Planning your Finances Ahead of your Special Day
On average, a traditional wedding can set you back between 15,000$ – 35,000$; a varying amount based on certain factors.
- Establish your guest list: This alone will result in the majority of your expenses: venue, catering, etc. Thinking big? Ensure that your family will support your grand affair before sending out invitations. Sometimes, the simplest affairs are the most memorable.
- Divide the costs: Traditionally, most families will share wedding expenses with the bride and groom, however in certain cases the latter wish to be financially independent. In this case, it is important to have a say in every single wedding expense- chances are your wedding will be more intimate, but less money will be wasted.
- Set a budget- and stick to it: Spend money towards your big day in accordance to your means; no one wants to be paying off their wedding day 10 years from now. Beginning a marriage with large amounts of debt and financial pressure is not the best start.
- Predict the unpredictable: Often, hidden fees appear in the form of paying your church organist or having your dress adjusted at the last minute. If you plan on having a destination wedding, exchange rates can affect your pre-determined budget. To prevent over-spending, set a 10% safety cushion aside for unforeseen expenses. You can choose to have additional protection by taking out a special wedding insurance policy.
- Communicate: The secret to a successful marriage is, in fact, to keep no secrets from each other at all; be open about any expenses related to your wedding and be prepared to compromise. Now is a good time to be planning your finances as a couple beyond your big day.
Looking for Some Ways to Save?
- Begin sooner rather than later: A healthy relationship should be able to withstand a few years of frugality and saving in order to live out your goals, as a couple, in the future. Need some support? A TFSA can help get you started.
- Make some choices: If a big wedding is not for you, here are some ideas to help keep your budget in check:
- Consider the type of car that you rent for your wedding day;
- Rent your dress;
- Get creative with homemade decorations.
Remember, your wedding day should not be about impressing your guests; rather, it should be a reflection of you and your lifetime partner, and the love you share together- not your joint expense account.