Today I have a guest post from Rocket Mortgage. Considering my own unique wedding arrangements, this is the perfect time and place to discuss rerouting your finances for a cancelled wedding.
To say that it’s a bummer to have your wedding canceled because of COVID-19 is an understatement. After putting in countless hours planning for the big day and fantasizing about your dream wedding coming to fruition, it can feel unfair and utterly devastating. It’s a difficult situation to be in, and you’re right to feel upset.
The brightside and easy cost savings
But every cloud, even if it’s particularly stormy, has a silver lining. While the wedding you initially envisioned might be out of reach at the moment, all of the money you would have spent on it is still in your hands. As of 2019, the average wedding costs $33,900, a sum that you can do a lot with. Saving money on your fairytale wedding can help you achieve your happily ever after.
For example, if your ‘happily ever’ after includes starting a family, you’ll have to shell out an average price of $10,808 (varying by state) just to deliver your baby. But if you don’t need to pay for a reception venue — with an average cost of $10,500 — you’ll be better able to afford it. If you do eventually hold an in-person wedding, you can still save money by having the reception on a family member’s property or booking more extravagant venues during off-seasons.
And that’s just one way you can save money on an in-person wedding. You can also save more by renting things that you’ll only use once, like tuxedos or your wedding dress, which costs $1,600 on average. Consider enlisting the help of talented loved ones as alternatives to professional wedding planners, bakers, and photographers. While you shouldn’t expect your family and friends to work for free, they may offer discounted rates or consider it a wedding gift to you.
Where do we go from here?
If you’re feeling down about your canceled wedding, try looking forward to the different financial goals you can achieve. You can use your saved money to purchase a home, pay off your debt, set up an emergency fund, and other financially-savvy decisions. For more ways that you can save money on your wedding and plan for your future, check out the visual below (courtesy of Rocket Mortgage):