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Weddings have always been considered expensive events. It is difficult to throw a party for a large group of people without having to put down a sizable chunk of change. However, recent statistics show that the costs are going up. Whether the cause is inflation or businesses looking to make back money after the fallout of the novel coronavirus, it can be challenging for couples to navigate the new financial demands of tying the knot. To make the process easier, look over these simple tips for managing your money. 

Assess Your Budget

One of the most important steps in planning your wedding is setting the budget. Unfortunately, this is not the simple task that it used to be. Since prices can shift without warning, couples are left in a position where the funds they set aside are no longer enough. While there is little you can do when a vendor informs you that its prices have changed, you can make the process easier by assessing your budget often. 

If you find it will cost more for floral arrangements than anticipated, for example, review your funds and determine whether you can move money around to cover the new expense. In some cases, this may mean you need to scale back on your initial plan or switch to a more affordable vendor. 

Look at Your Debts

It can be very difficult to plan for an expensive event when you are dealing with a lot of debt. Though the idea of paying off all of your credit cards or loans may seem impossible, you can achieve a lot by dealing with the money you owe in whatever capacity you can. By paying off the balance of a credit card, you can free up your credit line and gain access to funds that can prove invaluable as your wedding date draws nearer. 

Starting married life with a ton of debt can also add a lot of strain to your relationship. Tackling what you can manage in advance will take some of the pressure off and put you in a better mindset moving forward. 

Consider What You Really Want

Many couples have a specific vision for their wedding. However, putting together a dream event can cost a small fortune. With prices going up, your best bet is to make a list of features you really want for your big day. If you have your heart set on a particular caterer, then you will find it helpful to make cuts to other areas of your budget to cover the expense. 

Having a “must have” list can also put your event into perspective. You may realize that the centerpieces or entertainment are not as important to you as the cake, allowing you the flexibility to get what you want without having to sacrifice anything major. 

Secure Your Vendors Early

Once you have signed a contract with a vendor, the costs associated with the service will not change. However, studies highlight that many couples shop around for a long time before committing to a specific business. If your wedding is still many months away, doing this increases the odds of a price hike. As soon as you find a vendor that aligns with your needs, seal the deal so that you can secure the service at the current price and move to your next task. Have your deposit ready, as this will help the vendor know you’re committed.  

The rising costs of wedding services can be a headache for couples. Thankfully, it is not the end of the world. As long as you consider your options in advance and make sensible financial decisions, you will be able to put together the perfect event without breaking the bank.

Category: Wedding Planning Marriage

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