Planning for a Wedding? Use These Financial Tips To Save
If you are planning to wed in the near future, consider these financial suggestions in order to help you save and budget for your big day.
Recent financial reports state the average cost of a wedding in Canada is about $29,450, according to WeddingWire. This number is quite high, especially when considering that younger couples make slightly less income than previous generations when weighted against inflation. Whether you plan on holding a lavish event or an intimate gathering, it is important to save enough money for your big day. If you’ve still got a bit of time before you walk down the aisle, it is wise to look into different tactics for setting funds aside. Explore these financial suggestions and learn how to save for your upcoming wedding.
Setting Financial Goals and a Budget
Having a general desire to save money is often not enough of a motivator to turn the idea into a reality. Therefore, financial experts often suggest setting goals to see greater success. Having a tangible objective to work toward can make it a lot easier for you to measure the process and determine whether or not you’re on the right path. In this scenario, your ultimate goal is to save for your wedding. To simplify matters even more, set smaller goals along the way, like saving enough for a venue deposit and similar early planning expenses.
As you create goals, you also want to set a budget for the event. Without a firm budget to work from, you run the risk of spending way more than you can afford. Do not let the national average of almost $30,000 per wedding intimidate you. It is entirely possible to set a much smaller budget and still have a fantastic event. To be as accurate as possible with your budget, talk to your partner about topics like how many guests to invite, specific traditions that need to be included, and whatever else will dictate your available funds.
There is a rising issue with debt in Canada at the moment. In 2019, financial experts reported that roughly 47% of Canadians claimed to be living with unmanageable levels of debt. If this sounds familiar, you may wonder how it is even possible to pay for a wedding. While you shouldn’t let your financial obligations hold you back from making important life decisions, paying down your existing debt can be a good idea. Making higher consistent payments and paying off whatever possible can improve your credit score and increase your odds of being approved for a loan.
On the topic of credit cards, it can also be useful to look into the various reward programs you are enrolled in. Putting wedding-related purchases on cards with advantageous reward systems can do wonders for your finances. For example, it is entirely possible with some credit companies to earn enough points on wedding purchases to pay for the expenses related to a honeymoon. Take a look at your credit cards and see which option will yield you the best long-term results to make the most out of your available finances.
To accommodate a big expense like a wedding, you need to make adjustments to the way you go about your everyday routine. The less you spend on a daily basis, the more you will have to work with for your wedding. If you and your partner order food a lot, make a concerted effort to cook at home instead. Find the changes in your routine that will yield the biggest results. You might not be able to pay for the whole event with the money you save from cutting back on to-go coffee, but the additional funds will help.
Though it might seem impossible to save enough money for the wedding of your dreams, there are strategies that can improve your odds. By creating a budget early, you will be able to make the right adjustments to your spending habits in order to accommodate the many expenses related to your big day.
Why Finances Matter Long Before Your Wedding
Finances matter long before the wedding takes place.
The idea of marriage has changed a lot over the centuries. Once upon a time, most couples wed for the sake of their families and futures. When two families would join together as a result of a marital union, it would often bring forth plenty of financial benefits to both sides. In fact, many brides and grooms were sized up by potential partners based solely on how much wealth or property their families possessed. These days, the reasons people marry are different, but there are some similarities when it comes to financial matters.
Getting married means sharing everything with your significant other. This, of course, means finances will often be included. People usually get weird when pressed to talk about money. If you and your significant other have not had a conversation about money and the future, then now is an important time to begin. Without this discussion, you could be in for some upsetting or confusing surprises that add stress to the bonds of marital bliss. Take a moment to look over these tips and see what makes the most sense for your situation.
The Practical Side
When you are marrying someone, you are taking on everything this person embodies or possesses and you are making it a part of your life. The good and the bad come along with this. If your partner has a lot of debt, then you might be taking on this debt with your union. Before you get married, you are going to want to sit down with your partner and begin to discuss financial matters and how you will both be impacted by the wedding.
It might not even matter much to you that your partner is currently in debt. Still, you could want to make a plan to help remove this situation from your lives. Having this talk about money early can help both of you to make plans for the future. Discuss how to get out of debt and what you can both do to create a chunk of savings that will last a good long while. The earlier you have this talk, the less stressful it may wind up being when you enter married life.
Finances After the Wedding
In many cases, a talk about finances is about a lot more than money. You and your significant other might not really have a clear idea of what either of you would like to do for work after marriage. When you both work all the time, it can make it difficult to take the next step in your relationship. Namely, this means finding time to have and raise children. Now is the right time for you to start these conversations. Hopefully by this point the topic of children has come up. If not, now is your chance.
Children are quite a big responsibility to take on. Not only do you need to have the time to raise them, you also need a significant amount of money. During your talk about your future finances, you may want to breach the topic of children. Discuss the best possible paths for making your dreams into a reality. You might discover that it is possible for one of you to work and the other to take care of the family. You’ll never know until you have the talk.
Tomorrow Starts Today
Most people feel weird discussing money. While this is a natural feeling, it also can be problematic to avoid these conversations with your significant other. To truly enjoy married life, it is a good idea to have open conversations about finances early. Beginning this chat with enough time to spare can allow both of you a bit of room to figure out any snags or issues that you might predict along the way.