Advertising
Advertising

10 Ways to Keep Your Wedding Expenses Manageable

10 Ways to Keep Your Wedding Expenses Manageable

The average wedding costs $31,213. This can be burdensome even if your parents are helping you, but many savvy older or LGBT couples end up paying for everything without any assistance. With this in mind, it is important to look for ways to reduce your expenses without giving up on your dream wedding. Fortunately, utilizing even just one or two of the following tips can make your wedding much more budget friendly.

1. Cut Back on Your Guest List

There is often a lot of pressure to invite a large list of people, including some friends of the family who you might not even know. Instead of giving into this pressure, sit down and make a list of the friends and family who truly mean a lot to you. Keep in mind that the typical cost of catering for each person is approximately $68, and this does not include extras such as party favors. In other words, if you invite 100 people, you can expect to spend $6,800 on food alone. However, if you can cut your guest list to 50 people, your catering expenses will be slashed in half.

2. Get Married on a Sunday or at a Rural Venue

Many venues offer discounted pricing if you choose a Sunday or weekday for your ceremony and reception. It is also common to get a better price from a rural location that is far off the beaten path. A prime example of both of these price-saving methods is showcased by a popular Michigan rural barn venue that charges up to $2,800 on Saturdays but offers a reduced Sunday rate of no more than $2,100. Discounts of this nature are common throughout the wedding venue industry, but they are never guaranteed. Make sure that you carefully review pricing options before you get your heart set on a specific venue.

Advertising

3. Carefully Shop for a Low Rate Personal Loan

No one wants to start their marriage with a mountain of debt, and this is another solid reason to minimize your wedding expenses. However, if you need some financial assistance to take care of everything, it is wise to take the time to carefully shop for the best possible loan option. An online personal loan rate comparison tool can help you save time while still acquiring the lowest APR for your credit level.

4. Skip the Designer Wear

Many people feel compelled to wear a dress or tuxedo that was created by a well-known designer, but the reality is that this is not the best place to spend a large percentage of your wedding budget. After all, the odds are high that the clothing you choose will never be worn again, and there is a huge variety of budget-friendly wedding outfits that come with a much smaller price tag. As long as you look and feel great in your dress or tux, the label that no one else will even see really shouldn’t matter.

5. Go Trendy on a Budget

If you assume that being in line with the latest wedding trends will cost too much money, then you may want to reassess what is actually trendy right now. In fact, pizza buffets for dinner have never been more popular, and many couples are opting for donuts instead of a traditional cake. These options could be even more beneficial if you simply cannot cut your guest list down. Feeding everyone pizza, salad, and breadsticks from a local or chain establishment can easily cut your per person catering costs from an average of $68 all the way down to less than $5 each.

Advertising

6. Pick One Must-Have and Structure Your Budget Cuts Accordingly

Most couples have one must-have component for their wedding. This might be a pricey venue that you both fell in love with or the best possible wedding photographer you can afford. Either way, narrowing your must-haves down to one major item will make it easier to cut expenses in other categories. Keep in mind that photos are one of the few things that will actually last forever, so this is a commonly chosen top must-have.

7. Take a DIY Approach to Decorations

Wedding décor can be very expensive, but thanks to Pinterest, it is now easier than ever to take a DIY approach. One crafty couple was able to have a wedding with 150 people for only $18,335 even though they didn’t cut corners with their catering, photography, or wedding dress. Instead, they made their own decorations, which kept the décor budget to a mere $600.

If you choose to go the DIY route, there are a couple of things you should keep in mind. First, take the time to research your DIY options to ensure that the price of the supplies isn’t more than buying something similar that is premade. Secondly, you may be able to find really low prices on popular items such as mason jars by checking wedding message boards and Craigslist.

Advertising

8. Use an Alternative Registry to Pay for Your Honeymoon

Do you already have everything you need in your home? If so, there is no reason to have a traditional wedding shower or to register for household items. Instead, you can turn to an alternative registry such as Honeyfund or Honeymoon Wishes. These sites make it possible for you to list specific experiences you would like to have on your honeymoon. Your guests can then select an experience and make an online payment or give you a check that covers the applicable costs. In other words, you will be receiving cash instead of gifts, but your guests will get to feel like they have actually purchased you something.

9. Allow Family and Friends to Offer Their Services in Lieu of a Gift

Do you have talented friends or family members who can make DIY crafts? Perhaps you know someone who is a registered officiant or a DJ? Enabling these people to offer their services in lieu of a gift is a great way to bring your wedding expenses down. However, keep in mind what a comparable wedding professional would charge for the service in question, and make sure that you give a tip or a small gift as a thank you.

