6 Steps for Setting a Wedding Budget
Let's face it - Setting a wedding budget and maintaining it is hard work.
And not everyone is budget friendly, right?
But still, setting the essentials of your wedding day into a spreadsheet is a smart way to keep your finances in check during your wedding planning.
If the thought of this scares you, don't worry, we can help you with that!
1. Take a Hard Look at Your Bank Accounts When Setting a Wedding Budget
Chances are, you and your fiancé are handling the bulk of your wedding costs, or you likely wouldn't be reading this. The first step is to figure out how much you can both contribute without straining your finances. After all, starting a new marriage in debt casts a shadow over what should be a joyous time in your life.
2. Be Choosey with the Guest List When Setting A Wedding Budget
This is the hardest part - trimming your guest list to match your budget. The fairest way, in our opinion, is to let your budget drive your decisions. After all, the budget dictates the quantity of food and space you'll need to accommodate your guests. And finally, it's a no-brainer - the fewer people you invite, the less impact on your budget.
3. Verify if Your Family Will Contribute For Help When Setting A Wedding Budget
If you are marrying young and for the first time, often the parents of the bride and groom will pony up enough dough to cover some or all of your wedding essentials.
That being said, you might be uncomfortable asking your parents for money - so how about asking them to contribute to specific expenses like the rehearsal dinner or the wedding cake?
4. Open a separate "wedding" account to track spending
When setting a wedding budget, this one is optional but may make sense if you are detail-oriented. Consider opening a temporary bank account and deposit to your budget. This way you won't mix your regular day-to-day money with the funds allocated to your big day.
5. Look at Extremes to control spending for your wedding budget
If you have been shopping services and products, you probably already are aware that some wedding essentials are just plain expensive. But knowing where to shell out major money wisely and where to cut costs can save you a lot of money in the long run.
For starters, try putting together a list of services you want to spend more money on, and another list of items you don't mind cutting back from. For example, you may want to hire a pricey photographer who oh-so-perfect techniques are exactly what you want. On the other hand, you may opt for just beer and wine rather than a full bar.
6: Resist the urge to splurge
It's all too easy to ride a pricey wave of opulence when shopping for your wedding. After all, you just want everything to be perfect for your big day, right? Way back in your mind you know good judgment should prevail. For example, you may want to gift pricey Swarovski picture frames to your bridal attendants, but there are always less expensive options that will be just as memorable.
Some people seem to have an allergy to the B word (Budget). Budget symbolizes lack to many people and setting a wedding budget is no different. However, when you work with us, we make your budget fun. It's not about what you can't have. It is about what you CAN have!
The connections and discounts that we will bring to the table will save you tons of cash. We will find creative ways to work within your wedding budget! Contact us right now to see how we can help you.
Looking to learn more about budgeting and creating a healthy money plan for your life? Check out this excellent post by our friends at LendEdu:
Download a personal budget spreadsheet to help you plan a successful budget.