The time has come—you’re getting married!
Finally, your partner popped the big question and you have accepted the wedding proposal. From then on, you are an engaged couple, due to be united in marriage. Once you say, “I do,” you’ll enter a new phase of your life.
Anticipating what’s to come in the future as a married couple is undoubtedly exciting! After a proposal, wedded bliss must be clouding your mind—visions of the life ahead you’ll build together with your spouse-to-be.
Your emotions must be a whirlwind of happiness, thrill, and everything in between. Of course, who wouldn’t be elated after receiving a proposal? However, before being carried away by dreams of married life, you must bring yourself back down to earth for the less than pleasant part of weddings: planning it!
The Nitty-Gritty of Wedding Planning
Traditional or multicultural wedding ceremonies often bring people to tears. Well, who wouldn’t tear up at the sight of two people baring their hearts out and promising to stand by each other until death? On the other hand, wedding planning also leads to crying, except due to either frustration, stress, or even both.
Wedding planning is not fun. Unfortunately, you can’t montage your way out of this, as the movies do—you must involve yourself in every minuscule detail and go into every process to ensure that you’ll have your dream wedding.
The road to a beautiful wedding will be long and arduous and may even bring out the worst in you and your partner. However, although planning a wedding will not be easy, you can make things less complicated by having a budget and reviewing your wedding traditions to include.
The Importance of the Wedding Budget
There is nothing worse than having to pay off loans at the beginning of your marriage—it’s not exactly the best way to start the new chapter of your life, is it? As such, it’s crucial to create a wedding budget before planning anything out so that you won’t be greeted by a heavy financial burden.
With weddings being considerable investments, costing an average of $28,000, it’s no wonder some couples hesitate to shell out money for an official ceremony. There’s nothing wrong with having a simple courthouse wedding, but those who have big ambitions for their special day may have a challenging time making sacrifices.
Fortunately, you can still have a beautiful wedding without financial instability being one of your marriage woes! A lot goes into a wedding and having a budget will help keep you from spending more than what you can afford. Even though the costs will add up quickly, you can rest assured that everything will be within budget.
But, how do you create a budget for your wedding?
Planning Your Wedding Budget
Creating a budget isn’t fun, especially when it’s for such a big event as a wedding. However, your budget is necessary for guaranteeing that you plan your wedding successfully while also keeping your expenses under control for a positive mindset towards your wedding.
To get started on creating a wedding budget, follow these tips:
1. Count Your Cash
The first step to setting a wedding budget is determining how much money you and your partner have. Your budget will depend on three sources of money, which are:
- Your Individual Savings
Rather than simply checking the number on your bank accounts, you and your partner must set aside a few months’ worths of living expenses in case of emergencies. After you’ve subtracted your emergency funds, the total is how much you can spend for your wedding.
- Contributions From Loved Ones
Some parents are willing to shell out some money for their child’s wedding, but you shouldn’t expect yours to provide financial support without asking first. Having expectations that your family didn’t know you had will only harm you and your relationship.
Don’t hesitate to talk to your loved ones to clarify whether or not they want to help cover the cost of your wedding. This way, you can plan out your budget accordingly and avoid problems later on.
- Money You Can Save From Now Until the Wedding Day
Besides your current savings, you may also increase your budget while saving up a portion of your earnings each month moving forward. Consider canceling memberships and paying off loans to increase your savings and avoid financial troubles while planning for your wedding. It may also be advisable to consult a good accountant that can offer financial advice.
2. Determine the Actual Wedding Costs
Most are aware that wedding planning involves buying a wedding dress, choosing a diamond for the ring, picking flowers, and creating a menu, but you’ll realize that there’s much more to wedding planning once you get started on it.
Wedding expenses can add up quickly—the next thing you know, you have a hefty bill to foot! To keep from going above budget and know the total price to expect, include the actual costs of your wedding ceremony.
The scope and scale of your wedding will significantly impact the total cost, so you may want to consider a smaller and simpler ceremony if you want to save more.
3. Set a Spending Limit
What’s the highest number you’re willing to spend on your wedding? Of course, just because you think you have more than enough money for your wedding, doesn’t mean that you should spend it all. If your goal is to save on wedding planning, then determine what your spending limit is.
A wedding budget is crucial to having the wedding of your dreams. Determining your wedding budget will be hard work, but your efforts will be worth it in the end! Once you have a wedding budget, planning will be much easier, and you’ll be able to invest in your happy ever after.