The average cost of a wedding in Canada in 2013 was $32,358, according to survey by Weddingbells magazine. That figure includes the honeymoon, but still—that’s one sky-high, stress-inducing number. Unless you decide to renew your vows at some point, you only get to experience that special day with your soul mate once. Brides are particularly stressed throughout the months leading up to the big day, while grooms generally count down the hours to hearing “You may kiss the bride” and ending the madness. Reduce stress on both sides by lowering your wedding expenses.
The annual David’s Bridal “What’s On Brides’ Minds” survey found that 75 percent of women would rather have their weddings paid for than lose 15 pounds this year. Saving money is usually equally important to both husband and wife. Instead of hiring a DJ for the reception, use your home stereo speakers and MP3 player with the music you already love on it. Borrow as much stuff as you can, like the veil from a friend’s recent wedding or your buddy’s tuxedo. Websites like DIY Network and Wedding Paper Divas offer cheap and free downloadable invitations you can print from home.
Never take the first offer you get from officiants, florists and other vendors. Get a few quotes and decide which is best based on price and quality. You may even be able to negotiate prices by providing vendors with estimates from competitors.
Movie directors, inventors and entrepreneurs have turned to crowdfunding as a means of financing their endeavors. Lovebirds are doing the same with their weddings. As of late June there were more than 1,500 active wedding and honeymoon campaigns on GoFundMe, according to the popular crowdfunding platform.
Launching a crowdfunding campaign does not mean people will actually contribute, though. One way to get started is by sharing your campaign with friends and family on social media. Tell them a cash donation, in lieu of a gift, would be a very helpful for wedding expenses, future bills and even the honeymoon. Only ask for what you absolutely need. A crowdfunding goal of $1,000 to pay for the reception venue is much more attainable than trying to raise $20,000 for the entire event. Crowdtilt, BoostUp and The Crowded Wedding are three other crowdfunding platform options to explore.
Take a Financial Inventory
The reality TV show “Pawn Stars” serves as a reminder that the means to finance your wedding may be gathering dust in your basement or attic. If you have old comic books, baseball cards or antique items hanging around, get them professionally appraised. They could help fund your wedding.
Some couples may be able to come up with a large amount of money using other ways, too. Those receiving annuity or structured settlement payments could sell their future payments to a company like J.G. Wentworth. The lump of cash could help cover the wedding and maybe even the honeymoon. Also consider selling any stocks or bonds you may hold.
You could also consider filing a new TD1 Personal Tax Credits Return form or a T1213 Request to Reduce Tax Deductions at Source, which will increase your take-home pay. The difference can be made up by increasing withholding at the end of the year or simply paying the tax bill when it comes due.
Stress and anxiety are a normal part of wedding planning. But a little creative accounting can substantially decrease both.