Wedding and Honeymoon Planning: Affording Your Dream Celebration

Congratulations! Planning a wedding and honeymoon is such an exciting time! Whether you’re dreaming of a grand celebration or something on the smaller side, affording your dream wedding and honeymoon is possible with these savvy tips.

Blog Highlights

• Planning Your Big Day: Understanding the costs, setting a timeline, and building a budget for your dream wedding and honeymoon.
• Creating a Savings and Spending plan: Developing a financial plan that makes it possible to afford all the things you desire on your special day.
• Smart Financing Options: Alternative solutions that can help cover costs.

Setting Wedding and Honeymoon Priorities 

It’s important for couples to identify wedding and honeymoon priorities – the ‘must haves’ and nonessentials – before they start planning. From deciding where the event will take place and when, to opting in or out of wedding favors, there are many factors to consider. Here are few checklist items to help you get started.

• Dresses, Suits, and Accessories: Choosing bridesmaid and groomsmen colors, attire, and accessories.
• Guest List: Do you want a large gathering or a more intimate celebration?
• Venue/Destination: Consider how many people will be attending – extended family and friends or just immediate family? Where will the wedding and honeymoon take place?
• Officiant: Do you prefer a traditional ceremony or a Justice of the Peace?
• Decor and Wedding Favors: Fresh flowers and bouquets or something untraditional? Will there be wedding favors for guests?
• Food: Would you like to serve a plated meal or opt for a buffet?
• Music: Live band, DJ, or something else? 
• Photographer and Videographer: This is a day to remember for a lifetime – how do you want to capture memories?

Create a Timeline and Budget for Your Big Day

After you and your partner have decided on wedding and honeymoon priorities, the next step is to discuss how much you both can comfortably afford to save each month. This will help to create a realistic timeline and budget for your special day.

How to Make a Wedding and Honeymoon Budget

• Take the number you and your partner have agreed to budget each month, then multiply that by the number of months until your big day. 
• This total is your monthly wedding and honeymoon savings goal.
• Consider planning to reach your savings goal a few months prior to your big day. This will give you peace of mind should any last-minute expenses come up.

Is the amount you calculated achievable? If yes, great! If not, revisit your wedding and honeymoon priorities list and find areas you can cut to reduce extra costs. 

Helpful Tip: For ideas on a non-traditional wedding celebration and ways to save money on your wedding, read our ‘9 Non-Traditional Wedding Ideas on a Budget’ blog.

Create a Savvy Wedding Savings and Spending Plan

There are a lot of ‘to do’ items to check off the wedding and honeymoon list, and most require spending money. Saving early and making wise spending choices make it easier to stay in budget without feeling financially strained, so you can remain focused on what's most important – enjoying the planning process with your partner!

Easy Ways to Save for Your Wedding and Honeymoon 

• Open a designated wedding savings account and set up an automatic withdrawal from your checking account each month. This will make saving easy and consistent.
• Cut unnecessary expenses such as TV streaming services, subscriptions, and unused memberships. 
• Look for ways to save money by switching cellphone plans, changing insurance carriers, or finding a lower cost option for your internet provider.
• Go through your clothes, shoes, and other household items that you're no longer using and sell them. Consider getting a part-time job or side hustle to earn extra money.
• Make meals at home instead of dining out or ordering takeout. Consider ways to save money on groceries like swapping brand-name items for generic store brands. 

Easy Ways to Track Spending and Keep Wedding Expenses Organized

• Open a joint checking account designated just for wedding and honeymoon expenses. This separates everyday spending from your big day expenses and makes tracking less confusing.
• Use budgeting tools, apps, or a special budgeting template to track and categorize spending. This can also be done using a spreadsheet with designated columns or tabs for each expense category. As you make purchases, be sure to log the amount and keep a running tally that calculates your total. 
• Use online or mobile banking to monitor spending in real-time, set alerts for low balances, large purchases, and more.
• Save receipts and review account statements to ensure you don't miss any expenses. These can also be used to cross-reference recorded transactions with actual spending.
• Use a calendar to map out when items need to be purchased or when payments are due and the amounts. This will help you organize what items you need to get and when, ensuring everything you need is received on time.

Helpful Tip: Set spending limits for each wedding or honeymoon category. This will help curb impulse buys and deter overspending while serving as a gentle reminder to be mindful of purchases.

Smart Financing Options at Peach State

While saving is ideal, some couples may find that it still isn’t enough to make their dream wedding a reality. Peach State can help! Here are a few smart solutions that can help alleviate financial strain without compromising your vision of having the wedding and honeymoon of your dreams. 

• Credit Cards with Rewards: A Peach State Platinum Rewards Credit Card is a great solution for covering smaller wedding expenses like flowers, decor, music, and attire. As you make purchases, you'll earn rewards that can be used on merchandise or redeemed for travel items, air miles, or experiences for your honeymoon trip!
• Personal Loans: Offers affordable monthly payments and flexible terms that can relieve financial stress for larger purchases not fit for a credit card. You’ll receive a lump sum that can be used to pay for a venue, caterer, or other celebration expenses.
• Home Equity Loans: If you own a home and have available equity, you can use it to pay for a variety of wedding and honeymoon needs. A home equity loan gives you access to a lump sum that can be used as you need and features a fixed rate with affordable monthly payment that can be repaid in up to 15 years.  

Whatever your budget, we hope you have a beautiful celebration and happily ever after! If you'd like help with opening a special wedding savings account or finding the perfect financing alternative to fit your wedding and honeymoon needs, we're here for you. Contact us or visit a branch near you today!