The Valentines Day Hangover
On February 15th, Bill called. He sounded a bit scared as he said, “I have news to share with you. Our daughter, Sherry, got engaged last night.”
I laughed and said, “That is great news, but you don’t sound too excited.”
Bill said he likes his future son-in-law, but navigating and paying for a wedding was not on his To Do list. Bill had two kids in college and his oilfield job was shaky. As such, he wanted me to help the young couple understand there would be a nice wedding, but on a budget.
When I met with the bride and groom to be, I told them I was there to help with their wedding budget. Sherry said, “Oh, I already know what I want.” Indeed, she outlined quite a party. Her wish list was estimated at about $65,000.
Then reality set in. Sherry and Kevin could have any wedding they wanted, but the family was only kicking in $10,000. It helped to outline the budget and expectations. As an enticement, if they came in under budget, they got to keep the difference.
At first, Sherry was heartbroken. And then, the creative process kicked in as she started thinking about how she could make the cost more reasonable.
She planned on working with a wedding planner. Instead, she gathered three long-time friends to give suggestions. The “Wedding Wizards” agreed to do research, make phone calls, get prices and offer creative solutions.
Here are some of my favorite and most practical suggestions from the Wedding Wizards.
Elope. It’s short and sweet.
Avoid peak wedding season and days when venues charge more. Even moving a wedding to the morning or early afternoon can save some money.
Have the wedding at a friend’s ranch, a local park or town square. Obviously, in Texas, this is weather dependent. Have a backup plan. Other suggestions were the historic theater or museum. If you have the reception at the same place it saves on transportation costs and time.
Ditch the diamond for a simple gold band. Or opt for an emerald, sapphire, aquamarine or moissanite stone. The average diamond engagement ring costs $6,000. There is no need to blow three months’ salary.
Get any dress you want, as long as you’ll wear it again. The Wedding Wizards agreed that bride’s maid dresses needed to be something they would enjoy wearing again. They decided to go shopping at vintage stores. Sherry was open to renting a dress for the day.
Trade for services or get sponsors. Family and friends can chip in to pay for flowers, music or catering. One suggested having a pot luck as long as the bride got to make a few requests.
Use pre-recorded music. Although a violin soloist is nice, recorded music works well also. Create your own playlist of songs you love. Use a streaming service, a laptop, or a smartphone to play music through speakers.
The average cost of a wedding photographer is more than $2,600. If you want lots of pictures, have guests take shots with disposable cameras. They’ll be cheaper and more humorous. Or have a website for everyone to send their favorite pics snapped on a phone.
Get nice stationery and print invites at home for less than $100. The average cost of wedding invitations is about $400. There is no need for an envelope stuffed inside of an envelope that is wrapped in tissue paper.
Wedding cakes average more than $500. However, a sheet cake from Costco feeds 50 people and only costs $25. Once the cake is sliced no one cares what it looks like. Trust me, they will gladly eat your cake.
The Wedding Wizards recommended a favorite historic bar downtown for the reception. If you reserved the bar for an exclusive event, the minimum fee is $3,000 plus add-ons. Instead, the Wizards realized they could have drinks, dancing and food for no additional cost if they just walked in during the quiet time of the day around 2 or 3 in the afternoon.
Once the Wedding Wizards were done exchanging ideas and running numbers, they realized they could pull off a nice wedding and reception for under $5,000. Not only is this within budget, but it also leaves funding for a great honeymoon.
Dave Sather is a Certified Financial Planner™ and the CEO of Sather Financial Group, a fee-only strategic planning and investment management firm.