Ways on How to Budget and Save for Your Wedding
Perhaps, you’re imagining yourself in your elegant wedding gown walking into the aisle gracefully. You might anticipate this meaningful day in your life and might get the jest how much it can cost you. Well, if you’re thinking that it cost you thousands of dollars- You’re absolutely right! Weddings do not entail cheap expenses nowadays. In fact, as per the WeddingBells.ca survey, weddings in Canada can cost you $22,429.
Furthermore, if you decide to go for a honeymoon, your expenses can go up to $27,899. With these price tags, you might consider saving money rather than walking into the aisle with debt; besides, becoming debt-free before marriage can avoid untoward circumstances that may occur on the course of your relationship.
Budgeting For Your Wedding
Weddings are costly. To some, it may be fine to carry a pile of debts when entering marriage. However, being in this situation comes with drastic consequences, which can lead to separation or divorce. This is the primary reason why you should be vigilant and proactive in creating a budget and save money before tying the knot. Thus, you must find ways to become debt-free before marriage.
Moreover, you should determine how much cost it takes to suffice your wedding and review your finances if you can cover such costs. If you’re able to determine how much you need to compensate, you must figure out certain ways to save more money. Besides, you can distinguish ways on how to end your poor spending habits to save money each month for your wedding. You can start contributing every time you get your salary and determine where you can cut back on your expenses each month.
The bottom line is to decide on your priorities. If your wedding expenses spiral out of control, you might need to set back and check on the expenses itself and see whether you can reduce it. If you can’t afford a dozen of white doves, maybe half will do; if going on a luxurious honeymoon is difficult to attain, exploring sceneries and alternative destinations might reduce the costs.
Furthermore, a wedding can weigh similar costs as paying a down payment for your dream house. You might try to scale back and decide whether having an expensive wedding is more important than owning a home. This means you might consider reducing the costs of your wedding, making it feasible for you to own your dream home.
Conversely, if it takes you to get into debt just to suffice a luxurious wedding, you might favor utilizing a line of credit rather than your credit card. This way you can avoid massive interest charges and make use of reasonable interest rates.
Saving For Your Wedding
Two of the major high-priced expenses at weddings the venue and the wedding dresses. You can anticipate spending approximately $9,225 for your venue, while $1,847 on your wedding dresses as per WeddingBells.ca.
Additionally, to minimize expenses, you can schedule your wedding during the less busy periods. While most are likely to set their wedding during spring, which is the peak period, considering less busy periods can save you expenses as the demands are less and the supply is high.
Moreover, when choosing your wedding venue, you can look around or ask suggestions from your friends and family. You can list down five good venues and calculate the costs at stake before deciding which to choose. Well, of course, it’s always good to ask for discounts and negotiate deals. In terms of your wedding dress, buying one can cost you much, so might as well rent one. While most would treasure it by keeping in their trunk, it’s best to invest that treasure to your savings account for a better future.
CONSUMER PROPOSAL EXAMPLE
Example Unsecured Debts
|2||Credit card 1||$6,812|
Your Monthly Repayments Would Be
a Consumer proposal $748
(total contractual repayments)
a Consumer proposal $295
(total contractual repayments)
* Subject to creditor acceptance
* Payment subject to individual circumstances
* Credit rating may be affected
* Fees apply, subject to individual's circumstances.