News: Planning Your Dream Wedding

Plan for Your Special Day with Texas Bay!

Wedding bells are ringing, and love is in the air in Houston, Texas. Yet, as enchanting as it may be, planning your wedding requires not only passion but also financial know-how. With Texas Bay Credit Union by your side, your journey towards "I do" can be as delightful as you have envisioned it.

Your wedding is a significant life event and it can be quite an investment. While you might be inclined to focus on the romantic aspect, a practical and fiscally responsible approach can ensure that your wedding doesn’t lead to financial distress.

Setting A Budget

Establishing a budget is your first step. With this blueprint, you'll have a realistic understanding of what you can afford. You'll also be able to allocate funds effectively to different wedding components like venue, attire, catering, and photography.

Understand where the money goes.

A typical wedding budget breakdown is:

  • 40% Venue & Catering
  • 15% Photographer/Videographer
  • 10% Music/Entertainment
  • 10% Flowers
  • 10% Décor
  • 5% Attire
  • 3% Stationery
  • 3% Transportation
  • 2% Favors/Gifts
  • 2% Cake

Of course, not all wedding budgets are alike, so the above is just an initial go-by. Sit down with your significant other and discuss details, such as:

  • What type of wedding do you want… formal, casual, or destination?
  • What are the priorities… elegant venue, high-end catering, designer gown, or open bar?
  • What can you afford? Look at what you can save before the wedding (think long engagement). Can you get a temporary part-time job? How will you finance the balance? If financing, how much can you afford in monthly payments after the wedding?
  • After the wedding, do you have any immediate plans to purchase a new home or start a family?
  • Is anyone helping to pay for the wedding? If so, how much?
Adjust your budget accordingly.
Consider hidden costs:
  • Vendor taxes and gratuities are not generally included in their initial quote.
  • Vendors need to eat, too, and it’s not unusual that they ask for meals.
  • Uninvited guests.
  • Marriage license and name change fees.
  • Tastings, trials, and fittings of food, entertainment, and attire.
  • Overtime. If you’re going to party until the wee hours of the morning, plan on the venue and vendors charging extra for it.  

How can you save money on a wedding?

  • Schedule it for the off-season or a day other than Saturday.
  • Have a cocktail or brunch reception instead of a sit-down meal and avoid passed hors d’oeuvres.
  • Host the ceremony and reception at the same venue. This will cut down more than just the venue cost – consider transportation.
  • Choose a naturally beautiful venue, such as a botanical garden, where you don’t have to decorate much.
  • Ask vendors for package deals that may cover other elements of the wedding. For example, asking if the DJ can provide the dance floor or lights.

Track your spending.

  • There are all kinds of free wedding budget planners and templates online.
  • Track everything! Even the smallest purchases can add up and cream your budget.
  • Enter expenses and check costs against your budget regularly. Adjust as needed as you go along.

At Texas Bay Credit Union, we offer personal financial management tools to help you develop a budget and track your spending. Remember, the goal isn't to spend the entire budget but to maximize the value for your money while planning your dream wedding.

Saving for Your Big Day

Starting to save early is an excellent habit. You might have heard of the adage, "Save before you spend." It's applicable even when planning your wedding. The sooner you start saving, the less financial stress you'll encounter as the wedding day approaches.

Take a look at our Certificates of Deposit (CDs), which offer competitive dividend (interest) rates and a variety of terms. This way, your savings will grow, and you'll reach your wedding budget target faster.

Check Out a Wedding Loan

If your savings are not sufficient, a wedding loan could be a viable option. A wedding loan can cover larger expenses such as booking the venue or the caterer. Texas Bay Credit Union offers Personal Loans with flexible repayment terms and low-interest rates. We are here to help you celebrate your big day without compromising your financial health.

Consider Using a Credit Card for Wedding Expenses

There's no denying that wedding expenses can add up quickly, from the venue to the decor, catering, and more. The average wedding held in 2022, including both the ceremony and reception, cost $30,000. This is where the strategic use of a credit card comes into play. If managed correctly, it can be a beneficial tool for organizing your wedding finances.

Opening a credit card for your wedding expenses can offer several benefits. Firstly, it helps to separate your wedding-related expenses from your everyday spending, making it easier to track costs. Secondly, many credit cards offer rewards or cash-back on purchases, which could be a savvy way to earn while you spend… think honeymoon!

At Texas Bay Credit Union, we offer the Platinum Rewards Mastercard tailored to meet your financial needs. For example, it allows you to earn points for every dollar you spend. These points can be redeemed for travel (honeymoon), merchandise, gift cards, or cash back, giving you extra value for your wedding purchases.

Financial Planning Beyond the Wedding

As you're planning your wedding, remember to think beyond the big day. Establishing a solid financial foundation for your future as a married couple is vital. Consider things like buying a house, planning for children, retirement, and managing shared expenses.

Texas Bay Credit Union’s Financial Service Representatives can assist you in setting financial goals and making informed decisions. We offer a FREE Financial Wellness Check, where we’ll review your finances with you and develop a plan to reach your financial goals. Moreover, we offer a variety of products such as Joint Checking Accounts, Mortgages, Auto Loans, and Retirement Savings Plans, which can help you start your married life on solid financial ground.

Have Texas Bay Credit Union Help Navigate the Financial Aspects of your Wedding Day

While planning your dream wedding, remember that financial preparation is as important as choosing the perfect venue or the most beautiful dress. Texas Bay Credit Union is here to help you navigate the financial aspects of your wedding planning with our comprehensive products and services.

Our approach is centered around understanding your unique needs and providing customized solutions. We are committed to helping you make your dream wedding a reality, all while ensuring your financial well-being.

So, when you hear the wedding bells, don't let financial worries dampen your joy. Embrace the love, and the celebration, and let Texas Bay Credit Union take care of your financial journey toward saying "I do".

Make the first move toward your financial planning by contacting one of our representatives today. We’re excited to be part of your journey!