Biggest Money Mistakes Couples Make When Wedding Planning

Planning a wedding is one of the most exciting times in a couple's life. Amidst the all the excitement, it's easy to overlook just how expensive the whole day (or weekend) is, leading to common money mistakes that can detract from the swooning.

Here are some of the biggest money mistakes couples make when wedding planning:

They spend more money on the wedding then they have

‍It's tempting to go all out for the big day, but overspending can lead to unnecessary stress and financial strain. Whether the funds come from family contributions, savings, or planned expenditure, it's crucial to stick to a realistic budget.

They don’t factor in vendor gratuities into the budget.

Many couples forget to account for vendor gratuities in their budget, leading to unexpected and steep expenses much later in planning (this can be thousands of dollars!) Factor in these additional costs by getting a clear estimate of vendor fees and headcount upfront.

They invite people out of "obligation"

Inviting your old high school buddy who you haven't talked to in 3+ years, or your mom's second cousin's kid out of a sense of obligation can quickly inflate youe guest list and squeeze the budget dry. It's essential to set clear rules for the guest list together, prioritizing those who truly matter to you both. Maybe you decide together to have no kids or plus ones are only invited if the couple has been dating for a year plus/ you've met them. There will always be exceptions to the rule, but minimize them, so things don’t get out of control.

They don't have a savings goal ahead of planning

When contributing your finances to your wedding, failing to plan and save ahead can result in stress down the line. Using tools like the Tandem app. Tandem is the money app designed for how modern couples want to handle finances. Maybe that’s combining some or all of your finances, keeping things separate, or still in the process of figuring it all out. You can set goals for all the upcoming wedding expenses you want to save for, attach a savings account, and each contribute to the fund. With Tandem, you can still split bills, save money, and plan spending on your terms.

They create an unrealistic registry

Don't romanticize your registry and ask your family and friends for all new cookware if you never cook to begin with. Registering for items that don't align with your lifestyle can be a waste. Choose registry items that add value to your life, both now and in the future, rather than items that won't be used.

They don’t read the contracts thoroughly

Signing contracts without thorough review can lead to costly mistakes. Take the time to read and understand all terms and conditions, especially with hotel reservations and room blocks. Ask how the hotel handles unsold rooms because some contracts leave the couple financially responsible for any rooms that were reserved and not booked. See if you can block off fewer rooms initially and only add more when you are confident that more guests will commit to that hotel. It's also really important to read all vendor agreements! Gratuities could be included in them, which could save you that expense on your wedding night. Last, when hiring vendors like DJs or photographers– if you  want very specific things, get it in writing!

They ignore the little Expenses

‍Small and unexpected expenses can add up quickly. This typically includes signage, invites, favors, gifts for the groomsman and bridal parties… Set aside a contingency fund to cover these.

Wedding planning should be a happy, peaceful journey. Avoid these common money mistakes, and ensure a smooth ride with your future husband or wife! Remember, it's not just about the wedding day itself but also about building a strong foundation for your future together.