Now it's time to start the process of planning your wedding. One of the biggest considerations for your big day is the cost – and, in case you didn't know, weddings can be expensive endeavors. According to website The Knot, the average cost of a wedding in 2017 was more than $33,000. As you begin to explore venues, vendors, and other elements that can cost a pretty penny, you should develop a financial plan for your wedding.
Here are five tips to tying the knot that won't break the bank.
The very first step in planning your wedding should be to create a budget. Sitting down with your partner and discussing priorities for your nuptials can help keep costs under control and make saving an appropriate amount easier. Be aware that unexpected costs often pop up, so create a line item in your budget for surprises to mitigate this.
Organization is key to sticking to the budget you've created and knowing when it's time to scale back. A spreadsheet that tracks vendor price quotes, actual costs, and where you stand savings-wise can ensure you're staying on track. Integrating your priorities list allows you to wisely use your money on the items that matter most to you as a couple. This is also a great place to keep track of due dates for payments and other financial information.
Opening a separate savings account for wedding-related expenses may help to remove the temptation to spend that money elsewhere. A great way to take one item off your to-do list is to have a portion of your pay directly deposited into your wedding savings account. You may also opt for a longer engagement to give you more time to save up.
So many variables lead to the final costs for vendors and venues. Expect to pay premium prices during traditionally popular wedding months in the spring and summer, and typical days and times of the week, like Saturday evenings. By picking an "off-season" date or an "off-peak" time, you can decrease the cost of your venue and vendors.
Finding a financial advisor you trust can be beneficial for your married life as well. This person will be able to help you develop a budgeting strategy and financial plan that fits your lifestyle. Because weddings can be such a large expense, an advisor may make other recommendations to help you financially plan for your big day.
Your wedding will create treasured memories for you and your family that will last a lifetime. Having a strong and strategic financial plan will help take the stress out of the finance part and allow you to enjoy what matters most: marrying the person you love.
For more information on saving for your wedding and managing your financial accounts, visit rocklandtrust.com.