Congratulations! You’re engaged and now starting the process of planning for a wedding.
One of the biggest considerations for your big day that you will want to keep in mind is the cost. Weddings can be expensive endeavors. According to the wedding website The Knot’s 2022 study, the average cost of a wedding in Massachusetts in 2022 was $50,000.
As you begin to consider venues and vendors and the costs begin to add up, you should develop a financial plan for your wedding. Here are some tips to help you save as you prepare to tie the knot:
Develop a budget and stick to it
The very first step in planning your wedding should be to create a budget. Sitting down with your partner and discussing priorities for your nuptials can help keep costs under control and make saving an appropriate amount easier. Be aware that unexpected costs often pop up - to mitigate this, create a line item in your budget for surprises.
Create a spreadsheet to keep you on track
Organization is key to sticking to the budget you’ve created and knowing when it’s time to scale back. A spreadsheet that tracks vendor price quotes, actual costs, and where you stand savings-wise allows you be sure you’re staying on track. Integrating your priorities list allows you to wisely use your money on the items that matter most to you as a couple. This is also a great place to keep track of due dates for payments and other wedding financial information.
Consider your many options for saving
Opening a separate savings account for wedding-related expenses may help to remove the temptation to spend that money elsewhere. A great way to take one item off your to-do list is to have a portion of your pay directly deposited into your wedding savings account. You may also opt for a longer engagement to give you more time to save up. You can learn more about the variety of savings options offered by Rockland Trust here.
Research venue and vendor options
So many variables lead to the final costs for vendors and venues. Expect to pay premium prices during traditionally popular wedding months and times of day, like Saturday evenings. By picking an “off-season” date or an “off-peak” time, you can decrease the cost of your venue and vendors. Though did you know peak season is typically May through early November? One way to combat that is having a wedding on an off day such as Thursday, this day of week is on average 17% cheaper than Friday and Saturday.
With inflation coming into everyday expenses it also is coming into wedding expenses, according to the Knot’s study, 60% of couples found themselves most often increasing their overall budget at least once and/or being more selective about their "must haves" by deciding against upgrades/add-ons they had originally considered.
Discuss your overall financial health with a financial advisor
Finding a financial advisor you trust can be beneficial for your married life as well. This person will be able to help you develop a budgeting strategy and financial plan that fits your lifestyle. Because weddings can be such a large expense, an advisor may make other recommendations to help you financially plan for your big day.
Your wedding will create treasured memories for you and your family that will last a lifetime. Having a strong and strategic financial plan will help take the stress out of the finance part and allow you to enjoy the planning process.
From saving for your wedding to managing financial accounts for your household, let us know how Rockland Trust can help you!
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