Freedom 55 Financial

Avoiding the wedding-day wallop – costs to consider when planning your big day

In 2014, the average Canadian wedding cost a whopping $31,6851. But that doesn’t mean you need to break the bank on your big day. Here are some ideas to keep costs in check before you tie the knot.

What's the plan?

Newly engaged? Sit down with your partner early and talk about your hopes and dreams for the day. Make a list of what you’d like to do and be sure to keep it handy. This can help keep your plans rooted in reality when you get the urge to splurge. Ultimately, weddings can be expensive, so make sure this conversation is also about money. You and your partner may have very different ideas about what you want to spend.

Go big, where necessary

It’s okay to splurge on the things that are important to you and your partner. You can always find savings elsewhere. If you’re not a big foodie, splurge on the cost of a photographer and consider serving hors d’oeuvres rather than an entree. Have a dream venue in mind, but feel flexible on the day of the week? Venues often charge less to have a wedding on a Friday or Sunday rather than a Saturday.

Focusing your budget on the things that matter most can help you keep expectations in check and ensure your special day is all that you dreamed about.

Watch that guest list

Do you plan on having 30 guests or 150? Will your meal cost $50 or $100 per person? This can make all the difference on the final bill. Often, couples feel pressure to invite all of their family, friends and coworkers, but that doesn’t need to be the case.

Sit down with your partner and create a realistic guest list that works with your budget. Be sure to do this before you start sharing your wedding plans with your family and social circle because it will help manage guest expectations.

Honeymoon - now or later?

As you plan your special day, you may find your costs ballooning beyond your budget. One way to balance these extra costs is to reconsider how or when you take your honeymoon.

Can you live without an extravagant getaway following your wedding? There are a number of ways you can save when considering a postnuptial vacation. Here are a few ways to make the most of your travel savings.

Waiting to take your honeymoon could give you more time to save for your dream trip, help balance your time off work and save on child, house or pet care costs. This extra time to plan and save could also make for a more relaxing (and therefore romantic) experience for you and your partner.

Ask for help

Remember, family, bridesmaids and groomsmen are here to help. This could mean having them run around to pick up decorations or making invites or centrepieces. Remember, your closest friends and family members are a part of your big day because you love them and they love you. Many are willing to lend a hand, so be sure to delegate if that’s possible.

If you’re still not sure where to start, a financial security advisor can help you stay on budget.

1 Jen O’Brien, Wedding Trends in Canada 2014, WeddingBells.ca, http://www.weddingbells.ca/planning/wedding-trends-in-canada-2014/.


The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.


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