Wedding planning is a whirlwind of fun, but also extremely stressful. According to Business Insider, the average cost of a wedding in the United States is $33,391. This is definitely no small chunk of change, so here are 5 financial mistakes people make when planning a wedding (so be sure to avoid these yourself!).
Not Setting a Budget
One of the first things you should do after you allow yourself to enjoy the thrill of being newly engaged is set a budget. This budget doesn’t need to be exact in the first stage, but it’s a good idea to have at least the maximum you want to spend overall on the wedding. Without a budget, you’re asking for financial problems. A budget sets a limit, which you need because weddings can get very expensive very quickly. If you don’t have a budget for your wedding, you will possibly spend more than you have or spend more than you’d like and end up regretting it afterwards. Be sure to leave some money for the honeymoon!
Setting Unrealistic Expectations
There are way too many people out there who set these crazy high expectations for their wedding. Your wedding will be one of the best days of your life whether you spend $1,000; $5,000; $10,000; or even $100,000. The wedding industry can be very persuasive and you’ll see and read all sorts of crazy stuff in magazines and online about what you “need” for your wedding. Sure, the weddings you see in these magazines (oftentimes celebrities and other rich people) are stunning, but you shouldn’t expect the same if you’re not in the same wealth class as these people. Focus on what the reason you’re having a wedding is, which is to celebrate your marriage, and keep your expectations reasonable.
Going into Debt
There is absolutely no reason to put yourself into debt for a one day celebration. You can create great memories, beautiful pictures, an inviting atmosphere and a fun day/night without debt. Think about it this way, if you are unhappy about having to pay student loan debt which accumulates over the course of 4+ years generally, why in the world would you go into debt for a wedding that is only one day? NOT WORTH IT.
Expecting to Make Back in Gifts What You Paid
Whatever you do, do not assume you will make back all the money you spent on your wedding. When determining how much to spend on your wedding, choose an amount that you would be okay not recovering. While some guests are very generous when it comes to gifts, not everyone has deep pockets. Some people also prefer to give a physical gift rather than cash. To be completely honest, you may even have some guests who don’t give a gift at all. You shouldn’t be having a wedding with the expectation that everyone give you a monetary gift. It’s not the guests’ fault that you spent what you did on your wedding.
Not Shopping Around
When it comes to weddings, it’s important to do your research. Don’t just book the first venue, florist, DJ, band, caterer etc. that you hear of. Some prices can be found online either directly on a company’s website or through email. However, many companies was the face-to-face interaction before they give you the price for their services. I remember falling in love with a certain venue and the price quoted in the email was within our budget, albeit the higher end, but when we met with the people at the venue we realized that what we got for the same price at another venue you was a significantly better deal. Shopping around can get you cheaper deals or at a minimum, more for your money.
