I was not able to share few more points regarding recession proof wedding in my last blog because of meeting with a client. So here are few more suggestions which you can implement for a recession proof and financially healthy wedding:
- Never look for any outside resource for the fund of your wedding. Everyone is going through this economic crisis. You cannot go for any personal loan as banks have also raised the rate of interest on personal loans. Even credit card companies are giving fewer credit line increase and even that at a very low rate and newer credit cards are coming with very high annual percentage rates.
- May be your parents had promised you few months back some good amount of money for your wedding, but I request you to not go for that money. It is crisis time and even they are also suffering from this economic crisis like us. Instead of that you can take more valuable thing than money from them and that is their blessings.
- Take everything in writing when doing a contract with someone like vendors, flower decorators etc. and everything here means EVERYTHING. This activity will help you to fight against anything wrong done by them like quality and quantity of meal, flowers and other decoration in the event.
- While signing any contract, always read all the policies, cancellation policies, hidden fees and anything that makes you responsible for any damage or expenses.
- Always give preference to quality over quantity in every aspect of your wedding from guest list to decoration to meal selection to everything.
- Depend on DIY (Do It Yourself) factor. Though DIY factor requires a lot of time and patience but it is great way to save some more money.
- Together with your partner, try to make an alternative plan for your wedding in case of any financial disaster like the cash you saved for your wedding disappears or one of you loses your job or anything that can affect your wedding financially. Always make a plan that minimizes the financial loss and still doesn’t affect your wedding event.
- As a financial advisor, last advice which I can give you is to invest some money on wedding insurance. This is something which can protect you at a minimum amount. But as I always say that read all policies before signing since all wedding insurance policies are different.
If you can keep these points in mind and implement them in your wedding then I am sure your wedding will be financially healthy as well as recession proof.