It may not be wedding season quite yet, but that doesn’t mean there aren’t already plans underway. They say the last three to six months before a wedding can be the hardest. And these months can also be the most costly.
The thing is, many Canadians heading to the altar are living a completely different scenario than our parents. Instead of moving in with each other after the wedding, many already live together. This means the necessities or essential items on your wedding registry have likely already been purchased.
So instead, cash is king. Especially if you want to use that money to purchase a home for your future family. But how do you go about still getting the wedding of your dreams, offering a great time for guests, and ending up with cash you can invest towards your future? Today, let’s solve that problem.
Communication is key
If you’re hoping to create a wedding that’s going to cost less and bring in cash flow, then communication is going to be a key part of this. It can be seen as rude to tell your guests to offer up cash straight out. So instead, it might be best to make a small note in your invitations.
It’s also quite common to have online registries for guests, and luckily there are many options that allow guests to donate to a fund. Therefore, you could create a small registry for traditional gifts for guests who prefer that option. Then, also include a cash fund registry through something like Zola or Honeyfund.
Word of mouth is also quite helpful. So make sure to keep your relatives and friends in the loop, and remind them of why you’re asking for funds. This can help them understand why you’re asking for cash contributions, and let them still feel helpful.
Keeping costs down
Now for the savings part, which can be incredibly tricky when it comes to planning a wedding. Just mention the word “wedding” and suddenly costs seem to rise astronomically. So cutting back on costs can be quite difficult.
When it comes to cutting costs however, you first need to come up with a must-haves list and a nice-to-have list. For instance, guests may not notice if you made decorations yourself if you were planning on some drapery. Flowers can be quite costly, so consider just opting for bouquets for the wedding party. Then, you may want to focus on what guests will really notice, such as good food and a great DJ.
Some other options you may want to consider to keep costs down are renting dresses and suits for the wedding party. Further, if you’re looking for a wedding dress, consider a vintage option or buying second hand. All this can add up in the end, just make sure you do not cut back on the service, and always tip your providers!
Be grateful
Finally, make sure that once you’ve put all this into place, that you tell your guests over and over again how grateful you are that they came to your special day. That special day will become all the more special now that you have some cash on hand to put towards your future.
And when all is said and done, that cash could certainly create some significant funds. For instance, newly weds may want to consider a company such as Brookfield Asset Management (TSX:BAM) if they want diversified assets, while also bringing in dividends.
BAM stock just increased its dividend after reporting a profit of US$95 million during its latest quarter. This was a whopping 19% dividend increase that investors can grab after the raise. Meanwhile, shares are up 15% in the last year, offering even more growth and passive income towards your future.
