Save the Date for Budget-Friendly Weddings and Honeymoons
As an important decision for any newly engaged couple, a wedding date is usually chosen well in advance of the actual ceremony. In choosing a wedding date as one of their first decisions, the couple’s budget for the wedding and honeymoon often becomes a secondary consideration once the wedding plans begin. In reality, this process should occur in reverse, as the available budget is arguably more important than on what date the ceremony takes place.
For many couples planning to marry in Indian River County (IRC), it may make sense to review their collective finances first to determine a realistic wedding and honeymoon budget they can afford. Then, as the couple combines the quoted costs of venues and vendors, they will have a better estimate of the amount they will need—versus what they already have—for their wedding and honeymoon expenses. Once their realistic finances and estimated wedding costs are compared, a wedding date can be set and the challenge to save money begins.
In a recent Real Wedding Study from The Knot, the average price of a wedding is $33,000. So for the newly engaged couple who may not have this amount available in ready cash, the question remains: How are other engaged couples able to afford this amount for their big day? The answer is quite simple, as there are many options for couples to afford the cost of a wedding and honeymoon without having to forego any of the items on their list of must-haves for the perfect wedding.
Most people would agree that the easiest and most-popular way of paying for a wedding and honeymoon (with both occurring within IRC), is with personal savings accrued over time. Wedding industry statistics show that the average engagement period is 15 months, which encourages couples to save an established amount every month leading up to the wedding date in order to afford the costs of their personalized wedding and honeymoon choices.
The second most-popular way of affording the costs of a wedding and honeymoon is through financial gifts from family and friends. Wedding experts agree that couples may want to consider opening a dedicated wedding/honeymoon savings account into which pre-wedding monetary gifts can be deposited to help offset the couple’s financial responsibility. This option is also a benefit for invited guests who cannot attend the wedding but who would like to send a wedding gift to the couple in lieu of their attendance.
Another monetary option to help alleviate the costs of an IRC wedding and honeymoon includes accepting loans from family members, which wedding experts caution against, and personal bank loans, which avoid any potential for issues between family members in the future. Bank loans can prove more advantageous for couples with established accounts and credit, and usually offer fixed rates and payments for account holders that meet the bank’s criteria for a personal loan.
As another way to cover the costs of a wedding and honeymoon, credit cards can come in handy in two ways. Not only can they be used to pay for wedding-related bills in advance, but many also offer the option of using accrued points towards flights for a honeymoon. Wedding experts encourage the use of credit cards when other options are not available. However, the same experts often remind couples that high interest rates and minimum payments may not be the best way to begin married life.
Aside from an increase of funds from family, friends or financial institutions, couples looking to lower the costs of their wedding and honeymoon should consider taking more of a DIY approach when securing an IRC venue and vendors. As many residents, snowbirds, and tourists can attest, Indian River County is rich with many wedding venue locations and multi-talented vendors that provide the best wedding-related services available.
In addition, many local hotels (such as Costa d’Este Resort & Spa, Kimpton Vero Beach Hotel & Spa, and Grand Harbor Golf and Beach Club) offer personalized services for just-married honeymooners who choose to relax on IRC beaches with wedding guests staying at the same hotel. For couples looking to honeymoon outside of IRC, local travel-savvy agents can help arrange a destination for privacy at desired prices.
When it comes to lowering the total cost of a wedding and honeymoon, the wedding venue is typically one of the more costly fees couples face. With that in mind, couples may need to look elsewhere to lower wedding-related costs. For cost-conscious couples, a family backyard or local park can be as beautiful and memorable as a high-end hotel when decorated for a wedding.
When considering some of the top cost-reducing options for weddings, experts suggest couples should: reduce their guest list, select an off-season wedding date, ask friends and family to provide wedding-related services (photographers, DJ/entertainment, bartender, etc.), or products (wedding cake, cupcakes, food, etc.), and create DIY decorations and flowers. Couples can also save money by renting, borrowing or buying used wedding attire, and suggesting the same for the wedding party as well.
Ultimately, wedding and honeymoon decisions can resemble a la carte menus, from which a range of choices is available. A couple’s preferences may include more money allotted for must-have options, and less money earmarked for options that can be DIY. However, regardless of what decisions are made for a wedding date, décor, and destination, the best choice each couple makes is the choice of each other, which is decision that can last a lifetime.
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