How To Budget For A Wedding
Weddings can prove to be an expensive affair, no matter how extravagant or intimate they may be. Budgeting for the big day could potentially save you money, so let’s take a look at how you could take advantage of the right resources.
Budgeting tips for your wedding
Having a financial plan in place for your wedding could mean saving a few hundred dollars, or potentially even more.
Start saving early
Weddings can work out to be one of the biggest expenses you’ll encounter throughout life, with the average Australian wedding costing around $36,000. This means that getting your savings underway as soon as possible could help you to save more in the long run – especially if you plan to wed in a number of years’ time.
Evaluate your finances
When you are ready to set a budget, the first thing you may want to do is evaluate your current and potential finances between now and the big day. Knowing what you already have in savings, what you can set aside and also what you can potentially save as you earn can help you to create a budget that is likely to work.
Will you have help?
There are instances where family and friends of both the bride and the groom may wish to contribute to the costs of the wedding. This could be expressed by way of a monetary gift, or contributions toward parts of the ceremony itself (i.e. buying the flowers, the cake, or even covering the costs of the reception venue), so it may be an idea to ask around and include these instances in your overall budget allocation.
You may find that compromising is the key to a more affordable wedding. There are many factors that go into creating the most special day and prioritising the important ones could see you spending less on more insignificant elements. Streamlining your guest list could help you to save, just as a simpler menu, an off-season date and even an alternative venue could, too.
Keep on track with a spreadsheet
Once a budget and a general idea of what you do and don’t want for your day have been set, it may be an idea to start a spreadsheet. This can help you to create a definitive list of potential and preferred spending, where maximum budgets for each element of your wedding can be set against their quotes.
Remember that hidden costs can make themselves apparent as you move forward with the planning, with factors like insurance and even the cost of the marriage licence itself to consider. A good way to keep to your budget is to stay on top of your spreadsheet – and to stick to the boundaries that you set for yourself.
While a wedding planner could help you to get everything in place for a fantastic day, a financial planner can be more likely to take your spending potential into account. Having planner take a look at your finances and work with you to budget could help to keep you on track – as well as offer you peace of mind as you spend.
As big of an expense as a wedding can be, there are ways to save money – and a little advice can often go a long