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Avoiding Financial Wedding Regrets

Avoiding Financial Wedding Regrets

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Your wedding is a day you want to remember for all the right reasons. But, like all major financial decisions, it’s not uncommon for newlyweds to have a few spending regrets about their nuptials.

In fact, a majority of couples (76 percent) say they would do things differently about their wedding if given the chance according to a survey of 2,000 people who tied the knot after 2010. The report by jewelry company Dana Rebecca also found that 43 percent of respondents actually regret something about their wedding.

Money may be the least fun part of wedding planning, but it’s also the most important. Here’s how to prevent a bad case of spender’s remorse after your walk down the aisle.

  1. Budget for the Little Things

The best way to ensure you stay on track financially when wedding planning is to set a budget. Of course, that budget can quickly go askew if you leave out important (and unavoidable costs).

“Most couples when budgeting are only thinking of big ticket items, such as venue, photographer, caterer, rentals, florists, band, cake, and alcohol,” says Lydia Noble, founder of Noble Events. “The most common things forgotten are transportation, hair and makeup, hotel rooms, invitations and stamps.”

  1. Invest In Your Memories

While many couples may worry about overspending, it’s also possible to underspend, especially on essential vendors like the photographer.

“That is the only souvenir you get, besides the ring,” says Noble. “I tell brides all the time that no one will remember if you served crab cakes or what flowers were in your table arrangements, so you best hire the most talented photographer you can find. The pictures will be the only things that you, your family and your guests will have to help remember the day.”

  1. Choose a Scenic Venue

Another item worth a little bigger slice of the budget: your venue.

“If you have the right venue for you, you can skimp on the flowers and custom linens. You won't have to guild the lily,” advises Noble.

4. Minimize the Gimmicks

Just because something is a trend doesn’t mean it’s a must-have. Cutting extras such as photo booths, wedding favors or game stations is a quick way to bring down costs without removing value from your event.

5. Keep the Guest List Intimate

You want all of your nearest and dearest there to celebrate on your big day, but remember that each guest comes with a price tag. “All couples should remember that the easiest way to save money while planning a wedding is to cut their guest list down and bridal party down,” says Noble. “Most brides would rather have their Pinterest wedding with 100 guests than have a cheap event for 400 of their friends and family.”

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