Pop that champagne, you're getting married! Congratulations on your engagement! After announcing the big news to friends and family, it’s time to start planning for your big day. That means creating a wedding budget and putting those plans into action.
It’s no secret or surprise that weddings are expensive. While you may already have your dream wedding planned, it's imperative to set a realistic wedding budget to ensure that you don’t derail any long-term financial goals and wins. Although it may come as a no surprise, weddings are often a reason for couples going into debt.
So, we have done our research to help you not to go broke planning your wedding while also getting your dream day.
1. Plan ahead – Even if you don’t know when your partner is going to propose, it is likely something you both have spoken about. Talking with your partner about what you both will want at your future wedding is an important starting point, allowing you to have a game plan of what you want and need to do when the planning time comes around.
2. Set a budget – As suspected we are recommending creating a budget that you and your partner will stick to throughout the whole wedding planning process. According to Wedding Wire, the average cost of a wedding is $28,000.00. Obviously, this is an average, and the price will greatly differ from what you may have planned, either more or less than that amount. That is why we deem it important to set a realistic budget. That way you aren’t raising it to match any new “need” that comes along.
3. Focus on what’s important – Everything you add to your wedding seems like the most important and crucial thing to make the wedding perfect, however, this can rack up your bill if you’re not careful. The best way to avoid that is to pick something important to have at the wedding for each of you; that maybe flowers, a band, a photographer etc. That way you can allocate more money towards what is most important to each of you and cut back elsewhere to make your budget work.
4. Shop around – Don’t be scared to contact a variety of venues and vendors. This will provide you with all the information about the packages and deals that they offer. This will allow you to pick the best setup for your wedding that fits your price range and needs.
5. Keep your emergency fund intact – Don’t take from your emergency fund to foot the bill of your wedding. Your special day should not put you into debt, nor should it take away from your financial security.
Your wedding should be a beautiful day that you and your partner look back on fondly; there shouldn’t be any regrets about what you spent your money on. If you stick to your budget (or as close to it as you can) You shouldn’t go broke planning your dream wedding.