Budgeting for any significant expense can be a challenge. For those who are engaged to be married, it can seem impossible to plan ahead with so much uncertainty looming. However, outlining a realistic and affordable wedding budget is crucial for couples who want to start their marriage off on stable financial footing. Budgeting for a wedding presents a variety of unexpected hurdles, but these tips can help engaged couples start living in wedded bliss without a mountain of matrimonial debt.
Start With a Realistic Figure
Rather than starting with the venue and vendors you want and working backward, try budgeting based on a final dollar amount that works for you. Discuss your financial goals, income, and non-wedding expenses with your significant other to determine how much money you can afford to spend. Start with a conservative estimate, giving yourself a bit of wiggle room so that you can deal with unexpected expenses as they arise. If you have family members who would like to contribute, determine what they would like to pay for and what strings, if any, are attached to the gift.
Work on Budgeting With Your Significant Other
Next, lay out all of the necessities for your big day and the months that lead up to it. You both likely have elements that you or your families would like to include in the ceremony or reception. Wedding planning is a joint effort, and working cooperatively and stating your expectations upfront can make budgeting much more straightforward. Create a spreadsheet or other document to track each item in your budget. Stationery, food, and additional per-head costs can add up fast, so try to hash out a guest list early for a more accurate figure.
Be Thorough and Track Spending
While taking tours and tasting catering options is likely out of the question for the time being, many couples are taking to the internet to learn more about their options. Get as much detailed information as possible to flesh out your budget. You may be able to make some purchases (such as dresses, rings, and some paper goods), though booking things like venues and caterers may have to wait until current events have stabilized. Keep track of each penny you spend, adjusting your final figure as you go. Most importantly, try not to drive yourself crazy trying to get everything just right. Your wedding day is the start of a new chapter with the person you love, and no amount of exorbitant wedding spending can ensure a healthy marriage.
Take Control of Your Finances with EveryIncome
EveryIncome is dedicated to providing our clients with career and finance management tools to help them create a stable financial future. Regardless of where you are in life, our system of tools and guided learning is tailored to fit your specific needs. Take control of your financial health today. Contact the team at EveryIncome online or give us a call at (571)370-5400. For more tips and tricks to foster financial wellness, follow EveryIncome on Facebook, Twitter, and LinkedIn.