6 Effective Financial Management Tips for 2024 Wedding Couples

If you’re planning to get married in 2024, you must feel like you’re walking on fat, fluffy clouds. While that feeling is nice and all, it’s important that you don’t get too carried away and forget the practical side of things.

Being financially responsible is essential if you want to get married without adding unnecessary stress to your relationship.

Before you get lost in all the excitement and anticipation, get grounded with these six effective financial management tips for to-be married couples.

Talk with Your Partner about Money

Let’s be real here.

Money often plays an outsized role in relationships. It’s important to get on the same page with your partner about money matters before you get married. Sit down and discuss how you will manage expenses, save for future goals, avoid debt, and even plan for things like buying a house together.

Many couples try to dance around the money conversation, but that’s not going to get you anywhere. Don’t get overwhelmed by talking about money; it’s always better to get these details out of the way now rather than deal with misunderstandings down the road.

For instance, if your partner comes from a family where they’re expected to continue helping out financially, while you come from a more independent family, you should get it all out into the open now. Allowing such trivial—at least at first glance—issues to get in the way of your relationship’s future is something you can both prepare for ahead of time, if not avoid altogether.

Create a List of Non-Negotiables

Similarly, it’s best to be certain about the things you absolutely cannot get married without. This could include having a certain type of wedding, setting up a joint savings account, or maybe even deciding what kind of vacations you want to take together.

Some people want the whole shebang for their wedding—a grand church, full catering service, and a veritable who’s who of important guests—and that’s okay. Others are content with a small ceremony in the woods where they get to exchange vows while their closest friends and family look on. That’s okay too!

Understanding what each of you can’t do without will help you get a grip on your financials while still honoring the things that are most important to each of you.

Break from Tradition When Possible

Now, this piece of advice will work more for certain couples than others, but it’s still worth considering.

In the past, couples often had to get engaged with a diamond ring and get married in a huge ceremony at an expensive venue. Nowadays, though, more intimate gatherings are becoming increasingly popular as people realize that weddings do not need to be overly extravagant to be romantic or meaningful. Plus, it’s much better for your wallet.

Instead of a showstopper diamond ring, for instance, getting more affordable rings could get you the same romantic outcome. And if you get married at a friend’s house or even outdoors in a park, you can save on expenses for catering and venue rental.

Instead of fancy embossed invitations, you could also get creative and make them yourself or even send out digital invites.

Again, these examples are only if you’re both okay with it. It’s always great to get creative with these things, but if either of you is dead set on certain traditions, make sure to get that sorted out first.

Winnow Down Your Guest List

We all have friends and family that we would like to invite to our big day. But even with the most well-thought-out budget, too many guests—especially if they’re coming from out of town—can get quite pricey.

Make sure you get real about who is an absolute must at your ceremony and reception, as well as take into account any friends or family members who might get offended if they don’t get an invite. It’s hard, sure, but it can save you hundreds of dollars in the long run.

Vet Venues & Vendors Carefully

Sure, you’ve been going to the same family-run Italian restaurant for years, but chances are it won’t be the best option for your wedding. Many restaurants have special rates or packages for weddings, so get a few quotes from places you’d like to get married at and make sure to get an itemized list of all the costs included in each package.

This is the same for any other vendors you’ll need, such as photographers and videographers. When choosing the right one, narrow down your list of options, get their prices, and get an idea about what services they offer for that specific price.

Set Aside Funds for Moving Expenses

After the buzz of the wedding and honeymoon has died down, you’ll get to work on setting up your own home. Don’t forget to set aside money for moving expenses as well, even though it’s simple to become distracted by all the decorations and appliances.

This includes deposits for rental properties, costs for movers or truck rentals, shipping costs for larger items, and even airline tickets if you’re relocating far away.

Getting married doesn’t have to break the bank. With a bit of planning, financial responsibility, and creative problem-solving, couples can get married while still being mindful of their wallets.

Don’t be afraid to get creative with your ideas and solutions—research affordable alternatives for engagement rings, shrink down your guest list, get quotes from vendors, and set aside funds for moving expenses. Such steps will get you closer to the wedding of your dreams without busting your budget.

No matter what you choose, it’s important to remember that getting married isn’t a competition. You don’t need to outspend anyone else; all that matters is that you get to spend forever with the person you love!