10. Keep Your Wedding Party Small

Your wedding party can be as big or as small as you want it to be, which means that you do not need to stick with the average of five bridesmaids and groomsmen. Cutting your wedding party down to two or four people who will be standing up with you will not only make planning and photos easier, but it will also reduce your related expenses. Even though your wedding party is most likely paying for their own outfits and any travel costs, you still need to give each of them a gift for their participation. It will also typically take longer to do photos with a large wedding party, which could require you to pay for more time with your photographer.

Advertising

Now that you have some helpful tips for reducing the cost of your wedding, it is time to ensure that your personality is allowed to shine through. For example, if you and your soon-to-be spouse love Star Wars or cosplay, there are many ways to geek out on your big day. You should also consider creating a wedding map for your guests if everything is not happening at the same location.

Featured photo credit: barrdaydon via pixabay.com

More by this author

Holly Chavez

Writer, Entrepreneur, Small Business Owner

How I Keep the Spark Alive in My 10 Years of Marriage 8 Psychological Tricks To Help You Nail the Interview of Your Dream Job The Ultimate Solution To Your Super Long Stay At Bathroom: Constipation Remedy. Low glycemic index foods I Promise These 10 Low GI foods can Keep You Fuller For Longer! Emotional Quotient Isn’t Just About Emotions. It Involves Numerous Skills

Trending in Money

1 How to Invest for Retirement (The Smart and Stress-Free Way) 2 How to Nix Your Credit Card Debt in Less Than 3 Years 3 Top 5 Spending Tracker Apps to Manage Your Budget Smart in 2019 4 How to Use Credit Cards While Staying Out of Debt 5 How to Use Debt Snowball to Get out from a Financial Avalanche

Read Next

Advertising
Advertising
Advertising

Published on May 7, 2019

How to Invest for Retirement (The Smart and Stress-Free Way)

How to Invest for Retirement (The Smart and Stress-Free Way)

When it comes to stocks, I bet you feel like you have no idea what you’re doing.

Everyone who’s not a financial expert has been there. I’ve been there. But, time is passing and you need to be crystal clear with how you’re investing for your retirement.

Otherwise, it’s back to work until you can afford not to. So, how can you invest for retirement when you’re not a financial expert?

You take the time to learn the fundamentals well. If you do, you can grow your wealth and retire happy. The best part is that you don’t need to be a financial expert to make smart investment decisions.

Here’s how to invest for retirement the smart and stress-free way:

1. Know Clearly Why You Invest

Odds are you already know why should invest for retirement.

But, maybe you know the wrong reasons. It’s time you get clear on why you’d like to retire. Here are some questions to help you get started:

  • Will you spend more time with your family?
  • What does retirement mean to you?
  • Are you looking to launch that business you’ve been holding off for years?

Everyone wants to retire but not for the same reasons. Once you’re clear for why retirement is important for you, you’ll focus on making it happen.

Investing in the stock market allows you to take advantage of compound interest.[1] All this means is that your money earns money on top of its interest. A reason why investment in the stock market is one of the best ways to plan for retirement.

2. Figure out When to Invest

“The best time to plant a tree was 20 years ago. The second best time is now.”– Chinese Proverb

It’s true if you’d had started investing when you were 10 years old, you’d have a lot more money than you do today.

The reality is that most people don’t start investing until it’s too late. So, if you’re currently waiting for the perfect time to start an investment, it would be today. Open your calendar and block out 2 to 3 hours to choose how you’ll invest for retirement.

Advertising

A quick way to get a snapshot of where you stand is to use Personal Capital. Input all your personal information and spend some time setting your retirement goals. Once completed, you’ll know where you stand with your retirement.

Having a savings account for retirement isn’t planning for retirement. Why? Your money loses value when you factor in US inflation.[2]

3. Evaluate Your Risk Tolerance to Create the Perfect Portfolio

Investing your money well depends on your emotions.

Why?

Because when the market drops most people panic and withdraw their money. On average, the US stock market yields an annual 6% to 7% ROI (return on your investment.) But, this won’t happen if you’re worried about short-term loses.

Before you invest your next dollar, know your risk tolerance.[3] Your risk tolerance determines the number of risky and safe investments you’d have.

Regardless of your investing style, you need to view investing for retirement as a long term game. Know that some years you’ll lose money but recoup this in the long-term.

Avoid watching market-related new. Also, create a double authentication to log in your investment account. This way you’re less likely to withdraw your money.

4. Open a Reliable Retirement Account

Depending on your circumstance, you may need to open a new brokerage account. This is the account is where you’ll invest your money.

If you’re currently working for a company, odds are that they offer a 410K investing account. If so, here’s where you’ll invest most of your money. The only problem with this is that you’re limited to the stock options that are available.

You do have the option to open a separate IRA (individual retirement account.) Here are some of the best brokers:

  1. Vanguard
  2. TD Ameritrade
  3. Charles Schwab

5. Challenge Yourself to Invest Consistently

Committing to invest for retirement is hard, but continuing to do so is harder.

