budgeting factors that need to be considered so that you aren’t blindsided when planning for your Big Day.

Matrimony can have many moving parts.

Let’s cut to the chase here… 

 

According to Brides.com, the average wedding in 2018 alone jumped from $27k to $44k. That’s more than what some hard-working Americans make in an entire year. Now, before you have a heart attack, just remember…a wedding is a ceremony: a ceremony between two individuals who wish to become one in love and life. We all know you can have a friend go online, become certified to perform marriages, and have them marry you in your living room. A more customary wedding, however, can be a little more pricey, and it helps to know a little about what you’re getting yourself in to.  

 

Traditional weddings have many moving parts involved; much like everything else in this world, more moving parts equals a more expensive production. Wedding price, for the most part, is correlated to how many people you plan on inviting (assuming everything else is equal, of course). The more people that attend, the more resources that are needed: a larger venue, more food and drinks, and more decorations. All of that can add up quick If you choose to have a larger wedding. 

3 areas where wedding costs can get out of hand.

The venue is often the largest wedding expense, especially if you choose to hold the wedding ceremony and reception in different places. Whether you have your wedding at the downtown Ritz-Carlton or in your Aunt Betty’s back yard, this is going to be the bulk of the cost. The majority of venues that host weddings on a regular basis offer package deals that include some or all of the food, drinks, photography, entertainment, equipment (chairs, tables, audio/visual equipment), and wedding coordinator, with the price mainly based on your estimated headcount. Individually, these expenses can add up quickly, so keep an eye on the details (such as the price of chair rentals and the cost of a live band versus a DJ) during the planning process, especially when choosing a venue. You’ll want to compare apples to apples, and not having the headache of coordinating with multiple rental companies may make up for having to pay more for the venue if these items are already included.

 

Much of the cost of a reception venue lies in the food and drinks, depending largely on the types of meals being served and the amount of alcohol (if any) you will be providing for your guests. Venue packages may or may not include alcoholic beverages, which can drastically change the cost as well. I, for example, absolutely love weddings that have an open bar, and I’m statistically more inclined to attend weddings where an open bar is available. Joking aside, celebrating a couple’s nuptials with them over great food and drink is often the highlight of the reception for both guests and hosts alike. Whatever you choose will be greatly appreciated by your guests, but know that you have options. Whether you choose to serve a five-course meal with open bar, or buffet style meal with your cousin running the bar with store-bought booze, do whatever fits your budget.

 

The honeymoon, while not technically part of the ceremony, can also be a major factor in planning a budget for a wedding. Newlyweds traditionally take their honeymoon shortly after the wedding (let’s say within six months), so their budget can directly affect the “wheres” and “for how longs” of planning their honeymoon. If you choose to have a larger wedding, you might not be able to afford to spend a month in Europe like you originally planned. One tip for planning your honeymoon is that you can charge your wedding expenses on one or a few credit cards so that you can rack up as many miles as you can, and use those miles to at least pay for your flight and maybe even some hotel expenses. Any money that you get from wedding gifts, or whatever is left over, can go towards your actual activities for your honeymoon.

 

Don’t be scared.

Planning and budgeting for a wedding doesn’t have to be a scary experience. In fact, it can prevent some unwanted stress, and help keep everyone on the same page (as far as what everyone, including the in-laws and parents, is willing to chip in) in order to make the special day happen. There are venues, photographers, caterers, and DJs out there that can accommodate weddings of all sizes to fit practically any budget.

 

Considering all of the expenses associated with a wedding, there are different ways to fund the Big Day. If you don’t necessarily have the cash on hand, or maybe the in-laws aren’t paying for it, a personal loan is a great, flexible option to get you the cash you need for your wedding or honeymoon. With low monthly payments and no prepayment penalties, a personal loan just might be the key to help bring that special day to life and start your new life with your special someone. Contact a LoanMe personal loan expert to find out more about how we can help.