Setting a wedding budget is a smart way to track expenses while planning your wedding. This way, you will avoid financial difficulties before and after the wedding. Surprisingly, this is one of the secrets to a perfect wedding. After all, no one wants to start a new life together indebted to anyone.
Here is a practical step-by-step guide that will help you to plan your big day smoothly.
Look realistically at your finances
If you and your fiancé cover most of the costs of the wedding, think about how to contribute to the budget without falling in red.
Money is a delicate matter – being honest and open about how much to spend on your wedding will not only prevent confusion but will also lay the foundation for solving financial problems after marriage.
Create a wedding budget
Typically, friends, family members, and even colleagues can contribute their funds to your big day. If you have an idea of what this contribution will amount to, as well as what you and your partner will be putting together, the next step will be to plan a wedding budget.
To get started with wedding budgeting, ask yourself the following questions:
- How much can you and your fiancé realistically and comfortably spend if you pay all the actual costs you have to bear?
- How much can you save from now to your wedding based on your monthly income?
- How much, if any, can you responsibly deduct from your existing savings account?
Estimate your personal wedding budget based on the answers to the above questions. Then add more financial contributions, and you have your standard wedding budget.
Avoid a huge guest list.
Although you may want to put all your friends on the guest list, this is not always a good idea. With each added guest, you add extra costs, and your wedding becomes more expensive.
This is a trap most couples fall into when planning a wedding, as the guest list will grow and grow to the point that you will lose track of who is coming to your wedding.
To save as much as possible, try to invite fewer people and make the event more personal.
One major aspect of planning a wedding is choosing a wedding venue. The venue of your wedding is not only an important factor for the atmosphere but also expenses.
If you are getting married in the city where you live, you should try to find a place near where you live, even if you have to pay a little more for it. This way, you will save on the costs of transporting people to and from the wedding venue. Here you find a list with wedding venues that are relatively cheap but still look stunning.
Another thing you can do to save money is by changing the time of day and length of stay, or you can simply book out of season. If this is not possible, then you can reduce costs by planning the wedding for some time in the early evening or on a Sunday.
Resist the temptation to splurge
You want everything to be perfect, but not at the expense of a small fortune. Studies show that 28% of couples go into debt when they get married.
While it is okay to pay premium rates for some of the vital wedding needs, you must remember to spend your money well so that you and your spouse will not starve when you finally make it home.
Remember to make smarter purchases when choosing wedding items, and you’ll soon find out a lot of cheaper alternatives.
Murphy’s law states that anything that can go wrong will go wrong, and this includes weddings. In fact, it’s rare for a wedding to take place with one hitch or another. Therefore, don’t stress yourself. You should plan ahead, anticipate a few problems, but don’t let anything cloud your special day.