Advertising

Once you’ve started investment for your retirement, you run at risk from stopping. Often you’ll want to contribute less, so you’d have more money in your pocket.

That’s why it’s important that you create a budget that allows you to invest each month. If you’re working for a company, you can set a percentage for the amount you’d like to contribute each month. Most people by default contribute 1% but aim to contribute 10% to 15%.

Be the judge for how much you can afford to contribute after covering important expenses. To stay motivated, use Personal Capital to view your net worth.

A benefit to contributing money to your retirement account is not taxed. For example, if you earn $100 and invest 10%, you’d contribute $10, then get taxed on the remaining $90. As of 2019, the most you’re able to contribute towards your 401K is 19K but this can change.

6. Consider Where to Invest Your Money

The most common way to invest your money is in stocks, but it’s not the only way. Here are other ways to invest:

Robo Advisors

Robo-advisors[4] are fancy algorithms that’ll choose the best investments for you. Sites like Wealthfront make it easy for first-time investors to invest their money. You’d input information about yourself and set your risk tolerance.

Then, set your monthly contribution amount and your robo-advisor would do the rest. Robo-advisors charge a fee to manage your money, but less than regular advisors.

Bonds

Think of bonds as “IOUs” to whomever you buy them from.

Essentially, you’re lending money and charging interest. Like stocks, not all bonds are equal. Some will be riskier than others depending on their rating.

Here are the different types of bond categories:[5]

  1. Treasury bonds
  2. Government bonds
  3. Corporate bonds
  4. Foreign bonds
  5. Mortgage-backed bonds
  6. Municipal bonds

Mutual Funds

Picture a group of people dumping all their money in a jar that’s managed by a professional. This is how mutual funds work. The fund manager manages the money looking to earn capital gains (interest.)

One of the best types of mutual funds is index funds. Since these funds don’t try to beat the market and instead follow it, they need less research. Because of this they often charge the lowest fees and yield the best long-term results.

Advertising

Real Estate

Yes, buying a home is an investment when done correctly.

Imagine buying a home and using it as a rental property. After repairing it, you receive a monthly surplus check of $100 to $200.

This may not sound like a lot, but repeat this process enough times and you’d earn a large amount of passive income. That’s why real estate is one of the best investments to not only retire but become wealthy.

But, it requires a lot of money to start and you should expect losing money along the way as you learn the process.

Savings Accounts

Your money can still grow in a savings account. Nowadays most online banks offer a 2% annual return. Although the average inflation is higher your money will be available when you need it.

7. Master Disincline to Dodge Short Success

Investing for retirement is a long-term strategy. That’s why you need to master delayed gratification. All this means is delaying short-term pleasure for something bigger in the future. Research shows that those who have delayed gratification are more successful.[6]

So how can you master delayed gratification?

By building your discipline.

Think back to what retirement means to you. A clear purpose will help you avoid withdrawing your money during a market downturn. It’ll help you contribute more towards retirement when you’d want to waste it instead.

Your journey towards retirement will be long, so reward yourself along the way. Choose a reward that’s relevant and meaningful, so that you reinforce positive behavior. For example, after contributing more towards retirement, treat yourself to dinner.

8. Aggressively Invest on This One Investment

I’ve mentioned several types of investments but haven’t covered the most important one.

It sounds cliche but here’s why you’re your best investment towards retirement. The more you know, the more money you’ll be able to make. The more good habits you adopt, the more secure your retirement will be.

Advertising

More importantly, investing in yourself is an investment that no one can take away. There’s no market downturn nor tragic circumstance that’ll wipe your knowledge and experience.

But, how can you invest yourself?

Reading books, blogs, and anything that’ll help you learn new topics daily. Listen to podcasts and audiobooks on your commute to/from work.

Save money to buy courses and hire coaches. I used to believe hiring coaches was a waste of money when I could learn the subject alone.

But, coaches see your blind spots and hold you accountable. Hiring the right coach will help you achieve your goals faster than you would’ve alone.

Retire Happy with Excess Money

The key to a secure financial future doesn’t only belong to financial experts.

It’s possible for you and I. What if you were able to retire earlier than most people and weren’t a financial planner? What if you were able to focus on what you enjoy doing the most while your money was working hard for you?

I know this sounds impossible now, but the truth is you’re capable of taking charge of your retirement. I’m not a financial expert but I’ve learned how to invest my money by reading books and learning from others.

Investing your money is scary. So start small and invest a small amount of your money with a robo-advisor. Feel your money drop and rise for a month or two. Then, invest more and keep this up until you’re aggressively saving for retirement.

One day, you’ll wake up with a net worth you’re proud of – confident about your retirement. You now know a few strategies you can use to invest in your retirement. Will you take action to retire happy?

More Articles About Making Wise Investment

Featured photo credit: Matthew Bennett via unsplash.com

Reference

Read Next