Wedding planning comes with a lot of excitement and stress. You dream of a beautiful day, but you also worry about the costs that come with it.
Let’s look at some tips and tricks to help you figure out what kind of wedding you can afford and the factors to consider while planning your big day.
Decide How Willing You Are To Dip Into Your Savings
Your savings are important. While you can replace the money over time, it’s up to you how much you’d like to use your savings toward the wedding.
Remember that life carries on after the big day. You’ll need funds for your honeymoon, potentially a new home, or other life events.
Keep a safety net for unexpected expenses. Decide on a percentage of your savings that you’re comfortable using, and stick to it. This doesn’t mean you can’t have your dream wedding. It just means you’re planning it in a financially responsible way.
Evaluate Your Monthly Spending
Begin by listing all your current financial responsibilities, such as rent or mortgage, utilities, groceries, transportation, insurance, and any debt repayments. Don’t forget to include entertainment and personal care costs.
Once you have a comprehensive overview of your monthly expenses, it will be easier to determine how much you can comfortably allocate toward your wedding each month without straining your finances. Balancing your ongoing financial obligations with your wedding budget will ensure that you don’t go into debt or face financial stress after the wedding.
Discuss if Family Members Plan To Chip In for the Cost
Many times, family members will make a kind gesture and pay for small portions of the wedding. It’s a wonderful gift that alleviates substantial financial pressure from the happy couple.
Be sure to factor this into your wedding expenses. Perhaps your grandmother offers to pay for the wedding dress, or your future mother-in-law insists on covering the cost of food. This component could greatly alter the features you have at your wedding.
Two Tips To Stay on Budget for Your Wedding
Take Your Time and Shop Around for the Best Price
Many times, the first price you see isn’t the most affordable. This goes for the dress, the venue, and everything in between. Take the time to shop around for additional prices so that you can find the best deal. It may seem tedious, but it’s an efficient way to save a few dollars here and there. In the end, these small price disparities will make a large difference in your wedding budget.
Learn the Art of Compromise
There are plenty of important wedding day decisions brides should consider, from the venue to the guest list. You want to maintain the vision for the wedding, but you’ll need to perfect the art of compromise to stay on budget.
Perhaps you’ll have to select the more affordable option between onsite or offsite hair and makeup. Maybe you will change your decor from all natural flowers to a blend of artificial and real ones.
Remember that it’s OK to adjust your plans as necessary. You might find a great deal at a venue or decide to DIY a few aspects. For example, you could make your own luxury place cards with some slate and a white permanent marker. No matter what, you’ll find a solution that will work for you and your partner.
Defining what kind of wedding you can afford is a tricky subject. There are hundreds of factors that will impact your decision. Nevertheless, keeping this information in mind will help you establish your wedding budget while composing the day of your dreams.
