5 ‘don'ts’ for better finances while wedding planning
You might not like to think about your wedding as a draining experience - but it certainly can be, for both your energy and your wallet. Isn’t planning a wedding hard enough without adding unnecessary financial strain to your list of problems?
So instead of letting wedding plans suck your wallet dry, why not figure out a way to throw the wedding bash of the year without breaking the bank? To help you do just that, Kayla Riggler shared 5 of the big “don’ts” for planning a frugal wedding. So, if your big day is coming up, don’t...
1. Dine out
The Problem: Dining out isn't the issue. The issue here is the bill. Think about it, you go to the grocery store and purchase all your food for the week, so you've got meals to make and eat at home. But what’s easier after a long day of work? Going out to eat at your favorite restaurants, of course.
On average Aussie families waste around $1,100 a year on unused groceries. That's a tonne of money to simply throw away!
How To Fix It: Use dining out as a fun, special reward for celebrations or date nights. Keeping nights out to a minimum will make it seem all the more special when you actually do go out. This will also save the food that would have gone to waste and the money that you would have spent on going out.
2. Make a large purchase
The Problem: You're probably already strapped for cash trying to get everything ready for your big day. Now, there’s nothing saying that you can't make a big purchase at the same time, but it’s a risky move.
Take a car, for example. If you take out a car loan to finance your purchase, that means making monthly repayments for the next 1-5 years. The last thing you want is to wind up missing loan repayments because you've got an expensive and time sensitive event (like a wedding) on your hands.
How To Fix It: Maybe now, while planning a wedding, isn't the time to make this big purchase. If you absolutely need to buy a big ticket item, be sure to find a loan with a low interest rate and make extra repayments if possible to ensure that you'll pay the loan off quickly and pay less interest.
3. Work yourself to the bone
The Problem: You probably feel as if your budget is getting tighter every day. You might be taking on extra shifts at work to make more money, working on wedding planning every chance you get, and trying to keep your household running at the same time. More than likely, you'll wind up running on vapors.
How To Fix It: Find a balance. If you're going to work an extra shift, pause the wedding planning and execution. If you're going to clean your entire house, don't take an extra shift at work. Money isn't the only thing that you've got to worry about. You need to take care of yourself too.
4. Burn through your savings
The Problem: The average amount of money needed to live for three to six months if something were to happen? Around $10,000. These savings should be used only in emergencies, such as for medical bills or to cover living expenses if you lose your job. But when planning a wedding, it’s way too easy to dip into your emergency fund to pay for an open bar or that perfect bouquet.
How To Fix It: Try your hardest not to touch your savings. Digging into your savings can cost you later if you find yourself in financial strife. Remember, you can't use what isn't there. If you must, look at your wedding budget again and readjust.
5. Max out your credit cards
The Problem: Credit cards can have a super high interest rates, and the money you put on the card will attract interest charges until you pay it off. That can hike up the cost of your wedding quickly!
How To Fix It: If you must use your credit card, be sure to have a plan in place to pay it off. The sooner you clear your credit card balance, the less interest you'll have to pay on it. So try to put money towards paying off your balance weekly or bi-weekly.
You don't have to completely change your life to plan your big day and you don't have to completely change your plans to stay on budget. And not only will these tips save your life while wedding planning, but they can also help when you're married to your new spouse and trying to manage a family budget.
Kayla Rigler is a content writer at the Income Store located in Southern Lancaster County, Pennsylvania. She doesn’t see writing as work, it allows her fun and creative side to show. When not working, you’ll find Kayla with her hubby, on adventures, or with her pup cuddled on the couch.