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It is Wedding Season! How to Say I Do On a Budget

Planning a wedding is exciting but the final cost can have a serious impact on your savings account. In addition to planning a wedding, you may also be trying to save money to purchase a home and the more you can save for your wedding, the lower your home loan is likely to be. Therefore, it is important to ensure that your wedding plans do not completely break the budget. Here are some simple ways to cut down the amount of money you have to spend for a great wedding.

Budget Friendly Wedding Planning: Venue and Meal

Blog It is Wedding Season! How to Say I Do On a Budget

Regardless of how frugal you are trying to be; the average cost of a wedding is more than $31,000. The most significant portion of this budget went to wedding venues and meals for guests. You can reduce these costs by taking some practical steps: First, consider limiting the number of people at your wedding. Another cost-saving option is to utilize a restaurant for your reception. Restaurants will typically not charge you a room rental fee, you will not have to pay for a bartender and table linens and other “extras” generally don’t incur an additional fee. Another option is to rent a hall and hire a local catering company. By some measures, wedding costs for meals alone average more than $60 per person; you may be able to reduce these costs significantly if you shop around.

Wedding Planning: Dresses, Tuxes and Wedding Party

Wedding clothing is always important because, after all, you want this to be a special day. However, chances are the last thing you want to do is to have to take out a personal loan to afford all of the fancy clothing that is traditionally associated with a wedding. Tuxedos can be replaced with suits, wedding gowns can be easily replaced by gowns traditionally reserved for proms. Keep in mind, the tag “wedding” usually means an increase in price. You may also be able to save money by having a family wedding gown modified to your needs or purchasing one at a second-hand store.

Other Money Saving Tips

Planning your wedding and honeymoon does not have to mean breaking the bank. You can continue to save money by substituting real flowers for artificial flowers, doing your own invitations instead of having them printed for you and in some cases, by taking advantage of your church choir for music during your wedding and reception.

Your wedding day should be spectacular and fulfill your dreams in every way. However, planning and paying for your wedding should not mean you have to go into debt or deplete your savings account. At Oklahoma Central Credit Union, we offer a full range of accounts specifically designed to help you get your family savings plans off to a good start. Stop by one of our offices today or call us at 918-664-6000 for more information.
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