Saying “I do” is likely one of the most important days of your life, but that doesn’t mean it has to be expensive. You can avoid getting into debt while walking down the aisle by deciding your spending priorities together. If you need some convincing, here are some reasons to have a frugal wedding.
According to a study conducted by Emory University economists, expensive weddings are linked to higher divorce rates. Between the ring, wedding, guests and honeymoon, it seems that the more you spend, the less time you will have together. Having a frugal ceremony and party may help lead to a happier, longer marriage that really matters. So it might be a good idea to avoid the social pressure to spend your way to the big day and listen to the science.
More Money for Your Future
Probably the most obvious and most beneficial advantage of spending less money on just one day is having the finances you would have spent for other aspects of your life. You can use this savings to buy your first home together, grow your investments, starting a college fund or getting ahead on retirement savings. While every detail of your wedding may seem important now, these are the things that will count down the line.
You probably hear from your engaged or married friends all about the toll wedding planning really takes. A more frugal wedding usually means a smaller guest list and less to stress about. You will also have less financial worries when your wedding has fewer or lower expenses. The less stress you have, the more you can enjoy not only the big day, but also the years of marriage to come.
While taking out wedding loans or charging credit cards can certainly help you finance your big day, keep in mind that it can increase your cost of debt, and if you max out your credit cards or miss a payment it can have a negative impact on your credit scores (you can get your credit scores for free on Credit.com to see how your debts are affecting you).
It may seem like a sacrifice to cut down on wedding expenses, but it can pay off in both the short and long run. Having money for the other things in life can bring you even more joy than having the fanciest dress, venue, ring or catering.
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