Author: Marc Klein
December 15, 2023
Discover some fun and unique alternatives to traditional wedding ceremonies and learn how to finance your big day without breaking the bank.
Getting married can be one of the best days of your life. It can also be one of the most expensive. From the venue to the flowers, if you’re not careful, the price of a wedding can go higher than a bouquet flying through the air. In fact, the average cost of weddings has risen to $29,000. This is why spending less on weddings is one way that younger generations are deviating from past economic traditions.
But getting married doesn’t have to mean you’re getting hitched with debt too. There are alternative wedding options that can save you money when saying, “I do.”
Location, location, location.
You don’t have to book a fancy venue to have the wedding of your dreams. A backyard wedding is one way to save on costs but still have the perfect happily-ever-after day.
Just be aware that, without a venue staff, all the coordination is on you.
If you don’t necessarily want a big wedding but want to take a destination honeymoon, why not combine the two by having a small, intimate ceremony where you’re honeymooning?
Perhaps you want a backyard wedding but don’t have access to a yard, or maybe you need a bigger home to fit the wedding. Renting a house that meets your needs — perhaps through a service such as Airbnb or Vrbo — is an option.
With a surprise wedding, your guests are not in on the secret. Perhaps they think it’s your engagement party or other type of get-together. And then, surprise, it’s also a wedding!
Regardless of the type of wedding you have, there still comes a time when you must pay the bills. Even the smallest of weddings can have expenses.
There are several ways for you to pay for your big day.
They say cash is king. This is certainly true if you’re looking to pay for a wedding and not have any resulting debt. The tricky part is saving up enough cash on hand to accomplish this.
One way to do that is by having your money work for you in a high-yield savings account. A high-yield savings account offers a much higher interest rate than a traditional savings account, so your money will grow as it sits there safely. Plus, you have access to it anytime you want, as opposed to other saving options like certificates of deposit.
You can also use a credit card to fund your wedding expenses. Just be aware of some of the pros and cons of doing so.
Using a credit card can be an effective way to pay for your wedding, as long as you do so responsibly and always keep your credit in mind. The last thing you want to do is start your marriage off with dented credit scores and a large amount of debt.
A wedding loan is simply a personal loan that you use specifically to pay for your wedding … giving “something borrowed” a new meaning.
It’s important to remember that having a good credit score affects your chance of being approved for a loan and getting a lower interest rate. So, be sure to build up your credit score before you apply.
No matter the size or type of wedding you have, it will likely put a squeeze on your budget. So, being flexible with other expenses can help you free up funds. This is especially true if you’re already on a tight budget or living paycheck to paycheck.
So, if you’re planning a wedding and need to manage your finances, some adjustments can include:
Planning a wedding can be expensive. But there’s a range of alternative or less traditional wedding options — as well as different methods to pay — that can help keep your finances from taking the plunge.
About the author:Marc Klein
With his eyes set on becoming the next great ad man (at least until his comedy writing career took off), Marc earned his journalism degree and went straight into advertising for various gaming and tourism clients. He later expanded his credentials to include public affairs and communications work for several environmental science organizations before returning to his marketing roots. A lifelong scholar with recent studies in strategic communication, Marc enjoys tying humor into his writing and simplifying complex financial subjects into engaging and easy-to-digest content for a wide variety of audiences.
This material is for informational purposes only and is not intended to replace the advice of a qualified tax advisor, attorney or financial advisor. Readers should consult with their own tax advisor, attorney or financial advisor with regard to their personal situations.
As we go through our lives, there are many major milestones that have huge personal significance. Events like marriage (or divorce), going to college, starting a business, or purchasing your first home affect not only your personal life, but your financial life as well.
Did you know that certain milestones in your life may impact your credit score? Here is a list of five life events that could have a positive or negative affect on your credit and finances.