How to Create a Realistic Budget for a Wedding
Congratulations! The big day is finally arriving. It’s time for your wedding!
Weddings are exciting and the moment should be filled with nothing but laughter, joy, and love. The last thing your wedding should be is stressful. Because weddings are expensive once you factor in all the big and small details, some brides and grooms can become financially stressed.
To prevent this from happening, there are a few steps you can take to properly budget for a wedding. Planning a budget for a wedding will help relieve some of that stress and allow you to feel more prepared. In the guide below, there are several steps you should take to properly plan your wedding finances.
Continue reading to learn how to budget for a wedding and reduce stress!
Start With 10%
A good starting point to begin saving for your wedding is to put aside 10% of your monthly earnings. This is something that should be done only if you’re able to do so after paying all your monthly expenses first. It’s a great idea to have a separate bank account where all of your wedding savings are deposited into.
If able, have 10% of your earnings placed on a direct deposit to automatically enter this account. This account should be different from your normal savings or retirement accounts.
Factor in Contributions
The next step is to factor in any contributions from family members. Some families enjoy contribution to wedding funds, but it shouldn’t b expected. Not everyone is able to contribute, but if you do have some family members who’d like to, then be sure to place these funds into your wedding account.
When someone does offer to contribute, don’t feel ashamed to accept it. For some, contributing is a tradition, and enjoy doing so.
Know Your Guest Count
The majority of a wedding’s budget will depend on how many guests are attending. Be sure to know your guest count ahead of time. This will help you determine your overall budget.
For example, the number of guests will determine how much food you need, how big of a venue you need, how many tables and chairs, and so on. Once you have a headcount, you can better prepare.
Determine Your Must-Haves
Now it’s time to figure out what things aren’t negotiable. Make a list of all your must-haves at your wedding. These are the things you won’t negotiate, which means you need to factor their cost into your budget.
You and your spouse should each create a must-have list. Then, look at how much of your budget is left after purchasing these items. You can then start deciding what things you can go without.
Begin Researching Costs
Researching the costs of different wedding items and such is essential. You won’t find the same prices across the board, so it’s best to do your research. Find quality items at the fairest prices.
Hiring a wedding planner can come in handy during this stage. They can help you find a wedding photographer, the venue, a wedding DJ, and more all within your budget.
Creating a Budget for a Wedding Requires These Steps
Taking these steps listed above is a great way to begin creating a budget for a wedding. After researching all of the costs, you can then make adjustments as needed. Don’t forget to consider hiring a wedding planner as well to help you save money and reduce stress.
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