{ luxe on a budget, with TD Bank }

TD Bank is like that shades-of-green oasis – recognizable in every city – and literally just about always open! I’ve been banking with these fab folks both personally and for business for almost a decade so when they contacted me to share their Wedding Planning Splurge vs. Save report I knew it would fit seamlessly into WeddingGirl’s longstanding belief of luxe on a budget.

Say yes to the budget: here’s how to avoid ‘bridal remorse’.

There’s no question that engaged couples squirm most at one query:

… “What’s your budget?”

TD surveyed Canadian Millennials and found that one third of them admit to overspending on their wedding plans, on average by 55 per cent. And, I mean, it makes sense – weddings are an emotional time… but vendors know this. With no less than a dozen vendors that the average wedding brings on board, those margins add up fast – and your budget can plummet just as quickly.

The months leading up to your wedding day are an exciting time filled with love and anticipation. To say that they also take a toll on finances (and your relationship) is often an understatement.

One in five Millennials will go in to debt for their “I Do’s” and over forty per cent admit that the financial aspects of their wedding day plans caused stress in their relationship.

“Planning a wedding is often one of the first times couples budget together on a significant expense, which can add stress to an already stressful time,” says Shirley Mallow, Associate Vice President, Every day Banking, TD Canada Trust. “To keep spending – and stress – in check, work together upfront to determine how much you’re comfortable spending, then build a budget and track all wedding-related expenses against it to avoid a surprising total after your big day.”

The TD survey, and wedding planners alike, find that it’s food and beverage where the most over-spending happens (52 per cent) – which makes perfect sense as this is typically where you’re spending 50-60 per cent of your overall wedding budget to begin with! Decor is the next culprit for over-spending at 31 per cent, and attire rounds out in the third spot at 28 per cent.

Toronto-based wedding planning expert, Rebecca Wise, has crafted the following wedding vows that you should be exchanging the instant the love of your life puts a ring on it:

We vow to set a budget.

Looking for ways to calculate realistic budget limits? It can definitely be overwhelming with all those vendors you need to book: venue, attire, catering, photography, florals, décor, etc. TD actually created an online saving and budgeting tool that can help you track your expenses!

We vow to track our spending.

I get it – it can be super easy to fall in love with that oversized birdcage at the antique store and convince yourself that you just have to have it on your receiving table… but if you buy it, just jot it down! Nearly one quarter (23 per cent) of Millennial Newlyweds say they don’t know what they spent their wedding budget on. Tracking expenses is an easy way to stay on top of spending and it prevents you from forgetting you bought that feather pen twice already! Use TD’s money management mobile app, TD MySpend, to keep track of where your nuptial dollars go.

We vow to shop around.

You should never feel pressured by any vendor, to make an impulse decision. They will tell you that they have limited dates left. They will tell you that another couple contacted them for your date. I promise you, vendors are in large abundance – and if any one of them is pushing you to book, you can simply choose to look elsewhere. Research trunk shows and sample sales to save on frocks. Consider consignment or renting garb instead of buying it new. Use the old-school approach of “something borrowed” for cufflinks and jewellery to save a few bucks and amp up the sentiment factor.

We vow to save where we can.

Wise suggests saving on decor by alternating between elaborate and tall floral centrepieces and simple, low ones. Not only will the variety create a stunning aesthetic drama in your space, it’s cost-effective as well! Alongside florals and decor, it’s food and beverage where couples spend most. Wise suggests limiting your bar during cocktail hour to only beer and wine, or a passed signature cocktail.

We vow not to compare ourselves to others.

Social media is an amazing tool for collecting boatloads of wedding day inspiration. But this constant comparison leads to unrealistic expectations and a huge temptation to overspend! Wise stresses that every couple is different and if you are going to splurge on anything, do it on elements that make your wedding to stand apart. Spend on something unique like a late night food station featuring your favourite dish, or an acoustic guitarist to play your favourite song live as you walk down the aisle.

We vow to think ahead.

Yes, your wedding is allegedly the BIGGEST DAY OF YOUR LIFE – but to be fair, the marriage you’re embarking upon will be chock-full of really big financial decisions as well. Commit to being open and honest with each other about your finances and take the time to ‘unpack’ any financial baggage together; the earlier, the better.

A few additional money-saving tips from Rebecca Wise:

“Rent a cake pedestal to increase the height of your cake without increasing its price, and select in-season flowers that don’t need to be imported.”

TD’s Malloy adds, “Weddings are one of life’s biggest milestones and can come with a big price tag, but through smart budgeting and saving strategies it’s possible to celebrate the big day and start a new life together putting the right financial foot forward.”