How to Set a Wedding Budget

How to Set a Wedding Budget

You finally met the man of your dreams and you’re engaged. The excitement will take you right into the wedding-planning process. Once you begin planning the big day, you will quickly realize that weddings cost a lot of money.

You don’t want to spend every dime you have and it’s easy to go above and beyond what you really need.

Before you get ahead of the game and spend what you don’t have, it is important to sit down with your fiancé and work out a wedding budget. It won’t be as fun as the engagement or the wedding, but it’s a necessary part of the process.

Here are a few tips to help you get started.

Who can chip in?

Before you set a budget, you need to know how much money you have available to you for the wedding. You will need to know a specific dollar amount so you have a starting point.

If no one has brought up the issue of money, as uncomfortable as it is, you’ll have to do it yourself.

Talk to your family and his family and see if they are willing or able to chip in for the wedding. If there are others that might potentially chip in, check with them as well.

Plan to save

If you are on your own, or simply need more money than your families can provide, look at your own incomes and see how much you can save between now and the wedding day.

Putting aside money form each paycheck can add up and is a great way to get the items you really want for the big day. Keep in mind that you might also want to save for a honeymoon or even a down payment for a house.

Start researching prices for everything

Before you crunch too many numbers, you should do a little monetary research. Having an idea of the basic costs of the items you want and need will help you with the budget planning process.

  • How much do photographers cost?
  • Do you want a DJ or a band and what do those cost?
  • Flowers, wedding dress, invitations, limo rides…

Get down some of the basic costs so you know what numbers you will need to add up within the budget. Go grand and you can always cut things out later.

Create your budget

Once you have an idea how much money you can possibly come up with, you will need to start adding and subtracting to get a budget put together.

It is a good idea to add 10 percent to any number you come up with so you can go over when necessary.

Decide how much you are willing to spend on every aspect and then start searching for items that match your criteria.

Finally…

Planning a wedding can be a lot of fun.

Laying the budget out beforehand may not be the most fun aspect of the process, but when you do it right, it can help with expectations along the way.

Your wedding is a very important day and you want to make sure you and your future spouse line up the money aspects so the rest can fall into place with ease.

 


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