Planning a wedding is never easy, but it can be a breath of fresh air once you have a budget set. I recently composed an article advising couples how to save on their wedding. Today’s article will guide you through the early stages of wedding planning by creating a suitable budget that’s perfect for you, without having to sacrifice on the fun stuff.
Wedding budgets are all about organisation, communication, and a dash of haggling. Whether your planning a lavish hotel affair or an intimate get together, answering the below questions will help you generate a suitable figure on how much you need to spend to make your dreams come true.
Discuss with your partner who will be paying for the wedding, once you reach an agreement, speak to both your parents separately. Depending on traditions and personal circumstances there is no right or wrong way in this scenario. Sometimes the bride’s family pick up the entire tab, on other occasions it is split between both sides. However you may find yourself capable of paying for your own wedding without the help of your parents. Below are some key guidelines, and suggestions on how to have an open, and productive discussion to help you, and your family determine an initial budget:
- Ask both families to commit to a specific amount, adding up the contributions to create a budget.
- If you are hosting an Engagement party + a Wedding, then divide the hosting equally between both parents. (Brides family pay for the engagement, grooms family pay for the wedding)
- Split the cost, ask each set of parents to finance a particular aspect of the wedding.(Honeymoon, ceremony, florist)
- Decide on a figure that both you and your fiancé can contribute towards the wedding.
How much do you need?
Having an idea of the type of wedding you wish to host, you should be able to determine how much you need to spend for what you want. Depending on your preference, you should prioritize certain aspects of your wedding (Save & Spend), for example you are willing to spend more on the flowers then the personalised napkins. Here are some suggestions on how to allocated your budget (excluding honeymoon):
Wedding Rings: 8%
It’s always best to keep a side a “”just-in-case” fund, totalling about 5%.
How to save for your wedding?
Once your engaged, and have set a date for the wedding, I would advise you to start saving, by putting aside certain amounts from your monthly income to contribute towards the wedding or honeymoon. It is a lot easier to pre-save rather than to worry about finding the amount at a later stage. Try to save between 10%- 20% of your monthly income. Other ways to save:
- Consider prolonging your engagement period, in order to save a sufficient amount for your wedding.
- Limit your spending, depending on how you divide your monthly income for example consider dining in a few days of the week rather than eating at a restaurant. These subtle changes will hardly affect your life standards, but in the long run, the extra cash can help cover some of the wedding essentials.
For more help on planning your honeymoon, check out my previous article: Ways to Save on Your Honeymoon