Justin Bieber and Hailey Baldwin are taking their time when it comes to wedding planning, a source tells ET.

Bieber proposed to Baldwin earlier this month during a romantic Bahamas getaway, and the source says the two are now "enjoying their engagement."

"Justin had been planning to propose to Hailey for a couple weeks before he finally did, and he's relieved that weight has been lifted off his shoulders," the source says. "Justin and Hailey are enjoying their time as a newly engaged couple."

Shawn Mendes Says He Texted Hailey Baldwin Following Her Engagement to Justin Bieber

As for their upcoming nuptials, the source says the couple may have two locations -- the U.S. and Bieber's home country of Canada -- but definitely don't want the occasion to be over extravagant.

"Justin and Hailey have been telling friends they want to have a smaller wedding, with close family and friends, nothing too over the top," the source says. "The couple has discussed where they would have their wedding, in either Canada or somewhere in the States (NY or LA). They've thrown around the idea of having it in possibly both, but it's still the early stages of planning. Justin and Hailey are trying to enjoy the excitement of engagement before fully diving into wedding planning."

According to to Kim Basinger -- who is the ex-wife of Baldwin's uncle, Alec Baldwin, and the mother of her cousin, Ireland Baldwin -- Baldwin has already chosen her bridal party.

Justin Bieber Shares Steamy Pic of His Hot Tub Make-Out Session With Hailey Baldwin

“[Hailey’s sister], Alaia, and Ireland, they’re in the wedding," she told Us Weekly. "So, believe me… it’s cool!"

Meanwhile, one person aiming to get an invite is "The Hills" star Spencer Pratt, who was baptized by Baldwin's father, Stephen, when the two were on "I'm a Celebrity...Get Me Out of Here!" season two together.

How Justin Bieber Picked the Perfect Engagement Ring for Hailey Baldwin (Exclusive)

“I was telling my weight lifting coach, 'God, I wish I stayed in more contact with the man who baptized me in a Costa Rican river on a reality show, because I would be going to the JB/Hailey frickin’ wedding,'” Pratt told ET at the DailyMail.com and DailyMailTV Summer Party last week. “I’ve been DM’ing him like, ‘Hey, hey.’”