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.