The last few months have forced many people to postpone or cancel their wedding plans. While this might be upsetting, it is also an opportunity to take a step back and rethink some ideas. Whether you had your plans pushed off due to the current global pandemic or you were just starting to talk about ideas with your partner before the quarantine began, extra time to plan is really a blessing in disguise for some. One of the best ways to spend your time is pondering how to save money.
A wedding is an expensive event. If you want to come out of the pandemic with a clear plan and a pocket full of cash, take a look at these easy ways you can save money for the future.
Evaluate Your Current Expenses and Budget
If you want to save money on the wedding you need to have a plan. You can’t formulate a plan if you don’t have information. When it comes to money, all the information you need can be found in your life and daily habits. What is your income? What is your partner’s income? How much do you spend a month on expenses, and how much can you realistically afford to set aside without tapping into crucial funds? Knowing the money you are starting with and what you’re likely to see from your job can help you forecast.
A wedding budget is also a vital component. You need to set a limit on your spending and stick with it. This will help you control what funds you are applying to which services and evaluate whether or not you are spending too much or too little on anything in particular. The budget will depend entirely on the preferences you share. If you don’t care about the venue but love food, then put the bulk of your funds behind the catering service. Work on this part of the plan in advance, and you’ll see better results with the rest.
Take Down Your Debt
Extra time is a blessing for many reasons. Maybe your credit score is not exactly where you would like it to be. Improving your rating takes time, and time may be all you have right now. If you have existing debt preventing you from getting your financial status into a better position, try to pay down some of this right now. Make higher payments to pay off the premium over the interest, and see if you can work with lenders to get better rates based on good habits you have established over the years.
The reason this is helpful is you might want to consider opening up or using an existing credit card for wedding expenses. If you have a specific card that you use to cover a good chunk of the payments, then you will have a really easy way to both track your budget and know exactly how much you have spent and on what. While this is a great step to take for some, it might not be right for you. Putting money toward your debt when you need it for other expenses is also a fine and sensible decision.
Look for Local Deals
Going local with your vendors is a smart move because it helps you engage with your community in a meaningful and productive way. What’s more, you might be able to save money by doing this. Ask one of your vendors for recommendations, and this might lead to you finding an array of other excellent vendors that offer great rates, all because you asked a person with connections who likes to connect others.
It can be difficult to find ways to save for a wedding, but it can be a little bit easier when you have a quarantine keeping you from going out and spending. Think about your strategy and develop a plan that works for your future nuptials.