Setting a Wedding Budget Is Great Practice for Your future Married Life
Setting a wedding budget is a great way to start your lives together. You should both be part of setting up finances and the choices involved. By having a plan, you won’t exceed your financial means while including all the elements you really want for your special day.
Decide who will pay for the wedding. In days gone by, the parents of the bride and the bride paid. Today, brides sometimes pay themselves but often the bride-to-be and her fiancée share the expenses. The groom’s family traditionally pays for the rehearsal dinner and part of the honeymoon but may choose to offer additional financial support. Be upfront with your parents and find out how much they are willing to contribute. Gently let them know you will be making the final decisions about your wedding and be prepared to pay for your day yourselves if strings are attached to money offered by your families.
Once you know who will pay for the wedding, determine the funds available to cover the costs. Write down this figure and develop your wedding day around your budget. Discuss your dreams, themes and ideas then work within your designated budget to make them happen. The longer you have, the more bargains you will be able to find. Planning a last minute wedding often incurs larger expenses because you simply don’t have time to shop around.
Maintain a wedding binder to write down expenses and keep receipts. Use receipts as proof deposits were paid and to keep track of ongoing expenses. You can also keep on online ledger and comparison sheets on a computer program such as Excel. Compare vendors and maintain a record of what you’ve paid out for your wedding on the computer if it’s easier for you. Have a folder for physical receipts and store it in a safe place.
Get price quotes from vendors. There are several vendors that are likely to be part of your wedding day including a florist, caterer, photographer, music, entertainment and limousine driver. Find out if the vendor has a minimum charge and the estimated cost for your event. Keep the quotes organized in a folder or binder so you can easily refer to them when making your final decision. Shop around for wedding rings, a bridal gown, bridesmaid gowns and tuxedos.
Decide your guest list so you know how many people to budget for. If you want a large wedding, you may have to choose a buffet over a four-course meal. On the other hand, you may decide to have fewer guests and have the lavish dinner. Remember the number of guests also impacts the number of invitations, thank you cards and wedding favors.
It’s your wedding day and you should both be able to have it your way. Discuss your priorities so you can make sure they are covered as you are setting a wedding budget. Review your purchases and decide what is most important. Consider the lasting moments of your wedding that will be with you long after the party ends, such as your wedding rings and photographs. You made decide to spend a bit more on these items and make your own wedding invitations and centerpieces. Avoid trying to keep up with friends or family and make decisions based on your own finances and preferences.
Don’t be embarrassed to ask for referrals from friends or family. Often people are willing to recommend someone they had a great experience with and you may enjoy a discount. Sometimes people have friends or family who are willing to offer their services for less. Even when you deal with vendors you don’t know, barter to get the best deal.
Setting a wedding budget also ensures you are not interfering with your long-term financial goals as a couple. If you max out your credit cards before you even get married, you are already starting with money stresses. Plan a realistic wedding in accordance with your financial circumstances. This type of organization and discipline will help you plan for a house and family in the future.
Remember, setting up a financial plan gives you the experience to handle the larger financial situations awaiting you as a married couple.
