The wedding date is set and you are officially ready to start planning one of the biggest days of your life. You are off to a great start, but where do you go from here? Before you drown in the details and the to-do’s, let’s talk budget. More importantly, how you can manage it!
Determine your Budget.
Weddings can be expensive and sometimes debt can become overwhelming, which is not exactly an ideal way to start your marriage. Look at your weekly spend and make sure to only save enough money as you can comfortably live without. Don’t deplete your savings! Factor in contributions from parents or other family. Additionally, if someone offers to pay for a specific event, confirm their budget before you plan.
Utilize Resources.
With so many online resources and templates managing your budget couldn’t be easier. We recommend the “Wedding Budget Template” free download through Excel. Utilize the template any time you make a purchase towards your wedding. Every dollar adds up and this will help keep you organized and on-track with your spending.
What’s Important?
Start by deciding which aspects of your wedding are the most important. By breaking down the budget based on significance, allocating funds will be easier. Most couples spend a large percentage of their budget on their venue. In this case, let’s plan on the venue being 40% of your budget. Once the most expensive element is accounted for, you can continue to break down the remainder of your budget according to importance. By following this process you’ll eventually find the things that aren’t as imperative and perhaps cut them out if the budget doesn’t allow.
Read the Fine Print.
You’ve probably read the skinny of contracts, emails and all the paperwork you receive. Though it may take more time, reading all the details will add up to a well accounted for budget. Does the cost of your venue include a service fee? Is a tip factored into your bar package? These details may seem trivial, but they will have a big impact on your budget.
Manage your Money.
Want to keep an eye on your spending? Open up a checking account specific to your wedding. By doing this, you will be less tempted to make every day purchases with your designated funds. Apart from keeping that money ‘safe’, all transactions made in the account will be wedding related. You won’t have to go shuffling through hundreds of transactions to find a proof of payment like you would when using your general account. Additionally, if you have been gifted funds you can put them into this account to keep separate from other savings.
Expect the Unexpected.
Include an emergency fund in your budget. Did the groom’s shoes go missing? Did you discover a rip on your gown? By being prepared for last minute instances, you’ll be less panicked by an unexpected expense.
Ways to Save.
The best way to manage a budget is by taking advantage of deals. Things to consider: Check with your venue to see if a certain day or time of year would be more affordable. Avoid outside fees by using a preferred vendor. Re-purpose décor used for your ceremony during your reception. Forgo the small details—would anyone notice if you didn’t have it?
See More: 5 Reasons to Host a Destination Wedding vs. Stateside
