Weddings

Creating a Beautiful Wedding Day on a Realistic Budget

As we move into the summer months, many parents will also be heading into the wedding months.

Although, as parents, this is a milestone, a rite of passage in your life as well as your child’s, this can also be a very stressful time as well.

The cost of a wedding today can be overwhelming. Whether you’re picking up the entire bill for your child’s big day or sharing the cost with the bride and groom-to-be or his or her perspective in-laws, having a well-thought-out plan and a realistic budget will help keep what should be one of the most memorable days of your life and your child’s from getting out of control.

In a perfect world, we would’ve started saving for this big day shortly after our child was born…in addition to saving for his or her college and our retirement fund. But, if you’re like most parents, this just wasn’t doable. Although, it’s an admirable goal to save for your child’s wedding, most financial experts would advise that this shouldn’t be prioritized over college or retirement.

This is not to say that it’s too late to save, however. As soon as you know that a wedding is on the horizon, you should start saving.

But, don’t promise what you can’t deliver. As much as you’d like to be able to give your child the wedding of his or her dreams, it’s definitely not worth jeopardizing your financial viability to do it. For example, if you withdraw money from your retirement account pre-59 ½, you could face a penalty as well as additional taxes. In addition, you may never be able to replenish the money you withdrew or make up it’s earning potential, which could really set you back.

The first step in reducing the financial stress often associated with wedding planning is by simply talking about it. Sit down and talk with the bride and groom-to-be and put your financial cards, so to speak, on the table. This way, the couple has a realistic idea of what they can expect from you and the big day in general.

The second step is to find ways to save money.

You don’t have to break the bank to give your son or daughter a beautiful wedding day. Here are a few suggestions to save money on the big day without sacrificing the memories.

Limit the Guest List – One of the easiest ways to reduce the wedding budget is to reduce the guest list. Yes, a wedding is a celebration. But, keep in mind, it’s also an intimate moment. Be realistic. If budget is a concern, limit your guest list to the immediate families and closest friends. Not only will this save a lot of money but it will also be a more meaningful day.

The Dress – Many women spend a good portion of their lives fantasizing about their wedding dress…and consequently, spend a good portion of the wedding budget on it. This doesn’t have to be the case. It’s possible to find a gorgeous dress for far less than the exorbitant prices charged by most bridal salons (e.g. secondhand stores, eBay or consider using a family member’s gown).

Reception – This typically is the most expensive part of the big day. Consider cutting the cost of the reception by holding the wedding on a Friday or Sunday and/or opt for a brunch or cocktails and hors d’oeuvres or dessert/cake/champagne or possibly a garden picnic over a full, sit-down dinner. If you want a dinner meal, consider a buffet with less expensive items like chicken, pasta and in-season produce.

Music – Have the bride or groom-to-be load up the playlists on their iPod or iPhone for each part of your wedding – pre-ceremony, ceremony, cocktail hour, special dances, dinner, dancing, etc. Ask a member of the wedding party to act as MC for special announcements.

Flowers – To cut costs on the wedding flowers make sure to only order in-season flowers and use the same flowers at the church and the reception. You can also reduce this expense by ordering loose stems and making the arrangements yourself. In addition, flowers ordered online are typically less expensive than those ordered through a traditional florist.

Drinks – It’s a personal option whether to serve alcohol or not. But, if you’re going to serve alcohol, you can save money by offering only beer and wine and/or a champagne punch. But, make sure to have ample non-alcoholic beverages as well.

What You Can Skip – Most guests toss wedding favors as soon as they get home. If you absolutely have to give out favors, make something yourself…like baking a special treat (cookies).

You can also eliminate the unnecessary expense of save-the-date cards unless it’s a destination wedding, requiring people to make travel arrangements well in advance.

With all of these suggestions in mind, remember that budgeting and saving money doesn’t mean that you’re skimping on your child’s big day. With imagination, creativity and open communication, you can still have a beautiful wedding day for your child on a realistic budget.

Happy planning!