Your wedding is likely to be one of the most memorable and exciting days of your life, so it’s no wonder you want it to be perfect. Unfortunately, a perfect wedding often comes with a steep price tag.
A recent poll conducted for Global News found that Canadians believe the price tag of a wedding should be just under $9,000, but in reality, the average wedding costs between $40,000 and $50,000!
With unrealistic expectations like these, it’s likely sticker shock will set in when you finally start planning the big day. Luckily, there are ways to cut back costs on a wedding to ensure your special day fits within your budget while still being memorable.
Check out our tips on how to save money on a wedding.
Opt for a weekday or winter wedding: It’s no surprise that peak wedding days are Saturdays in June, July and August. What this unfortunately means is that you’ll pay peak prices for the most in-demand days. You can significantly lower the cost of your big day by opting for a weekday wedding, such as a Friday, or even having a wedding in the off-season. Both autumn and winter can make for beautiful backdrops for a wedding, and the best part is it’s a fraction of the cost as a summer wedding.
Choose your venue wisely: While you may want to have your wedding in an extravagant venue, that may not be in your budget. One way to save money on a wedding is to choose a cheaper venue such as a favourite restaurant that you and your fiancé frequent. Alternatively, you may have a family member that has the perfect property to host an outdoor wedding. If you plan it out well, having an alternate wedding venue can really make a lot of sense and offer big savings.
Partner with suppliers: Another strategy for saving money on your wedding is to partner with your vendors. For example, if you’re a graphic designer or web developer, perhaps you can work out a barter arrangement with your DJ or photographer for an exchange of services or a preferred rate.
Buy a second-hand dress. Why spend thousands on a dress for one day? By buying second-hand, you’re not only helping the environment, but you’ll be saving yourself a ton of money.
Limit your guests. When you’re paying upwards of $100 per head, the total cost of a wedding can add up. Consider limiting your guest list to close friends and family to bring down your overall costs.
Go abroad. Destination weddings can save you and your future spouse a significant amount of money. Not only is it a fun way to bring all your friends and family together on a holiday, but the bride and groom typically get to stay at the resort for free. While you may not get to have as many guests as you would while at home, and not everyone will be able to attend, you’ll be sure to still make some great memories.
Elope: If the post-wedding reception is really all you care about, then consider eloping. You can save a lot of money by simply hosting a party at a venue afterwards and not doing the full ceremony on site. Oftentimes, when a vendor hears the word wedding, they charge a surplus. By simply hosting a party to celebrate with friends and family, you can save a lot of money.
The best way to save money on a wedding is to throw out your traditional ideas about what a wedding is and open yourself up to creative possibilities. Are you saving up for your big day? Contact our credit counsellors to learn how to budget and save for your goal.