3 Steps for Creating a Better Wedding Budget

Your wedding is one of the most memorable moments of your life, and something you’ll want to treasure forever. Unfortunately, throwing the wedding of your dreams can also mean spending money – more than most people realize. The average wedding often costs tens of thousands of dollars by the time you’ve tracked everything from the dress to the venue. That means if you’re going to have any chance of bringing your dream to life, you’re going to need to create a plan. Today, we’re going to look at three of the steps you should use when it comes to creating a wedding budget that works for you and your partner.

Know Your Cash Resources

First, you’re going to need a good idea of where the money for your wedding is actually going to come from. There’s a good chance a big portion of the expenses will come from your own savings, so it’s worth diving into your everyday budget to see if there’s anything you might be able to cut back on. You can also look for alternative sources of income, such as an extra job or freelance career. Outside of your income and savings, you might be able to get a little assistance from friends and family, particularly if you’re having an engagement party where you can ask for gifts. Don’t underestimate the power of low interest personal loans for helping you to reach your ideal budget quickly too. You can spread the cost of something huge like a wedding into smaller chunks this way.

Create Your Priority List

There are many things to consider when planning a wedding so creating a priority list will help keep you organized and on budget. There are two options you can take when it comes to planning for wedding expenses. Either you commit to making sure you save as much money as you need for absolutely everything you might want for your wedding, or you can prioritize. If you take the first route, you’re going to have to accept the fact you might not be getting married in the next year, or ten years for that matter. If you take the second route, you’ll need to sit down with your partner and decide which parts of your wedding matter most to you. Would you rather have a cheaper wedding dress and go all out on the honeymoon? Could you look for a less expensive venue and upgrade your catering? It’s all up to you.

Expect the Unexpected

Finally, even if you think you’ve planned your wedding budget perfectly, there’s a good chance you’re missing something. Setting aside an extra segment of cash for the unexpected expenses that will inevitably pop up is crucial. You might find you need to pay to have a dress or suit adjusted, or you’re suddenly down a pair of shoes for the big day. Looking at your overall wedding costs, it’s usually a good idea to add around another 10 to 15% to the amount you’re expecting to pay. This should cover most of the unexpected fees, provided you haven’t overlooked something crucial, like the venue, or the flowers.
 

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