Getting married can be an expensive proposition. According to a study by online wedding planner The Knot, the average wedding cost more than $35,000 in 2016 – not including a honeymoon, which could add several thousand dollars.
Almost half of all engagements occur between Thanksgiving and Valentine’s Day, which is known as “engagement season.” As engagement season comes to a close, wedding planning begins. If you’ve already started and have experienced some sticker shock, these tips may help you save not only your 2018 budget, but your long-term financial picture.
How are you paying for this? Are you maxing out all your credit cards? Before you go that route, look at financing through your credit union. Credit cards usually have high, variable interest rates, which means you could pay a whole lot more in interest charges and it could take longer to pay off. Personal loans through your financial institution will have a fixed rate and term – so you’ll know up front exactly how much the loan will cost you.
Think about different venues. The newest trends show the traditional church and catering hall as the more costly route. Consider renting a home to cover the wedding and lodging with a caterer for the big day. Or consider a college campus. Even if you and your partner don’t have the same alma mater, many universities have beautiful facilities available to rent for private venues at a fraction of the cost.
The day of the week matters. Most venues charge extra for weddings on Saturday. Think about a Friday or Sunday, or even a mid-week ceremony.
No sit-down dinner. Hors d’oeuvres and/or cake and champagne are plenty, especially if you have an evening wedding.
Save on flowers. Think about having your wedding during the holidays. Most places are already beautifully decorated – saving you the cost of flowers and additional décor.
For more financial tips, visit your local credit union. HealthNet Federal Credit Union has proudly served Baptist Memorial Health Care employees and the health care community throughout the Mid-South for more than 60 years.