How to Create and Stick to a Wedding Budget


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How to Create and Stick to a Wedding Budget

  1. 1. ==== ====For more articles on Budgeting for your Wedding GO HERE!!! ====Your wedding day has the potential to be the single most expensive day of your life. It isimperative that you carefully consider your wedding budget to avoid making a costly mistakes thatcould hurt your long term financial future with your new spouse. Before you pick up a weddingmagazine or brochure, it is important to organize a budget which will guide you through the rest ofyour wedding planning. This may seem like a monumental task at first, but by following the fewsimple steps outlined below, you will find that before long you have a solid budget.The first step in budget planning is figuring out who will be contribute to your wedding fund andhow much each party will be contributing. In the past the brides parents paid most of the weddingbill, but as the price of the average wedding increases, many couples contribute to the moneythemselves or get assistance from the grooms parents, as well as relying on extended family. Ifyou are paying for the whole wedding yourself figuring out how much you want to spend may beas easy as looking at your bank account and seeing how much you can afford. Alternatively, youmay want to determine a set amount to put aside from each weeks paycheck to put towards theexpenses of your wedding. Setting up a concrete amount to set aside, such as $100 a week fromboth the bride and grooms paycheck, will give you a solid timetable to work with. If you want toraise $10,000 for your wedding, you can put aside $200 a week for 1 year or $100 a week for twoyears. Just saying you want to save $10,000 and not having a plan for how to do it is settingyourself up for failure. Make a concrete plan and stick to it, unless you have a financialemergency. If your parents or other relatives are contributing to your wedding fund, you will needto discuss with them how much they can afford to gift. In the best case scenario, your relatives willimmediately let you know how much theyre willing to offer without you broaching the topic.However, if they do not commit to a particular number, you will need to discuss with them whattheyre willing to spend. It is impossible to plan a true budget unless you know exactly how muchmoney you have to work with.Your next step should be investigating local wedding costs. Not all wedding locations are createdequal in terms of price. A wedding in New York City will inevitably be far more expensive than onein a small town in Iowa. Although many websites publish figures for the "average" cost of awedding, these statistics are usually heavily skewed by the large percentage of people who live inlarge cities where weddings tend to cost more. A Google search of local reception venues orcaterers will help you get a handle on how much your largest expense, your reception, will cost. Insome markets the average cost may be below $25 a head while in most major cities the averagewill average well above $50 and sometimes above $100 per person. Of course, there are dealsand splurges in every market, but you should be looking at a ballpark figure. If you know recentlymarried friends or family members who are willing to reveal their financial situations to you, theyare the best source of information. If you do not know any recently married people or they dontwant to talk to you about their finances, you may want to check out a local messaging board suchas the ones at The Knot or If local costs far outweigh your budget you may want to
  2. 2. think about delaying your wedding date so you can raise more money. If you live an expensivemarket, you may to move your wedding to a more affordable spot. Couples living in a city maywant to consider having their wedding in a nearby suburb, having a destination wedding, or havingthe wedding in the bride or grooms hometown.Next, you will need to decide where the money you allocated in the first step will be spent. If youperformed the research required in the step two, you will already know the typical wedding cost inyour area. Consider using The Knots Budgeter or a similar tool to figure out approximately whatpercentage of your budget should be spent where. The percentages used on these tools aremeant to be rough guidelines, not hard fast rules. Make a list of the most important elements inyour wedding and plan to allocate a higher percentage to those factors than your budget calculatorsuggests. At the same time, make a list of elements of a wedding you find less important anddecrease the percentage you plan to spend on those items. This will allow you to splurge on itemsyou really want while budgeting less for elements that are of little or no importance to you. Youmay not need all the items mentioned on your budgeter. Cross the item items you dont need offthe list and redistribute the percentage devoted to that particular item elsewhere. You should leavea 5-10% cushion for unexpected costs. If you get through your wedding and still havent used thatextra money, youll have extra money to spend on an extra splurge.You now have a budget that will help guide you through the wedding planning process.Remember, your wedding is a special day but you shouldnt risk going into major debt over it.Having a concrete budget in mind will help you avoid that pitfall.Article Source: ====For more articles on Budgeting for your Wedding GO HERE!!! ====