Your Michigan Bank Can Help!
The delays and cancellations of 2020 and into 2021 have affected every area of life. People postponed medical appointments and vacations, rescheduled family reunions and business meetings. Only 40 percent of planned weddings featured a ceremony and reception in 2020, with many shifting plans until 2021. Now, halfway through the year, momentum with weddings is beginning to pick up. And although large weddings with hundreds of guests might not be possible in 2021, getting married with family and friends in attendance, still remains a worthwhile goal and requires a significant financial investment.
Industry data suggests the average wedding will cost around $30,000 in 2021, and even with some financial support from parents, more than half of couples will outspend their budget. As your local bank in Michigan, we understand that marriage is one of life’s significant milestones and have several tips to help lessen the financial stress of wedding expenses.
- Apply budgeting tactics to help decide how much you can afford to spend on your wedding. Review your current monthly income, expenses, and the amount you're saving. Talk with your partner about costs you could cut to allocate more to your 'wedding savings,' or shift a portion of your monthly savings into a 'wedding fund.'
- Decide how you'll make your day memorable, from the venue to the food, entertainment you'd enjoy, and the number of guests you'd like to invite. Think about trade-offs you're both willing to make while still having the wedding of your dreams.
- Get creative with your plans. For example, with Saturdays being the most popular (and expensive) day for weddings, consider a Friday evening or Sunday event. Depending on the season, think about an outside venue that could give you a reasonably priced, larger, and more comfortable space for more guests and social distancing if that’s important to you.
- Consider a Michigan honeymoon! Proximity to miles of beaches along Lake Michigan, picturesque overlooks along Lake Superior, and the historic beauty of Mackinac Island offer many affordable places to celebrate your marriage.
- After deciding on the amount you can reasonably save every month, calculate the time it will take you to reach your goal. For example, if you can save $400 monthly, you’ll have almost $10,000 saved in 2 years. Since the average cost of a wedding in Michigan is $21,000, you may need to align your plans accordingly.
- Talk with your local community banks in Metro Detroit, Ann Arbor, and Grand Rapids about earning more on your savings with a Money Market account or a Certificate of Deposit. Both savings tools offer you flexible terms to align with your goals and have low minimum opening deposit requirements.
- You may also qualify for a personal loan to help pay for expenses. Most Michigan banks offer financing with flexible terms and competitive interest rates to support your plans.
When you’re ready to celebrate the love and commitment you share with another, the team at Level One Bank is here to support your dreams. For more information about our savings programs or personal loans, contact our customer service team or visit one of our local branches.
Weddings are wonderful, but they don’t have to be expensive. Marriage is about love, not dollar signs.
- Dave Ramsey