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How To Budget and Save for Your Upcoming Wedding

By Debt.ca on February 9, 2016 No Comments
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Are you preparing to walk down the aisle? While your wedding should be the most important day of your life, it’s equally important not to lose sight of your budget. Weddings don’t come cheap these days. The average wedding in Canada costs $22,429, according to a WeddingBells.ca survey. If you’re planning to go on a honeymoon, the price tag jumps to $27,899. So unless you want to start married life in debt, it’s important to keep an eye on your budget. Here are some easy ways to budget and save for your upcoming wedding.

Budgeting for Your Upcoming Wedding

Weddings are expensive. The last thing you want to do is start married life with a mountain of debt. That’s why it’s important to be proactive and start saving as soon as you decide to walk down the aisle. Work your way backwards. Decide how much you want to spend on your wedding and then figure out if you have enough money to cover your wedding expenses. If you come up short, figure out how much you need to save each month and set up a dedicated savings plan. Pay yourself first by contributing semi-monthly so that you can avoid the temptation to spend your savings.

Decide what’s important to you. If your wedding price tag seems like it’s spiraling out of control, consider scaling back. Maybe a half-dozen white doves will do instead of a dozen. If you can’t afford your dream honeymoon right now, consider going on a less extravagant one and saving for a more extravagant one later on. Since a wedding can be almost as much as a down payment on a home, ask yourself what’s more important, having the best wedding possible or homeownership. You may be able to scale your wedding back and still be able to afford your dream home after all.

If you do need to go in debt to cover your wedding expenses, instead of charging it on your credit card at sky-high interest rates, use a line of credit at a more reasonable interest rate instead. Just remember to make a plan to repay the debt within a reasonable amount of time (avoid making interest only payments).

Saving on Your Upcoming Wedding

Two of the most costly wedding expenses for the bride and groom are the wedding venue and of course who can forget the dress. You can expect to spend an average of $9,225 on your wedding venue, while wedding dresses cost an average of $1,847, according to WeddingBells.ca.

Consider having your wedding during an off-peak time. Everyone wants to have their wedding in the spring. By moving your wedding to a less busy time, you can save big. When looking for wedding venues, it pays to shop around. Ask your family and friends for recommendations. Look at the expense of at least five wedding venues before deciding on one.

Don’t be afraid to ask for a discount. “Is this the best rate you can offer me?,” should be a common phrase. When it comes to your wedding dress, consider renting instead of owning. Most brides only wear their wedding gown once. Why keep your wedding dress in your closet when you don’t need to? Bank the savings instead!

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