Celebrate + save with these wedding saving tips

Celebrate + save with these wedding saving tips

Published on 26th November, 2021 at 03:05 pm

Planning your big day? These wedding saving tips will help you celebrate without overspending.

The wedding day is one that many of us have dreamt of from the time we were children. So, it’s only natural that when it comes to the real thing, it can come with a lot of expectations. And it shows, with recent research conducted by The Wedding Expo revealing that most South African couples are spending between R80 000 and R120 000 on their nuptials. No one said hosting the event of your dreams was going to come cheap! That’s why following basic wedding saving tips, proper planning and setting attainable goals is important for a stress-free celebration.

Use this handy online savings tool to help achieve your goals for your big day.

Marriage and money

The outbreak of the global COVID-19 pandemic saw many (big!) wedding plans screech to a halt or cancelled altogether. It has also led many engaged couples to re-evaluate what they want their union to be like. “The coronavirus has given people the excuse to explore different, simpler, more cost-effective ways to tie the knot, and it’s turned out to be the unintended blessing that many couples were actually looking for!” says Anna Granig, director at We Do, Weddings – a mobile micro wedding planning service. “It has helped them focus on what is truly important to them, and for many, intimacy, simplicity, being married quickly and not putting themselves in a precarious financial position has come out tops,” adds Granig.

A Fidelity® Couples & Money study revealed that more than half of people enter a partnership already in debt. Another report conducted by Ramsey Solutions suggests that money conflict is the second leading cause of divorce, coming in just behind infidelity. And while traditionally it was the bride’s family who was expected to fork out for the wedding costs, times have certainly changed. “Between couple’s cohabiting before marriage, getting hitched later, shifting family structures and parents not always able to help out financially, couples really need to think hard about ensuring that their big day does not put them in debt,” says Granig.

Want to create a wedding budget, but not sure where to start? Use this handy guide.

Sweet and simple… and small

Weddings can be expensive, and an increasing number of couples are opting to downscale their event to save money. This has led to the rise of micro weddings. “A micro wedding is a loose term to describe a celebration with a smaller number of guests than has become traditional,” explains Granig. “They include many of the traditions of larger weddings, just fewer guests, fewer opinions, less cash outlay, less stress and more opportunity for all-round joy!”

Holding a micro wedding is one way to avoid exorbitant costs. Other ways include finding package deals, something that is offered by businesses such as We Do, Weddings. “In our case, we are sensibly priced, as we are a true one-stop shop. We offer everything you need for a glorious, unique wedding with enough choices to make it super personal, but limited enough choice to avoid becoming overwhelmed.” If you are planning your own wedding, booking a venue that allows you to bring in your own vendors is another way to avoid inflated and unnecessary costs per head.

5 Tips for your big-day budget

Before you can get down to planning, you first need to create a budget. These five tips from Jyoti Gopee, senior financial planner at Pinnacle BlueStar, are a great way to assess your current financial position and prepare for your big day.

1. Understand both partners’ disposable income

“Both partners need to know their respective monthly expenses, from medical aid to bond payments,” explains Gopee. “Then you need to decide which expenses can be reduced or removed from your plate to reach your wedding savings goal. You are then able to determine how long it will take to accumulate the money necessary for the nuptials of your dreams.”

2. Examine your pre-existing savings

This doesn’t refer to your emergency fund, which should be left untouched so that it is accessible in the event of a legitimate crisis. “Cash from a savings fund specifically for your wedding or for miscellaneous expenses can be rerouted to further support your wedding expenses,” suggests Gopee. “One partner may have a larger amount than the other partner, which shouldn’t be a problem. You just need to reach a mutual understanding of how much will be allocated from your respective savings.”

3. Identify negotiables and non-negotiables

Do you have to have fresh flowers and an open bar on your big day? Some things may seem necessary, but come at a huge cost. “In life, we often need to compromise, and this can include your wedding day aspirations,” says Gopee. “With this in mind, it’s important for couples to have an open and honest conversation about their wants versus their needs when it comes to the shortfall of financial provisions for the wedding day.”

4. Have an open discussion with other contributors

“If friends or family have offered to take on any of the financial responsibilities for the upcoming festivities, it’s helpful to chat to them about how you intend to use the money,” says Gopee. “Being clear and concise about your plans and not leaving any financial discussion incomplete will ensure that there are no unfulfilled expectations on their part.”

5. Regularly review your savings progress and expenses

Too often, people take out personal loans and swipe their credit cards because they didn’t track their wedding budget accurately. But this means you’ll be starting off your newly wed life in debt. “It’s recommended that you review your savings initiative as well as the itemised wedding expenses every two to three months,” says Gopee. “This is to ensure that the savings discipline remains aligned and that the wedding expenses do not exceed your planned budget.”

Don’t let money tension cause a rift in your relationship. Meeting with a financial planner can help you meet halfway when it comes to your wedding day, and move forward stronger together. Book a meeting now.

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