Finance and Investment

7 Reasons You Should Avoid An Expensive Wedding

A lot more people dream of a grand style wedding, and that’s nice. So if that’s what you wish for then you’re not alone. The other day, I was asking a friend what she thinks of big, expensive weddings and she was like, “Don’t spend all you have on a one-day wedding, save some for divorce.”

I laughed it off but she was right in many ways. If her intention was not to promote divorce, then she was probably talking to me about life after all the guests have left the party.

While a beautiful wedding ring on your finger signifies an incredible milestone, you shouldn’t let a one-day show blow your finances out of proportion.

The thing is, your wedding can’t be free of cost at all, and I get that. But my point is, why would you spend $1000 on a wedding dress that would probably get soiled with some stew or stained with wine during the celebrations? It’s insane!

If you have $2.8million as a stash cash to wed in style like KimYe, why not? Who doesn’t love a good deal to claim top on social media? 

But if you don’t have much, you don’t need to go into debt to have a wedding. I have put together some alternatives that you can consider instead of investing your life savings in a glamorous, 5 hour big-budget wedding.

Why you should choose low budget wedding;

1.  Invest for the future

2.  Pay off your debt

3.  Create an emergency fund

4.  Buy a new home

5.  Fund your education

6.  Plan for your kids

7.  Save for retirement

8. How do I plan for a low budget wedding?

1.  Invest for the future

Making an investment choice

Life after a wedding party is the real deal. You’ve tied your life to another in hopes to raise a family and that’s no joke. It costs a lot of money to live the life you want.

If you’re planning of marrying and you don’t have debts and loans on your neck, it is time to think of avenues to save on your wedding.

You can invest in treasury bill, MFund, or any other high earning investment options.

You can also seek financial advice from a financial planner on how you can have a moderate budget wedding and explore avenues for investment.

2.  Pay off your debt

Paying off debts

If you have debts, no matter how small it may be, you have to pay it off. You don’t go having a glamorous wedding when you have mounting student loans, credit card debt or mortgage to pay off.

Money is a top issue in marriage and the argument is always about debts and bills. So, paying those debts off now will save you money on compounding interest payments.

You can explore the debt payment strategies that suit your financial situation, provided all your immediate needs are catered for.

3.  Create an emergency fund

Why do I need an emergency fund?

Not many people have sufficient emergency funds. It’s either they downplay the idea or they just don’t have it.

But having an emergency fund can bring a huge immediate financial relief should your partner lose his/her job or experience health issues.

Put aside a chuck part of your wedding budget into creating an emergency fund. This is usually your three to six months’ regular pay, to help cover for unforeseen financial stress after your wedding.

4.  Buy a new home

Buying your first home

Most people move into rented apartments and pay a lot of cash to landlords even after their wedding. There is nothing wrong with that, but don’t you also deserve to move into your own house after marriage? Don’t you want the homeowner status too? And when do you want to start saving for that?

Check This: Documents Required to Buy a Home in US

A new home is a big purchase, and you have to start saving towards it. So, commit part of your wedding budget toward down payment for a home.

A larger down payment will reduce your mortgage payment, and free up some cash for your living expenses.

5.  Fund your education

Create an education fund

Education opens many doors, and the higher you climb, the better your pay check. I won’t doubt the possibility that, the average cost of most weddings can pay for a four-year degree or a two-year master’s degree.

If you’re still in the university or thinking of going back to school, you might want to cut down your wedding budget and save it towards your education.

If going back to class isn’t part of your plans, start an education fund for your future kids. College can be expensive, and you wouldn’t want to start unprepared.

6.  Plan for your kids

Planning for childcare costs

Do you have children in your immediate future? If yes, then you will have to save the money you would have used for an expensive wedding to cater for the looming childcare expenses.

Once babies come in, the setup of your room may have to change. Home remodelling, baby expenses or relocation demands money and you wouldn’t want to be caught off guard.

7.  Save for retirement

Saving for retirement

Saving for retirement may seem like a long shot, but it will be here before you know it. There is no fixed time to start saving for retirement. It is never too late or too early to start.

Instead of blowing all your money on your ‘special day’, you can allot part of the wedding budget to a retirement fund. If you have one already, nothing stops you from contributing more money to it.

How do I plan for a low budget wedding?

Have clear financial goals. This will help you live the life you desire, without accruing debts.

In fact when it comes to wedding, you have to cut your coat according to your size. Create a budget and stick to it to avoid unnecessary or impulse buying.

Your budget shouldn’t eat up all your money to the extent that you can’t afford your rent, bills or living expenses. Just make sure you are not overspending.   

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