Splurge vs. Save Tips for Your Big Day 

Being the youngest of 7 kids in my family, I have attended my fair share of weddings. My eldest sister got married when I was just 4 years old and of course, I squirmed when they said, “you may now kiss the bride”. Fast forward to my awkward teenage self when I was a bridesmaid for my other sister at just 14 and I got my first taste of the craziness that is planning a wedding.

Now that I have doubled in age, I have reached that time in my life when the idea of weddings and engagements are a reoccurring discussion. Just this past holiday season, I had noticed 8, yes 8 engagements that took place and about 3 of them took place on the same day. Now, with two of my closest girlfriends getting ready to tie the knot, it’s safe to say that I have gathered a significant amount of knowledge of wedding planning and what it takes to make the day one to remember.

With that being said, what I have gathered from the years of attending and assisting with weddings has led me to believe that the word ‘budget’ is one of the most important aspects of the planning and also, the scariest.

After reading up on the latest TD survey, it was brought to my attention that as a whole, Millenials are going over budget by an average of 55 per cent, and as I watch recent brides stressfully planning their big day, I am not surprised one bit.

While the engagement and beginning stages of planning a wedding – the flowers, venue and caterings are all incredibly thrilling and fun for a couple, it is typically the first time couples are putting their finances together and with that, it can add stress to an already stressful situation. Eventually, it can take a toll on finances, and in turn affect the relationship leading up to the big day.

However, by simply working together on your budget and planning ahead for how much you would like to spend, what the most important features are to you on your special day, and what you can do without will immediately help take the stress out of planning and keep your budget in check.

TD Canada Trust, and wedding planner Rebecca Wise, from Event Wise, have vowed to make things easier when it comes to planning the wedding of your dreams, now all you have to do is follow these few rules to keep the stress at bay and get you excited to plan and create a beautiful day for you and your spouse.

I vow to set a budget: The first step is to set a realistic budget with your partner that includes all possible costs, including attire, photography, catering, venue, décor and more. TD offers online saving and budgeting tools that can help you plan out your expenses.

I vow to track my spending: Nearly one quarter (23 per cent) of Millennials don’t know what they spent on their wedding reception. Tracking expenses on a regular basis is critical to staying on top of your spending. TD’s new money management mobile app, TD MySpend, is an effortless way to help you see where your money goes.

I vow to shop around: Don’t feel pressured to book the first venue or buy the first dress. Check out trunk shows and sample sales to find savings on attire, and consider renting a tuxedo or suit instead of buying new. Accessories like cufflinks or jewellery can also count as “something borrowed” while keeping costs down.

I vow to save where possible: Wise suggests saving on décor by alternating between elaborate and tall floral centrepieces and simple, low centrepieces. Not only does this give variety to your space, it’s also cost effective. In addition to décor, couples often splurge on food and beverage. Wise suggests opting for a reduced bar during cocktail hour by serving only beer and wine or a passed signature cocktail.

I vow not to compare myself to others: While social media can be a great tool for wedding inspiration, it can also lead to unrealistic expectations and the temptation to overspend. Wise stresses that every couple is different and if you are going to splurge, do it on elements that really personalize your wedding, like a late night food station featuring your favourite dish or acoustic guitarist to play your favourite song while you walk down the aisle.

I vow to think ahead: While a wedding is a monumental occasion, the marriage that follows is full of big financial decisions. Commit to being open and honest with each other about finances, and ‘unpack’ any financial baggage together.

With 21 per cent of Millennials saying they went into debt for their weddings, it’s imperative to keep the total cost manageable. Sticking to your budget doesn’t have to mean that you miss out on certain aspects of your wedding, but by making a conscious decision to save in some areas, you can be smart about your decisions and still have the flexibility to splurge on important items.

• Check out trunk shows and sample sales to find savings on attire, and consider renting a tuxedo or suit instead of buying new. Accessories like cufflinks or jewelry can also count as “something borrowed” while keeping costs down.
• Save on décor by alternating between elaborate and tall floral centrepieces and simple, low centrepieces. Not only does this give variety to your space, it’s also cost effective.
• Couples often splurge on food and beverage. Opt for a reduced bar during cocktail hour by serving only beer and wine or a passed signature cocktail.
• If you are going to splurge, do it on elements that really personalize your wedding, like a late night food station featuring your favourite dish or acoustic guitarist to play your favourite song while you walk down the aisle.

Your wedding day is supposed to be one of the most important days of your life and the beginning of a beautiful life with your spouse, so with a little smart budgeting and savings strategies, you can have the wedding of your dreams and stress free start to your life together.

This post is sponsored by TD Canada Trust, however all opinions are my own. 

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