I agree – the overall morale of the country/world is down. I have come to realize that no job is completely safe – having gone through the internet bubble burst in the late nineties, early 2000’s I was in constant paranoia of getting laid off.
That feeling has returned, and I feel the stakes are higher this time because I have mortgage payments and we are paying for the wedding ourselves. I joke with my FH that just our luck that we decide to get married in an economic downturn!
I did my wedding budgeting by working backwards, I came up with my number and then broke it down by month on how much we would need to stash away. We also came up with a realistic "cost of living/come to Jesus" moment on how we could live to meet our budget. Less eating out, no sporting events, more budget conscious living decisions.
The way I’ve approached handling the uncertainty and stress is acknowledging that getting married is the true end game – having the celebration/party can always come later. Getting married comes down to going to city hall – mega cheap.
Currently I’m still moving forward with my original wedding plans, but came up with a "wedding lite" budget – going vendor by vendor what I can cut.
In wedding lite, photobooth, favors, candy bar, shuttle service, Out of Town hotel bags all get nixed. I am also looking by vendor on what can be downsized – number of hours for photo coverage, smaller flower budget, moving to passed appetizers versus a full meal, limiting my alcohol choices (in wedding lite it’s only beer and wine).
Another area to consider is to cut the guest list or put restrictions on the +1s (ie-only allow the +1 if they are married or have been dating for 6 months).
My advice if the wedding/reception will go on no matter prioritize your wedding vendors/purchases. Is photography at the top or is the food more important to you? Each bride/groom will have a different opinion but you want to pull off a wedding that isn’t going to cause hard feeling between your FH or your family.
I also looked at my sunk costs (ie-deposits) and am considering how much I would lose if I did postpone the reception.
I would avoid using credit cards to pay for wedding expenses. One way to work the system if you don’t have immediate funds to pay for a vendor is to use the credit card, but then open a new credit card that has a promotion 0% interest on transferred balances. You may have to pay a fee based on the total you transfer, but this will be much less than monthly interest you would pay with a high interest rate card – usually the fee is maxed out at $199.00.
Hang in there – I think many of us are feeling the same anxiety!