Summary
A beautiful wedding doesn’t have to mean overspending. This blog shares smart strategies to plan your dream wedding while staying within budget, including:
Setting a Realistic Budget – Prioritize expenses and track costs carefully.
Exploring Affordable Venue Options – Consider off-season dates or non-traditional locations.
DIY & Cost-Saving Hacks – From decorations to invitations, small savings add up.
Using Smart Financing Options – Explore savings accounts, personal loans, or credit cards with rewards.
With thoughtful planning and creative choices, you can have a memorable wedding without financial stress.
When planning a wedding, it’s easy to start aiming for the stars before realizing you’re still here on Earth—where everything costs money. Weddings are meant to celebrate love but can also be a significant financial expense.
At Dietrich Bank, we understand the importance of such a big day and the financial stress that can come with it. We’d like to help our friends and customers by offering this advice on paying for a wedding and how a wedding on a budget can still be a wonderful and memorable event.
Set a Realistic Budget
Start by determining how much you can afford to spend on your wedding. If you or your parents have been saving up for this day and planning, there might be a budget limit based on how much is in someone’s bank account.
If you need to save up for your wedding, then you and your fiancé should sit down and figure out how much savings you have on hand, how much you can set aside leading up to the big event, and if you’ll be receiving any help from friends or family members.
If you don’t already have a savings account, consider opening one because you can earn interest on your deposit.
Many people use a designated savings account as a wedding fund, with money deposited as a share of every paycheck or monthly. By automating your savings this way, you’ll be more likely to meet your budgeting targets and less likely to overspend on everyday things as you save up for your big day.
Utilize a High-Interest Savings or Checking Account
Consider placing your wedding fund in a high-interest savings or checking account to maximize your savings. This allows your money to grow through interest over time, giving you extra cash when the wedding bills arrive. With our Extreme Green Checking plan, you can earn 4.00% APY on balances up to $10,000.
Consider a Personal Loan
While it might be tempting to put some of your wedding expenses onto a credit card, you’ll be stuck with some pretty high interest rates if you can’t pay off your balance. A personal loan could be a better option if you need additional funds. In fact, many people use personal loans to consolidate their debts with a loan with a lower interest rate and more affordable payments.
Rewards and Credit Card Points
Choose one with rewards or cash back if you plan to use a credit card for wedding expenses. By putting your wedding expenses on the card, you can earn rewards that you might use for your honeymoon costs or to reduce the balance on your card. Just make sure you can pay off the balance each month to avoid expensive interest charges.
Cut Costs Where Possible
While you may have dreamed of a fairytale wedding, it could become a financial nightmare if it breaks your budget and leaves you in debt. Take a close look at your wedding plans and see where you can cut costs.
You might find a less expensive venue than what you originally had in mind. You might cut down on the guest list or handle some of the setup and decorating between yourself, your friends, and your family. You can still create a festive atmosphere that creates many lasting memories—and you’ll likely be much happier on your wedding day knowing that the festivities won’t leave you in debt.
Prioritize Your Spending
Decide what’s most important to you and your partner. Is it the venue, the photography, the food, or maybe the entertainment? Allocate a larger portion of your budget to the areas that matter most and cut back on the others.
Choose an Off-Peak Date
Wedding costs can vary significantly depending on the time of year and day of the week. Consider having your wedding during the off-peak season or on a weekday.
DIY Decorations and Invites
Tap into your creative side by crafting your own decorations and invitations. Wedding magazines and sites like Pinterest offer endless DIY wedding ideas.
Limit the Guest List
While it might be tempting to invite everyone you know, keeping your guest list smaller can greatly impact your wedding costs. Try to narrow your guest list down to your closest friends and relatives. Many people will understand that not everyone can make the cut, especially if you emphasize to people in advance that you’re planning a small wedding.
Explore Alternative Venues
Traditional wedding venues can be expensive. Consider less conventional places such as public parks, art galleries, or even a friend’s backyard. Wherever you plan to throw your reception, it’s a good idea to make sure the venue has enough insurance to cover the occasion. Special event insurance might seem like an unnecessary cost, but it could save your finances if you, or the property owner, are hit with a claim.
Catering and Cake Alternatives
Instead of a traditional sit-down dinner, think about other catering options like a buffet, food trucks, or a potluck if your wedding is very casual. Consider a smaller display cake supplemented by a larger sheet cake or even cupcakes for the cake.
Borrow or Rent Wedding Attire
Wedding dresses and suits can be quite expensive. Consider renting your outfits or even borrowing a dress from a family member or friend.
Be Your Own DJ
With a carefully curated playlist and a good speaker system, you can manage your own music for the evening. You might have a friend or family member who is in a band or has some DJ skills they’d like to show off. You could probably find someone with a good sound system they would lend to the occasion.
Photography Students or Budding Photographers
Hiring a professional photographer can consume a big chunk of your wedding budget. Consider hiring photography students or budding photographers looking to build their portfolio. They often offer lower rates and can still capture beautiful moments of your day. If you have a friend or family member with a photographic eye and a quality camera, you could ask them to help you. Most people attending your wedding will likely take pictures with their phones, and you could give them a designated email where they can send any really good pictures they happen to take.
Start Early
The earlier you start saving and planning, the more options you’ll have and the longer you, your fiancé, and your family will have to save up for the occasion. Early planning also allows you to shop around for the best prices and services and maybe even take advantage of seasonal sales and discounts.
Let Dieterich Bank Help
It’s always good to have a financial partner during these big events in life. We’re here to help you during all of life’s moments, big or small. If you have any questions about your options for saving, obtaining a loan, or setting up a wedding fund account, please contact us online or schedule an appointment to visit one of our 14 locations in south-central and southwest Illinois.
