One of the first things that come to your mind about planning a wedding is the cost. Let’s face it. Your wedding is going to be romantic and dreamy, but it’s also going to be expensive. Even if you decide to go no-frills, it’s still going to cost you some good amount of money.
While traditionally the bride’s family has to bear most of the financial costs associated with a wedding, many couples today share the cost of the wedding with both sets of parents and some even pay for their own wedding. This change could be attributed to the fact that couples now wait until they are financially stable to get married. Another reason could be that now there are easy and convenient options such as marriage loans available to cover marriage expenses without relying on family and friends for money.
Before we get into the budgeting tips for the groom’s side, let’s first find out what’s the traditional wedding split is and who pays for what.
The Traditional Wedding Split
The traditional wedding split has been used in America for generations and it is the unwritten rule in wedding planning. Let’s take a look at the traditional breakdown of wedding costs.
The Bride and Parents of the Bride
● Wedding dress and accessories
● Bridesmaid gifts
● The groom’s ring and gift
● Wedding Consultant/Coordinator
● Invitations and associated stationery
● Engagement party
● Wedding reception
● Decorations and flowers
● Photography and videography
● Transportation of the wedding party
● Hotel accommodations if required
The Groom and the Groom’s Family
● Engagement and wedding ring
● Groomsmen gifts
● Bride’s bouquet
● Marriage license
● Wedding attire and accessories
● Boutonnieres for groomsmen and fathers
● Corsages for parents and grandparents
● Clergy, Officiate
● Rehearsal dinner
● Hotel accommodations if required
The traditional wedding split mentioned above may not be applicable to you now because times have changed and so have people. Each couple is different and so is their wedding. Couples of today prefer to come up with their own split of wedding expenses. So, if you are the groom and you have been given your share of expenses, it’s important to understand how you and your family plan on paying for the wedding. Let’s discuss some of the options you may have:
1. Have your family contribute
Parents contributing to the wedding is old school. But, having your family share the costs can actually keep your own costs down while you have the wedding of your dream.
2. Save to pay for it yourself
Being self-sufficient to pay for your own wedding is an achievement in itself. That is if you are fast enough to save without delaying your wedding for a long time.
3. Use a credit card
A credit card can be a great tool to finance your wedding if you are disciplined with your finances and responsible enough to pay it off immediately. Otherwise, a credit card is a debt trap.
4. Get a personal loan
It is now easy to get a personal loan for a wedding. It may work out to be the best option because it has a lower interest rate than a credit card.
Some Budgeting Tips for The Groom’s Side: How to Afford a Dream
Wedding on a Budget
1. The Groom’s Cake
If a wedding cake is a wedding necessity, you can cut costs by keeping it small and simple. Better still, you can ask a relative or a friend to make it.
2. Wedding Day Transportation
Hiring a limo can be expensive. You can ask your friend to drive you in his or your car.
3. Rehearsal Dinner
Don’t go overboard with the guest list. Limit it to close friends and friends. Instead of booking a banquet hall, you can consider holding the rehearsal dinner at a private residence. Instead of hiring a caterer, you can have your family and friends cook. However, ensure that you do not put too much pressure on them.
4. The Honeymoon
Camping or hiking could be a good alternative to an overseas trip. Keep your honeymoon short. Set a budget beforehand before you set out on your honeymoon.
5. The Bride’s Wedding Band
Choose a simple, undecorated band as a wedding ring for your bride.
6. The Groom’s Wedding Day Attire
Buying a new suit is comparatively cheaper than renting a tux and it looks just as smart. However, don’t buy the first suit you like. Shop around and do a bit of compare and contrast. There is a good possibility that you’ll find a similar suit at a much lower price. If you are really strapped for cash, consider renting a suit than buying one.
Remember, your wedding is going to be as expensive as you choose to make it. If you are willing the follow the budgeting tips mentioned above, you’ll be left with enough money to spend on things that matter to you the most.
Shiv Nanda is a financial analyst who currently lives in Bangalore (refusing to acknowledge the name change) and works with MoneyTap, India’s first app-based credit-line. Shiv is a true finance geek, and his friends love that. They always rely on him for advice on their investment choices, budgeting skills, personal financial matters and when they want to get a loan. He has made it his life’s mission to help and educate people on various financial topics, so email him your questions at email@example.com.