Setting your wedding budget should be the first thing you do together as an engaged couple. It will help you with your planning and encourages you to focus on your finances together (a good practice for when you start your married life). Before you spend a cent you need to know how much you can spend and stick to it.
Remember, how much you spend isn’t a reflection on how much in love you are or how strong your marriage is going to be. Only spend what you can comfortably afford otherwise your day will be tainted by the pressure of paying it all off. Not sure where to start? Don’t worry; follow these five easy steps to calculate your wedding budget…
1. Forecast what you can save
Sit down together and work out how much you can both realistically afford to put by each month towards the wedding.
2. Discuss money with future in-laws
Now is the time to talk honestly with your families and discuss whether they will be able to contribute to your big day. Gone are the days where the bride’s family paid for the wedding. It is now customary for both sets of parents to contribute if they can. It is a tricky subject to raise for some people, but you need to know up front whether they will be able to contribute to your wedding budget. If they can, make sure you get an exact dollar amount so you know where you stand.
3. Research vendors
It is really important to get quotes before setting your wedding budget. Don’t underestimate how much things cost, especially when the word ‘wedding’ is mentioned.
4. Write a detailed cost list
List all your wedding items with the vendor and estimated cost and tally everything up.
5. Get out your calculator
Add up the total contributions and add an extra 10% for any unexpected costs or overspends. This is your wedding budget target. See how this compares to your cost estimates and make adjustments as necessary. Don’t panic, there are many ways to save on your wedding budget if the numbers aren’t working out.
Once you have set a budget, it is really important to stick to it.
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