Are you engaged? If yes, congratulations! You may probably be imagining throwing a spectacular wedding
. However, there's a statistic that will take you back to your real senses. According to researchers, an average US wedding goes for about $30,000, not counting honeymoon expenses. Getting the exact numbers on the entire thing might leave you ready to elope. Or perhaps go for a traditional or civil wedding. However, no one should die in despair because you simply need a plan, and you won't be disappointed. Coming up with a realistic budget will help achieve your dreams. Let's read on to get more knowledge about it. Seven crucial steps to follow:
Be frank to your spouse and say how much you can get.
Planning for a wedding already has more than enough pressure in itself. No one wants any additional stressors like anxiety and regrets about the expenses involved. You may likely be carried away by the thought of having a 'once in a blue moon' event, but the best thing is being honest and real. Chat with your partner to know the wedding kind you both prefer. Talk about your expectations and budget. Let them know how much you can afford out of the entire thing. Put down all your earnings every end month and subtract all the monthly payments and subscriptions you can't do without. For instance, rent transport, food, among others. The remaining amount should be planned on how to save for the wedding.
It's recommended that you open a separate bank account for such savings. After that, allow an automatic transfer immediately when your salary is paid. Moreover, you may opt for a loan
Can you get contributions from willing friends or family?
This step sounds tricky, but you could have a money conversation with your parents earlier. Please stop expecting that the bride's family should be in charge of everything. If both sets of parents are willing to support financially, let them do because it'll be worth it. Apply some etiquette in your language when talking to them. Inquire if they'd like to be a part of the wedding plan
. From there, you'll be able to tell when they mention money or accept your request. Remember to show your humility and gratefulness for their involvement. Showing appreciation by saying thank you will mean a lot and might ease you during the entire stressful journey.
Write a guest list
Did you know that your guest size on the list is an excellent determinant of the much you should aim at saving? If they range between 20 and 50, find out from a restaurant or pub to get a smaller space fitting the number. Doing that would mean a lower price. Many venues have rooms accommodating between 50 and 100. Do your research to identify how much they cost, including meals per head or buffet. If you're not ready and don't want to make direct contact for inquiries, you can visit their websites to check their online price lists. Suppose it becomes clear you can't afford the expenses, either cut down the list or give yourselves more saving time.
Remain with at least 10% of your budget
After working out almost everything in the budget, it could be financial help from family or other sources, but it's merely an estimation. Be sure that smaller things might pop up, ones you didn't expect. That's why it's vital to have a contingency fund untouched. Have around 10-15%, and act like it doesn't exist. For example, if your budget amounts to $30,000, your planning should range between $25,000 and $27,000. What if the booked cars fail to turn up on D-day? You may need a replacement. Setting aside some amount might exempt you from spending your honeymoon cash for emergencies.
Prioritize other wedding requirements
While catering for guests' expenses is essential, you've got other things to consider—for example, your wedding dress
, the party
, wedding rings
, and decorations. Consult your partner and develop a non-negotiable list. A professional photographer should be number one on the list.
Others may include a photo booth, firework display, fancy invitations, or a live band. If you must consist of all these and many more, then find other saving means and budget. Otherwise, be sensitive about picking the non-negotiables. They don't have to be the most expensive if you can't afford them.
Negotiate with vendors
Please don't fear negotiating with your videographer or other service providers. Everything can be arranged in trade. Besides, a lot of them are always willing to go by your budget. A vendor's product or service may be higher than your plan. Be honest and let them know how much you adore their commodity, but limited to a certain amount. There's a high probability that they'll consider what you're willing to offer and give a package in line with it.
Stick to the budget
You need to check your progress by tracking the budget. Is it running as you suppose? Get an accessible spreadsheet for you and your partner. Use the tabs for writing down the expenses in your budget and those you already took care of. You can't have a clear view of what's going on with the costs unless you make follow up. You might notice too much spending on one thing and not the other, which will raise your eyebrows, indicating the need for reevaluation. Work closely with your partner and consult a financial expert if necessary for more professional help.
The Bottom Line
After getting engaged, one's mind may begin envisioning a wedding. The entire thought and process might be overwhelming, especially if you lack a proper plan. For this reason, creating a budget is among the most crucial things to do as a couple. It'd be best if you sat down with your partner and came up with your desires for the occasion and how they can be dealt with to make it a reality. Be open to one another and work together for the event's success. The best tool for you is budgeting, and all will come true.
raise your eyebrows, indicating the need for reevaluation. Work closely with your partner and consult a financial expert if necessary for more professional help.