Getting married later in life comes with greater financial security. However, latest figures reveal that the average wedding costs between $20,000 and $40,000. This is a significant chunk of money no matter what your age. But if you’re nearing retirement or have already given up work for good, the last thing you want to do is spend all your savings on one day. Here’s how to save on your wedding while still ensuring you and your partner have a day to remember.
Scale down your guest list
23% of couples have a guest list of between 150 and 200 people. 31% opt for 100 to 150 guests. The more guests you have, the more money it will cost you. Intimate weddings are much better when you’re getting married in later life as there’s more focus on the couple. Plus, when you’re older you value your small group of loved ones more. By only inviting this small group to your wedding you’ll get the chance to spend time with each of them. With fewer guests, you even have the option of booking a destination wedding. This can double up as your honeymoon location which will save you even more cash.
Set a budget
Before booking or buying anything, review your finances, set a budget, and stick to it. Make sure anything you plan on spending doesn’t substantially eat into your retirement fund. Your budget should start with the jewelry you will propose with. Engagement rings are available to suit all budgets and savings can be made by selecting white gold and lab-created gems. Measure the ring size needed before buying, so you haven’t got to pay for adjustments. Other essential items you’ll need to budget for are the wedding attire, photographer, and cake. Consider hiring a wedding dress and tuxedo, buying used, or wearing a special outfit that you already own. Smartphones mean professional photographers are no longer essential. And, a homemade cake can be just as yummy and more special than a bought one.
Opt for a multi-functional venue
It’s stressful and expensive to have your ceremony and reception at two different venues. Older guests, such as your parents, will struggle with this transition too. By holding all the celebrations at the same location, you’ll get a discount and save on transport. Choose a venue that’s naturally stunning to look at and you won’t have to worry about fancy decor. Instead, you and your partner will be the main focus rather than frilly chair covers and excessive flower arrangements.
Getting married later in life is exciting. As you’ll have more money than many younger couples, you may be tempted to splash out. But save your cash to enjoy your married life together by saving on your nuptials wherever possible.