For this blog post, we teamed up with Fairstone, a responsible Canadian lender with almost 100 years of lending experience.
Planning a wedding is exciting but if you don’t budget for expenses carefully, overspending can leave you feeling buyer’s remorse and paying for wedding expenses long after your special day. Here are some common wedding budget mistakes and how to avoid them.
Mistake #1: Not reading the fine print
You’ve found your dream venue and, best of all, it fits within your budget! But before you sign on the dotted line, be sure to give the contract a thorough read-through to review the details of what’s included and, more importantly, what’s not. There may be additional fees for services like furniture hire, AV equipment rental and gratuities.
A common trap couples fall into is thinking you can save money by supplying your own cake and alcohol. Venues will often charge a fee if you’re planning to bring in outside food and drink. Be sure to check with your venue before you confirm the booking.
Mistake #2: Not deciding your priorities early on
It’s easy to get caught up in the excitement of planning a wedding, but before you and your partner put a deposit down on any expense, it’s vital to decide which wedding elements are most important to you.
Once you pick your top wedding must-haves, you’ll know what to prioritize in your budget and what expenses you can be flexible on.
Mistake #3: Not keeping track of your spending
You might think you can keep a running tally in your head, but it’s a good idea to create a budget and keep track of all your expenses. This will help you stay on budget as you make big decisions like securing a venue, purchasing attire, choosing caterers and hiring a photographer.
Mistake #4: Not discussing who is contributing to your budget
Although you may feel certain expenses will be covered – maybe your parents will pay for the wedding dress and your aunt will contribute towards venue costs – it’s best to avoid relying on this kind of gift until an offer has been made and the amount confirmed. Otherwise, you might find yourself having spent more than you have available to you.
Mistake #5: Impulse buying low-cost items
You know the importance of tracking your high-cost wedding expenses, but it can be easy to spend $25 on a ring cushion and $30 on a tuxedo for your dog without feeling the need to note it down. However, small, isolated purchases can quickly add up and send you over budget. It’s just as important to track the low-cost items as it is the big-ticket expenses.
Mistake #6: Not including a buffer in your budget
Even the most careful budgeter can easily find themselves overspending on their wedding, especially as the date gets closer and unexpected expenses arise, like extra alterations or last-minute additions to the guest list.
The bottom line
Planning a wedding is a special milestone, and it’s important to budget carefully to minimize stress and start married life on solid financial footing. By avoiding these six wedding budget mistakes and staying on track with spending, you can have the wedding day of your dreams without breaking the bank.
Wedding plans going over budget? Consider a wedding loan to cover costs
It’s quite common for couples to put wedding expenses on a credit card if you don’t have the funds saved up, but this can be an expensive way to cover costs. Interest charges may mount quickly if you aren’t able to pay off the balance straight away.
A wedding loan from our partner Fairstone can be an excellent financial tool when considering how to pay for wedding expenses. With a wedding loan, you’ll get the funds you need up front to pay for deposits and other wedding costs, and then can make manageable monthly payments to pay off your loan. With a fixed interest rate, you’ll know exactly how much your monthly payments will be until the loan balance is paid off.
There are additional benefits to choosing a wedding loan to pay for wedding expenses rather than racking up credit card debt. Learn the pros and cons of taking out a wedding loan at fairstone.ca.
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