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5 Financial Wellness Tips For Keeping On Budget During Wedding Season
Love is in the air. May through October is the traditional wedding season. While there's nothing like a wedding to put a smile on your face, bring tears of joy, and give you that epic party experience, it doesn't come cheap when you factor in shower and wedding gifts, outfits, hairdo, nails, transportation, and accommodations if you travel out of town.
According to a Bankrate.com survey, wedding guests said they planned to spend an average of about $611 per wedding. If you've got a few this season, you may be wondering how you're going to finance attending the festivities.
Relax, it is said that love never fails, and you don't have to go broke celebrating your much beloved couple (or couples) either. Here's how:
Create a budget for wedding season
Before the wedding season starts, review your finances. How much can you afford to spend? What other financial obligations do you have?
Set a budget for wedding-related expenses. Allocate amounts for attire, transportation, accommodations, gifts, grooming, bachelor and bachelorette parties, and any other expenses for each wedding.
"Sticking to this budget will help you make mindful spending decisions and avoid overspending because you're caught up in the excitement," says Karla Dennis, an enrolled agent, personal finance expert, and founder of KDA, Inc.
Prioritize the events and expenses most important to you. "Decide what is a must-have or nice-to-have. Allocate most of your spending to the main event and less on pre-wedding events like the shower," says Rodney Williams, co-founder and president of SoLo, a community finance platform.
Alejandra Rojas, a coach and founder of The Money Mindset Hub, offers advice, "Use the time leading up to the wedding to boost savings." She says to see where you can cut back on nonessential expenses and put that money toward your wedding budget.
Gift smartly
Gifts are a big part of the overall wedding expense, but they don't have to be:
- Consider personal, meaningful gifts. "Homemade gifts or offering a service, like photography or creating a video montage of the couple, can be special and cost-effective," says Dennis.
- Don't feel pressured to buy the most expensive gifts on the registry. Look for sales and deals on registry items. If you find the same product at a lower price at another store, grab it. "Just notify the store where the couple registered, and they'll update the registry," says Tanya Peterson, a consumer finance expert at Achieve, a digital personal finance company.
- Shop the registry sooner rather than later. You'll have more options for buying something in your budget versus later when there may be mostly expensive items left.
- Give a group gift. "If you're friends with other friends of the couple, ask about sharing the cost of an expensive gift. Ask early, before others make their purchasing plans," says Peterson.
Get creative about what you will wear
No doubt you don't want to show up looking shabby on such a special occasion. Strategize.
Instead of buying a new outfit for each event, invest in one or two versatile dressy pieces that you can accessorize differently or mix and match.
Other smart options include shopping at consignment shops, thrift stores, and online marketplaces.
And don't forget you don't have to buy at all: Borrow clothes from friends or family. It's cool and less expensive to rent. Check out alternatives like RentTheRunway.com or local rental stores.
Cut travel costs
Chances are you may have a destination wedding this season, or it could be that your BFF or cousin moved away and the wedding is in his or her new hometown.
Either way, you'll make your way there via train, plane, or automobile and need a place to stay.
Save where you can:
- Book flights and accommodations as early as possible for the best rates. "Come in a day early if it will mean significant savings on airfare," says Dennis.
- Dig for deals on hotels and car rentals that might be available through auto clubs, warehouse club travel sites, and organizations you belong to.
- Sign up to receive email notifications from hotels on discounts or price drops.
- See if the couple has a block of discounted rooms at the hotel where the reception is. Go further still. "Guests who attended my wedding were able to find the hotel I blocked for 50% cheaper, thanks to a deal promoted on Groupon. Check third-party hotel sites, track prices via Trivago or Hopper, and run an online Google search," says Andrea Woroch, a consumer finance and budgeting expert.
- Look beyond hotels. Explore Airbnb or budget-friendly rental homes where you may be able to split costs among friends.
Don't wait til the last minute — plan accordingly
Don't procrastinate. Book airfare and accommodations early for the best rates and snag affordable registry items before someone else does.
Plan early and coordinate with your friends so you can share costs where possible.
The takeaway
Don't let financial stress spoil a good time. Just keep a level head, says Michael Hills, a financial adviser with Apex Wealth. "By being conscientious about your spending and focusing on meaningful connections with the couple, you can navigate wedding season with grace and financial savvy."
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