simple wedding

2008 is ending with an economy that’s standing on shaky ground. Companies are looking for ways to reduce potential losses for the next fiscal year, and what this means for your wedding budget is that there might be a rise in fees and a reduction of services. Here are some things you need to look out for:

Credit cards

Look closely at your monthly credit card statement and pay attention to the little extras they send along with your bill. The terms of your credit card agreement might change next year, so look carefully at the annual fee, interest rate, and late fee terms and see if any changes are made in those rates. Credit limits might also be lowered.

Qualifying for a new credit card will also be more difficult, especially when your credit record isn’t good. Don’t rely on getting another credit card to help pay for your wedding, especially if you’ve already maxed one out.

Jewelry

As the economic gloom looms over the holiday season, start canvassing at chain jewelry retailers or small independent sellers for good deals on engagement or wedding rings. The price of gold is dropping and jewelers are desperate for sales. Christmas and New Years is usually when big engagement events happen, so there might be some good discounts going on.

Be careful about buying jewelry from stores that are going out of business. All sales are final and you’ll have no chance of getting your money back if there’s a problem with your ring.

Pawnshops are also doing great right now and might have an increased inventory of engagement and wedding rings at low prices.

Wedding Services

Wedding vendors feel pressure in this time of economic trouble too; like everyone else, they’re just trying to survive. Find out a little bit more about your vendors before deciding on anything. How long have they been in the industry and have they weathered economic storms in the past? Ask around for their reputation. Be wary of vendors who offer steep discounts that are out of line with their normal price range, poor customer service (e.g. evading answers to simple questions, not returning phone calls), vague contract wordings, and recent staff reductions.

You can protect yourself from economic uncertainty by getting your personal finances in order, like resolving your debts, setting an emergency fund, and cutting back on unnecessary expenses. Together with your fiance, make a list of what’s important to each and both of you on your wedding day and create your budget accordingly. Planning a wedding can be an emotional process and it’s easy to get caught up in the romance of it all, but at times like these it’s important to be practical and to make financial decisions that will be good for you and your partner in the long run.

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