Wedding Alternatives and How to Fund Them

Getting married can be one of the best days of your life. It can also be one of the most expensive. From the venue to the flowers, if you’re not careful, the price of a wedding can go higher than a bouquet flying through the air. In fact, the average cost of weddings has risen to $29,000. This is why spending less on weddings is one way that younger generations are deviating from past economic traditions.

But getting married doesn’t have to mean you’re getting hitched with debt too. There are alternative wedding options that can save you money when saying, “I do.”

Backyard Wedding

Location, location, location.

You don’t have to book a fancy venue to have the wedding of your dreams. A backyard wedding is one way to save on costs but still have the perfect happily-ever-after day.

• You can avoid costs such as paying for a venue, security deposits, or per-person fees.
• You get to select any vendor you want instead of an exclusive or preferred vendor list that may come with some venues.
• You have full control over the date and details, as opposed to having to play by a vendor’s rules and calendar.

Just be aware that, without a venue staff, all the coordination is on you.

Destination Honeymoon and Elopement

If you don’t necessarily want a big wedding but want to take a destination honeymoon, why not combine the two by having a small, intimate ceremony where you’re honeymooning?

Pros:

• It’s cost-effective – Rather than putting most of your budget toward a big ceremony and reception, it can go toward your dream honeymoon.
• There’s less planning – You just have to focus on one location. Plus, you don’t have to worry about a guest list or the other things that come with having a large wedding.

Cons:

• Potential hurt feelings – If it’s just you and your significant other, with very few — or no— guests, that means you won’t be sharing the memories of your big day with as many friends and family as you would with a larger wedding. This may be part of your plan, but can potentially lead to some hurt feelings. So be prepared.
• Travel costs for guests – If you invite guests to your destination elopement, the cost for them to get there can be pretty significant, depending on where you go.

Rental House

Perhaps you want a backyard wedding but don’t have access to a yard, or maybe you need a bigger home to fit the wedding. Renting a house that meets your needs — perhaps through a service such as Airbnb or Vrbo — is an option.

Pros:

• Cheaper reservation cost – Renting a house, as opposed to a large venue, can cost less.
• Customizable – Your wedding, your vision … that means you can choose everything from the food to the décor.

Cons:

• The logistics – Not using a venue means you have to coordinate everything on your own, from chair rentals to parking.
• Hidden costs – You may save money on the reservation cost, but you’ll have to pay for everything else. Every chair, every fork, every piece of decoration.

Surprise Wedding

With a surprise wedding, your guests are not in on the secret. Perhaps they think it’s your engagement party or other type of get-together. And then, surprise, it’s also a wedding!

Pros:

• Save money – It’s not that you’re skipping all costs — you’re still hosting a party — but you may be able to trim some of the more traditional expenses like wedding invitations.
• Your day, your way – If nobody knows it’s a wedding, nobody can add their opinions or pressures to your planning, guestlist, and other details.

Cons:

• No pre-wedding festivities – Having a surprise wedding probably means you won’t be experiencing the traditional pre-wedding events such as a bridal shower or bachelor/bachelorette parties.
• Attendance – If you have family or friends who don’t live nearby — and are not in on the secret — they may not make as much effort to travel for what they think is a standard party, compared to a wedding.

Financing Your Nontraditional Wedding

Regardless of the type of wedding you have, there still comes a time when you must pay the bills. Even the smallest of weddings can have expenses.

There are several ways for you to pay for your big day.

Cash

They say cash is king. This is certainly true if you’re looking to pay for a wedding and not have any resulting debt. The tricky part is saving up enough cash on hand to accomplish this.

One way to do that is by having your money work for you in a high-yield savings account. A high-yield savings account offers a much higher interest rate than a traditional savings account, so your money will grow as it sits there safely. Plus, you have access to it anytime you want, as opposed to other saving options like certificates of deposit.

Credit

You can also use a credit card to fund your wedding expenses. Just be aware of some of the pros and cons of doing so.

Pros:

• You can build credit – Assuming you make timely payments every month and don’t raise your credit utilization ratio (CUR) over 30%, your credit score will likely see a boost.
• You can earn rewards – Depending on the credit card you own, you can offset wedding costs by earning points, cash back rewards, or air miles.

Cons:

• You can face high interest rates – Any balance you carry may accrue interest, which means you’re paying more than you actually thought.
• You can hurt your credit score – Timely payments are very important when it comes to your credit score. So, if you don’t pay at least the minimum amount due on time, your credit score will suffer. And don’t forget about your CUR — if your balance takes it over 30%, it’s not great for your credit.

Using a credit card can be an effective way to pay for your wedding, as long as you do so responsibly and always keep your credit in mind. The last thing you want to do is start your marriage off with dented credit scores and a large amount of debt.

Wedding Loan

A wedding loan is simply a personal loan that you use specifically to pay for your wedding … giving “something borrowed” a new meaning.

Pros:

• Quick access to cash – Loans can be funded within a few business days or, sometimes, even the same day. Which is useful if you need to pay a vendor or make a deposit.
• Potentially low interest rates – Compared to credit cards, interest rates for loans may be lower, saving you money.

Cons:

• Debt – You have to pay the loan back. If you don’t have a plan, you may be paying for your wedding long after the honeymoon.
• Interest – Sure, the rates may be lower than credit cards, but you’re still accruing interest and paying more than the initial price.

It’s important to remember that having a good credit score affects your chance of being approved for a loan and getting a lower interest rate. So, be sure to build up your credit score before you apply.

Managing Other Finances

No matter the size or type of wedding you have, it will likely put a squeeze on your budget. So, being flexible with other expenses can help you free up funds. This is especially true if you’re already on a tight budget or living paycheck to paycheck.

So, if you’re planning a wedding and need to manage your finances, some adjustments can include:

• Canceling memberships or subscriptions
• Switching to a lower-cost car insurance provider
• Cooking at home instead of dining out
• Renting instead of buying
• Comparing credit cards and finding one that offers unlimited cash back rewards or rewards on shopping categories that you frequent.

Planning a wedding can be expensive. But there’s a range of alternative or less traditional wedding options — as well as different methods to pay — that can help keep your finances from taking the plunge.