You probably dreamed about your wedding all of your life. You probably have the perfect cake, gown, and venue in mind. You can imagine your family and friends celebrating your big day with you. Now that you’re grown, you’re realizing how much it costs to get married.
Finance problems and different perceptions on money are the two of the most common causes of divorce. One out of three couples exceed their wedding budget and end up in debt. You don’t want to start your marriage off on a rocky financial start. Being clear about what you can afford can prevent you from becoming a statistic.
To avoid becoming broke, here are some tips that will help you plan the perfect wedding while sticking to your financial goals.
1. Determine Your Budget
Before you even plan your wedding, you need to determine how much you can afford. Talk to your partner about your financial goals and what amount works for your wedding based on these goals. Having an open and honest conversation about your financial goals will help you set realistic expectations and prevent arguments down the line. You should also talk to your loved ones, especially if they’re going to financially contribute to your big day.
Once you crunch the numbers, then this amount will become your wedding budget. You will use it to stay on top of your expenses.
2. Save as Soon as Possible
The key is to save as much as you can, as soon as you can. Paying for your wedding all by yourself is one of the hardest things you’ll have to do. It’s also one of the quickest ways to fall into debt. During the months leading up to your wedding, invest as much money as you can. You may have to cut down on expenses or increase your income so you can stay within your budget.
You and your partner may want to open a wedding savings account during this time. This will prevent you from spending money that exceeds your budget. By saving money, you’ll have an easier time paying off your wedding. Caterers, venues, and vendors will ask that you pay half of your deposit upon booking, so if you have the money to use as down payment, then your halfway through paying for your wedding.
3. Consider Having an Intimate Wedding
There’s something romantic about having an intimate wedding. Plus, you’ll save more money. While your wedding is one of the biggest days of your life, you want to avoid going broke. You want to enter marriage financially stable than wasting money on a one-day event.
4. Talk to Your Loved Ones
As previously stated, you should inform your loved ones about your wedding budget. The old rules stated that the bride’s family was financially responsible for the wedding. That’s not necessarily the case these days in this changing social and economic landscape.
Paying for a wedding is a lot for just one household. It wouldn’t hurt to ask more than one loved one to chip into your wedding. Find out if your partner’s parents will help pay for certain expenses such as the catering or the venue. You can also ask another family member to help with paying wedding gifts.
5. Track Your Wedding Spending
Look back at the wedding budget you created. If your wedding feels like a distant dream rather than a reality, then you may need to extend your engagement. This can help you lower payments and work towards a financial goal that’s feasible. You’ll better manage your debt and track your spending while enjoying the planning phase. You’ll also want to focus on improving your credit score, especially if you have debts to pay.
Sometimes the littlest expenses can add up pretty quickly, so be careful.
Your wedding is more than a day-long celebration. It’s about planning the rest of your lives together. You want to be financially sound so your wedding doesn’t make you financially strapped.
