"We’re Getting Married!"

Let's face it. Weddings can be expensive. Today's couples typically take on a big portion of their own wedding-related expenses, if not the entire cost of their wedding. The statistics on the average cost of a wedding are sobering, so Savvy Bride Boston is here to provide tips to help you figure it out and plan a budget that works. We'll also provide creative ways to save money so you can have more to put toward a honeymoon or other important investments as a newly married couple.

According to The Knot 2017 Real Weddings Study, the national average cost for a wedding (excluding the honeymoon) is $33,391. The average cost of a wedding in Boston is even higher at $40,667 and on Cape Cod, it's a whopping $55,083. The national average spent on a wedding gown is $1,509 and most people have 136 guests at their wedding, with an average cost per guest at $268.

Here are the national average percentages of who pays for a wedding:

• Bride’s parents: 44.5%
• Bride and groom: 41.1%
• Groom’s parents: 12.7%
• Other: 1.79%

*Statistics from The Knot’s 2017 Real Weddings Study

Before you make any important decisions about your wedding, it's best to have a budget. The great thing about having a budget is that it will actually help your wedding planning go much faster. Why? Because you'll have a price range for the things you want for your wedding and you won't spend wasted time shopping for things that aren't even in the ballpark. For example, if your budget for a dress is $1,000, you'll have a more specific selection to choose from that is within that price range. (Check out our bridal gown shopping guide here)

By planning ahead and creating a budget that works for you and your fiancé, you'll stress less about finances and enjoy the planning process much more. It will also help you with your timeline to get everything done and stay organized.

Creating a budget can be a challenge, but we're here to help make it easier. We've done the research for you and have created a simple three-step plan to get your budget started. Savvy Brides will notice that we've also included one bonus step at the end. It's easiest to do your planning on a spreadsheet, but as long as you're tracking the items and costs, you'll be all set.

1. Assess your monthly budget Couples should take a look at their individual situation to see where they can combine, save and plan what a new monthly budget will look like as a married couple. If you’re a couple who is living together and sharing expenses, you should already have a good idea of your combined monthly budget. Evaluate any upcoming major expenses such as a home purchase and make sure that you take them into consideration and ensure they fit with what you want to plan for your wedding. Having a good idea of where you are financially before the wedding will help you create a wedding budget that matches your day-to-day expenses and lifestyle. That way, if it’s necessary, you’ll be able to schedule affordable payments and manage to your budget over time.
2. Decide how you will spend savings or gifts from relatives. If you have money set aside for your wedding, or are lucky enough to have a relative who wishes to help out with the expenses, factor that into your budget. Most parents are thrilled to contribute to your wedding if they are able, but based on the national averages, the likelihood is that the bride and groom will bear a sizable share of the wedding expense. Consider all of your resources as you plan your budget.
3. Prioritize what you want. Start with a list of the things you want to have for your wedding and prioritize them. Categorize them as “must have” and “nice to have” and include rough-cost estimates for each item so you have a baseline to work from. Think about the items on your list that you could get donated or contributed by a friend or relative, or that you could do yourself and zero out that expense. By prioritizing the most important things, you’ll be able to make decisions that impact the bottom line.

Bonus step: Go to the extremes. If you have some extra time, sketch what an over-the-top wedding would look like if you had an unlimited budget. Write it all down and visualize it. Spend some time enjoying how you feel as you describe what that looks like. After that, pretend you have a budget of $500 and describe what that wedding would look like. Maybe you have a potluck at a park with a friend who DJs and just throw a fun party. This exercise can help ease tension around finances and allow you to connect with what is most important regarding your wedding. You may be surprised at how much “lighter” you feel imagining your wedding on the $500 budget.

After you’ve established your wedding budget, make sure you balance it out after you book or confirm each part of your wedding. Therefore, if you end up coming in under budget on your venue, you may be able to increase the budget on another item or add a “nice to have” item that you wouldn’t have been able to afford. You can easily do this on a spreadsheet and keep a running tally of your expenses, bookings, confirmations and other details about your wedding.

Another benefit to having a budget is when you are shopping for a wedding item, whether it’s a DJ, transportation or your gown, you can use your budget for that item as a negotiating tool. Wedding suppliers and vendors know they are in a competitive industry, and if they are hungry for your business, they may tap their built-in profit margin to negotiate closer to your budget.

Consider having several conversations with your vendors to see where you can double up on what you need. For example, many venues will offer packages that can include food, decor and music. Many photographers can also provide video and audio service along with still photography, or they’ll have deals to do your pre-wedding photos or engagement/anniversary photo shoots. When you bundle, you save.

A note about credit cards: You may want to use credit cards for specific purposes regarding your wedding purchases or deposits. According to Creditcards.com, “The federal Fair Credit Billing Act gives you the right to dispute billing errors, including those for goods and services you didn't accept or that weren't delivered as agreed, as long as you dispute it within 60 days after the first bill containing the disputed charge was received. The law also allows you to temporarily withhold payment without dinging your credit score if you’re dissatisfied with the quality of a wedding-related good or service you bought in your home state.” They also listed the top six wedding-related items you should consider using a credit card for:

• Deposits
• Wedding planner fees
• Wedding day vendor services
• Wedding gown
• Anything you purchase online
• Travel expenses for you and your guests

*Provided by Creditcards.com, “6 wedding expenses you should put on your credit card.”

If you are a homeowner, one alternative is to use a home equity line of credit (HELOC). This is a loan that is secured by property you own, even if it has a primary mortgage. If you have enough equity in your home, you may be able to get a HELOC and use it or a portion of it to help cover your wedding expenses and you can pay it off at a much lower interest rate over a longer period of time. Pay attention to the tax implications of HELOCs, however, as the interest you pay on a HELOC may not be deductible if used for expenses other than the improvement of your home.

Regardless of how you ask for help financing your wedding, consider the long-term implications of borrowing money. You can always ask for cash in lieu of wedding gifts or a registry to help cover some of your expenses, but the cash gifts your guests will be offering is an unknown, and as a result, difficult to incorporate into your overall wedding budget.

In the next part of Savvy Bride Boston’s two-part series on budgeting for your ideal wedding, we will give you creative ideas on how to save big on your perfect Boston wedding without giving up what you want. You may also get some fresh thoughts that will make for a truly memorable event. Plus, the money you save can go toward a more amazing honeymoon or a new home for you and your spouse.

Congratulations and all the best from your friends here at TransAction Corporate Shuttles.

We’d be thrilled to help you with any transportation needs for your wedding or any of your other wedding-related events.

Just give us a call and don’t forget to use your coupon to save 20%!

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As a Savvy Bride, when you book your wedding transportation with us, we'll give you a 20% discount on transportation for bachelor/bachelorette parties, bridal party spa days, rehearsal dinners, bridal showers, wedding after-parties or any of the other wedding-related events you are planning.

> Learn more about our wedding shuttle services and options here.

Save your guests and bridal party the hassle of figuring out the logistics of getting to and from your wedding events. We specialize in wedding transportation and it's a great way to create even more memories of being together during all of your celebrations.

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