If you’ve had to cancel or downsize your wedding because of COVID-19, you and your spouse are probably disappointed. You’ve spent countless hours planning for the big day and getting excited about the wedding you might’ve dreamed of for years, all to have it suddenly taken away at the last minute. It’s a devastating situation that can leave you feeling helpless.
However, your changed wedding plans might be a blessing in disguise. One that can give you the financial resources to take control of your future. Weddings on average cost $33,900 as of 2019, and there’s a lot you can do with the money you would have spent. While you may not be able to splurge on your fairytale wedding, you can put that money towards your happily ever after.
For example, if your happily ever after involves starting a family, you’re in for an average price tag of $10,808 (depending on the state, your insurance and delivery method) just to deliver your baby. That’s a cost that you could be better able to afford with a downsized or free, at-home reception venue — the average cost of reception venues is $10,500. If you do eventually have your wedding in person, you can still save money by booking venues during off-seasons or holding the reception on a family member’s property.
That’s just one example of how a downsized wedding can set you up for better financial stability in the future. You can also use the money you saved on your wedding to purchase a home, pay off your debt, set up an emergency fund and other objectives for financial health. There are a variety of ways you can make financially-savvy wedding decisions without sacrificing any of the magic of your wedding experience. For more ways that you can plan your budget-friendly wedding with your future in mind, see the visual below (provided by Rocket Mortgage):