You are contemplating the idea of your wedding, newly engaged, or engaged for a while; it does matter as everything that counts for you right now is to get married. You have announced the big event to your family member and close; you have even posted it on Facebook. You had your fair share in celebrating the event, but now the real thing is coming, and you will need a lot of preparation.
You will also need a lot of money because let us be honest, a wedding costs a lot. You will need to talk about the wedding budget to your partner and discuss what should be planned.
Most of us have a picture-perfect idea of THE wedding; the venue, dress, decorations, even the bridesmaid, but I am not trying to shatter your dream; these things cost a lot of money, and you want to set realistic goals to avoid an after-wedding bankruptcy.
According to a wedding expense survey, 74 % of engaged couples would be in debt due to their wedding. That’s not a nice way to start your financial life as a married couple, and having a clear understanding of what you can genuinely afford can help you avoid becoming a statistic. Plus, you can still have fun and stunning wedding on a budget.
I guess you do not want to be part of this 74%; that’s why we have gathered some tips and tricks to allow you to have an elegant and dream wedding while being on a budget.
1. Create A Budget
I think that this is one of the most obvious things, but many people bypass this step, which will ruin them. It is important to carry on research before planning your budget; some people underestimate the cost of many things that end up going above their budgets by thousands of dollars. Some people even go $ 10,000 above their budget; isn’t that crazy?
How Much Can You Afford?
Talk to your partner and see how much you can both afford for this wedding; once you have an initial rough number (that will definitely change afterward), you can begin breaking down what you will need to pay for.
In this case, we will take the average amount spent on a wedding which is $ 20,000. This is only an example you can adjust according to your need and spending capacity.
These are the item you want to include in your budget; venue, cake, food, décor, wedding attire, rings, entertainment, invitations, transportation, and insurance.
The venue, cake, food, and décor will take around 45 % of the budget; this is the biggest part of the marriage. Other categories will take anywhere from 5 to 10 %; it depends on their importance to you. Examine the budget breakdown you’ve generated for your wedding. Consider prolonging your engagement if it appears like funding for your wedding will be difficult. This is a fantastic approach to reduce the amount of money you’ll need to save each month while still having fun preparing.
It’s critical to keep track of your wedding expenses to ensure you remain within your budget. To keep track of all spending, use your wedding budget spreadsheet. Hair accessories, place cards, and cake toppers may quickly add up, so keep that in mind.
Couples in debt after the wedding are those who draw from their other fund, you will need to save for the big day, and you will need to sacrifice some important items to respect your budget.
Keep in mind that there are a lot of things that will happen after the wedding, do not think about the day only, there will be the honeymoon, shopping and all other things so do not go broke for you weeding and find it impossible to live afterward.
Do not, I repeat, DO NOT draw money from your emergency fund. A chocolate fountain is not an emergency, and you could get married without it. It is not a necessity; it is mere want.
You will want to read our part two, to understand the ways to alleviate your wedding expenses.Let us know in the comments what do you think about budgeting for your wedding…