Costs for the average American wedding have risen up to $27,000, but by applying financial investment advice from business and nuptial pros, soon-to-be husbands, wives and in-laws can save a significant amount of money and may even develop financial tips of their own in the process.
Reduce costs for a better start
Fox Business recently reported that having a financial plan in place is an absolute must before taking one step in planning a wedding. Xochitl Gonzales, co-founder of A.a.B. Creates, a wedding planning services company, told the source whoever is in charge of planning the big day should keep in mind that a wedding will cost about two times the amount of the venue booked. She suggested minimizing the number of guests to provide additional financial slack.
Another solution for making a wedding less burdensome financially is for the bride or groom, or both, to work a side job in the months or years leading up to it. Putting in extra hours at the office or sacrificing Saturday nights to tend bar might not sound like the most appealing idea to people leading up to a major milestone of adulthood, but, according to the news source, it is worth skipping over the option of debt.
WeddingWire editor Kim Forrest said that friends and relatives who plan on celebrating a marriage are often willing to help with whatever they may be capable of in preparing for a wedding.
"DIY weddings are really big right now," she claimed in her Fox Business interview. "Utilize the talents and abilities of the people in your circle."
Sneaky fees can be accounted for
Many costs associated with weddings are obvious: the dress, the flowers, the venue, the cake. But The Knot noted that others can be so understated that a wedding planner could easily forget about them. Most of the costs the source mentioned are not stated upfront when a service is booked, so couples should keep them in mind as secondary charges that may result in thousands of extra dollars spent.
Vendor fees can be made where they aren't expected by bands, DJs, caterers, bartending services, venues, favor providers and a slew of other businesses needed to make a typical wedding run smoothly. Whoever is involved in planning and paying for the wedding should have all contracts accounted for and should have a thorough understanding of extra costs that may accrue during the event, as the chance of anyone picking up on excessive fees during the reception is highly unlikely and far from ideal.