Planning a wedding is expensive and if you’re not already aware of the costs that come with a wedding, then you certainly will know all about it when you end up planning one for yourself.
In 2024, the average cost of a wedding was around £20,700 in the UK, the USA has an average of $35,000 and a wedding in Italy or Spain will set you back between €23,000-€25,000.
Weddings can be expensive, which is why you need to be smart with how you spend your money and when to know you’re being too indulgent or perhaps being taken for a mug. With that being said, here are some helpful tips on how to use your money wisely when planning a wedding.
Stick to a budget
Whether you have a high amount of disposable income or you’re limited on what you can afford, you should look at sticking to a budget for the most part. That way, you’re not going to spend too much beyond what you expected.
It can be very easy to spend more, especially as you get caught up in the excitement and enjoyment of wedding planning. However, by sticking to a budget, you’ll know what you have available to work with and that can make estimating all of the various bits of bobs a lot easier as a result.
Look at where you spend and save
Once you’re done budgeting, you should take a look at where you could spend and save your money. Consider what areas of wedding planning are for splurging and what areas you can save your money on.
For example, you could certainly save money on wedding venue decorations if the venue you choose if fairly decked out in it’s appearance. You may want to splurge more on your wedding attire or your photographer though as these are two very important parts of the wedding day for different reasons.
Go off-season with wedding venue and other vendors
To help spend your money wisely, look at what wedding venues are available off-season and that you’re interested in the most. This will also enable you to choose vendors who might be operating during a low season and therefore reduce their prices or give discounts.
With wedding venues, it’s important to look at what dates are available and how this might help when it comes to the cost of the venue hire. Some wedding venues significantly slash the cost of the venue hire during certain times and days of the year, so it’s worth exploring the costs that are available.
Get wedding insurance
Wedding insurance is certainly an important one because you never know what might happen and why you might need to have wedding insurance for things that go wrong.
This type of insurance works like any other insurance in that it’s protecting the money you’re spending on your wedding day and anything that might also be leading up to the day itself. From the vendors you hire, to the venue you secure, everything is covered under this type of insurance.
So if a vendor pulls out last minute or simply doesn’t show up, then you have the ability to claim back all of the money you spend on those particular vendors so you’re not out of pocket.
Track your spending as you go
To help keep on top of your money and where it’s being spent, you should be looking to track it however you can. This is important because the more you can track your spending and where your money is going, the better.
It’s always good to keep an eye on the money each month and what’s due to come out. That way, you can plan accordingly when spending the money you need to have in your bank account ready.
It’s also highly satisfying to be able to tick off each expenditure so there’s one less thing to worry about financially for your wedding.
Try to find ways to save money through friends and family
When it comes to saving money, there are ways to do it when it comes to your connections in life. From friends, to family and work colleagues, there’s a chance you have one or two people who can help out with planning your wedding.
Instead of having to pay vendors or suppliers for certain aspects of the wedding, it might be something that you could hand over to a loved one to help out with.
Using your money wisely is important when it comes to planning a wedding so make use of these tips to keep your costs low.