With all the excitement that accompanies wedding planning, it can be easy to lose track of expenses. Seventy-two billion dollars are spent on weddings in the United States each year according to SoundVision, and Forbes revealed only 26 percent of couples stay within their budget. It’s safe to say that most couples need some financial advice when planning their wedding to ensure the costs of their big day don’t push back other long-term monetary goals. Many couples choose to purchase a house together after the wedding, and exceeding the wedding budget can mean delaying this next step. Follow these crucial tips to plan a wedding without getting in over your head.
Implement plans to start saving
As soon as you are engaged, start putting a little extra away each week. Determine what you can cut back on to save up for the day of your dreams. For example, maybe you won’t eat out as often, or you’ll reduce your clothing budget. Keep the end goal in mind and these simple sacrifices for the sake of saving won’t be so bad.
Establish a budget and stick with it
There’s no point in having a budget if you don’t plan on staying within it. The best financial advice you can get is to establish a reasonable budget, one that allows you to fulfill your wedding daydreams, and stick with it. Make a list of needs and wants for your big day. When you find something you’re willing to splurge on, you can refer to your list to see where you can cut back in other areas to accommodate the additional expense.
Evaluate costs of different elements
Once you’ve established a budget, use a wedding planner budget tool to help determine the cost of different components. This tool allows you to see how much different elements of your wedding will cost. The data can be used to determine where you may be overspending so you can refine your wedding plans to fit your finances. This wedding planner budget tool also helps map out activities.
Look for Savings
If you have a general idea regarding the cost of a wedding, consider budget-friendly alternatives to enjoy some savings on your big day. For example, most venues charge significantly less to host a wedding on a weekday or onsite. This could or could not impact the arrival time of attendees, so you may want to look at starting and finishing the event at a later time. Another option is to skip the venue altogether by hosting a frugal backyard wedding. Save on favors by making your own with these DIY wedding favor tips. Likewise, cut down on photography costs by recruiting a friend or someone from your extended network that is an aspiring photographer.
Determine how you’ll pay
The more expensive your wedding is, the more likely you’ll be to put things on credit. While borrowing money is an option, especially when you need a lot of it, it will have to be paid back and depending on the lender, there could also be significant interest. Take this into consideration when determining your wedding budget.
Think about your plans
Amid the craziness of wedding planning, it’s easy to forget that anything else exists. However, once your big day comes to an end, you will want to start your new life together. Maybe that means buying your first house, or saving money to start a family. If you spend all of your money on the wedding, you won’t have a nest egg for the future.
Once your big day is over, you don’t want to have massive bills following you for many years to come. Follow the financial advice provided to have the wedding and future of your dreams.