Weddings can be costly - and while the internet is teeming with countless cost-cutting tips, one couple took a decidedly unconventional approach to reducing their wedding expenses: charging their guests.
To alleviate the financial burden of their wedding, newlyweds Nova and Reemo Styles took an innovative approach: They treated their nuptials like a concert and charged guests an attendance fee.
This actually sounded like a good idea on paper, considering that the average wedding now costs tens of thousands of dollars. "The biggest price tag is typically the venue, which accounts for about 37% of the total cost," said The Knot Deputy Editor Esther Lee.
Nova explained their reasoning, stating, "And I said, 'People choose to go to Beyoncé concert because they know that they're gonna have an experience. Let's put the stress on the guests, and let's sell tickets for a wedding.'"
Conversely, Reemo was more sceptical about charging guests, fearing it would deter attendance. While people attended the wedding, the couple received negative feedback about the fee. "I would never spend money on tickets. I don't care. Who do you guys think you are? Jay-Z and Beyoncé?" Nova recalled.
The tickets, priced at $333 each, offered guests a seat on their double-decker bus for a 12-hour New York City adventure. This unique approach saved the couple a substantial $70,000 in wedding costs. Likewise, other couples are adopting unconventional approaches to reduce wedding expenses.
"We're seeing a rise in brunch weddings," Lee said. Some couples, like Courtney and Alex Quist (TheQuistFamily), are bucking tradition by opting for earlier ceremonies instead of evening affairs, replacing the usual filet and fish with a more casual pizza and mimosas menu, according to a report by ABC 7.
"I would say we probably saved like $40,000," Courtney said. "We had a beautiful wedding, an awesome reception and the people that we love and care about the most were able to be there, so I wouldn't change a thing," Alex said.
While some couples explore unconventional methods to offset wedding costs, like charging guests, others rely on more traditional financial support, like saving up early. To provide context, Mike and his wife generously offered their daughter a $20,000 gift to help fund her dream wedding.
However, the daughter made a different financial decision, allocating the money towards a down payment for a house rather than wedding preparations. While this approach might appeal to some, many others prioritise a lavish wedding celebration and would prefer to make such a sacrifice. Here are some additional ways to stretch your wedding budget.
Practical Wedding Budget Tips
Numerous practical strategies exist to cut expenses without sacrificing the day's joy. CNBC Select provides valuable insights and suggestions on reducing wedding expenditures significantly.
1. Early Bird Gets The Wedding
Saving early for your wedding is crucial. Open a high-yield savings account or CD to grow your money faster than a traditional one. Consider options like UFB Portfolio Savings, which offers high APY and no minimum deposit.
2. Off-Peak Perks
Consider having your wedding during the off-season (January, February, or March) or on a weekday to reduce venue and other service costs significantly. While vendors may offer discounts, catering and floral expenses might be less heavily reduced.
3. Credit Card Cleverness
Use credit cards for most wedding expenses to earn rewards or benefits. Compare cards for the best return on spending. Opt for cards with 0 percent intro APR for large purchases, but be cautious of high interest rates and balance transfer fees. Consider cards like Wells Fargo Reflect, with its 21-month 0 percent intro APR.
4. Reap Rewards
Capitalise on large wedding expenses by earning credit card sign-up bonuses. Aim for cards with substantial welcome offers that align with your spending. Consider options like Chase Sapphire Preferred®, Capital One Venture Rewards, American Express Platinum Card, and Ink Business Preferred® to earn thousands in rewards or travel credits potentially.
5. Hotel Hustle for Points
If your wedding venue is a hotel, maximise your spending by earning hotel loyalty points. Major chains like Hilton, IHG, Marriott, and Hyatt offer points for wedding expenses. While not directly convertible to cash, these points can significantly contribute to future hotel stays, especially for your honeymoon.
While saving for a wedding can be stressful, financial therapist Amanda Clayman suggests reframing the process as an exciting challenge. By getting creative with wedding plans, exploring side hustles, or discovering budget-friendly travel options, couples can turn financial constraints into opportunities for unique and memorable experiences.
