What is more annoying than having to attend an extremely expensive wedding? Having to pay for one.
According to The Knot, a wedding resource site, American couples spent an average $32,641 on their weddings in 2015. If all of this sounds wildly unappealing, rest assured that there are ways to get around shelling out thousands of dollars to celebrate a union with the most important person in your life. Here are five tips to keep you in line with your budget and sanity.
1. Go Digital: Thanks to Pinterest, Instagram and Facebook everyone seems to be putting together million-dollar weddings. News flash: They aren’t. They are just spending more efficiently so it looks like they are. One way to give the appearance that a lot cash is being dropped is to spend efficiently and hit sites like RetailMeNot.com, which connect shoppers with retailers giving digital offers. On those sites, shoppers take advantage of deals on wedding expenses like flowers, photography and invitation services or even save money on travel expenses if they are planning a wedding away.
[See: 10 Ways to Improve Your Finances with Social Media.]
2. Check reviews: There is a reason that people bring an entourage from everything to venue checks to wedding dress fittings. They value and want the opinions of closest friends and family. But in the interest of time, skip the group coordination of aunts, sisters and friends (maybe bring your mom). “You’ve heard the saying: ‘A picture is with a thousand words?’ Now words are worth a thousand pictures,” says Naveen Gupta, CEO of BirdEye Inc., a reputation management and customer experience software company. “10 years ago, customers purchased items based on what advertisers told them to buy. Now, when you can get the opinion of 20 people in a matter of minutes on a specific item, the shopper has reclaimed their autonomy by way of the Internet and mobile device. And because of this, businesses are also stepping up their games and providing better customer experiences.”
3. Stop calling it a “wedding” and start calling it a “party:” Semantics matter when it comes to meeting with venues as well as vendors. There is a phenomenon called the “wedding markup.” This happens when asymmetric information happens. In plain English, it refers to when a seller knows more than the buyer. Since people don’t throw weddings every day, the information from a seller’s standpoint is unbalanced and markups happen. How do you fight it? Stop calling your wedding a “wedding” and start calling it a “family gathering” or “reunion.” The price difference can mean thousands of dollars of savings. Also, determine the price before you speak to vendors and stick to your budget to prevent unnecessary markups.
[See: 12 Ways to Be a More Mindful Spender.]
4. Ditch the brand names: Set on a Tiffany & Co. wedding ring? Do you need to have Waterford crystal at your reception? The markup on brand-name merchandise can be between 20 percent and 60 percent above the generic brand. To get elegant event merchandise without paying for the name, check out store brands at Costco, Walmart or retailers that specifically focus on party merchandise like Party City.
[See: 6 Ways to Treat Yourself on a Budget.]
5. Shop in bulk: As much as it sounds obvious, buying merchandise in bulk will shave another couple hundred dollars off your total wedding bill. Let’s do the math: If you purchase a vase for flowers at $15 a piece and have to make sure 50 tables have the vases, that will run you $750 without the cost of shipping. But if you go to sites like Amazon and purchase through your Amazon Prime account, you not only get free shipping you could also get a bulk discount giving you a discount of up to 20 percent. Instead of paying $750, you pay $600 plus free shipping.
Your special day is all about you and the one you love. And despite what every wedding magazine tells you, the more you pay for a wedding does not indicate how much love you have for your new spouse. Hacking your way to a less expensive wedding only means more money for your honeymoon.
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5 Tips to Score Your Dream Wedding Without Raiding Your 401(k) originally appeared on usnews.com
