Tips On How To Efficiently Budget For Your Wedding

April 7, 2020

It’s no secret that weddings are expensive, and if you don’t budget carefully then you might find that you easily overspend. This can mean that you run out of money for the things you really want and will have to do without, or you will be starting married life with financial issues that could have been avoided if you had created a budget from the start.

Knowing how much you have to spend and what you want to spend your money on is crucial if you want a stress-free wedding. Here are some tips on how to budget for your wedding to help you enjoy the process.

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How Much Can You Spend?

Before you can even think about looking at venues and booking wedding dress fittings, you need to know how much you have to spend overall. Once you have that figure, you can then determine how much you can spend on each separate element - from the dress, to the cake, to the reception drinks, to having a stunning and unusual butterfly release wedding ceremony and much more.

To begin with, look at your savings. This will probably form the bulk of your wedding fund. Next, take a look at your monthly income. What is left after you have paid out for all the essentials each month? If that doesn’t already go into your savings, it should do now that you’re budgeting for a wedding. Finally, look at any contributions you might be receiving.

Although this shouldn’t be relied upon, friends and family may ask if they can add to the wedding fund – always say yes, but make sure they know you’re not expecting a gift as well.

Track Your Spending

Now you know how much you’re going to have to spend for your wedding, you can start breaking that amount down. One of the biggest costs is the venue, followed by the dress and the photographer. However, refrain from allocating too much for these items as you will still need a cake, wedding rings, transport, and food at the very least.

Make a spreadsheet for your wedding spending so that you know exactly what you have left to buy and how much you’ve spent. If you’re spreading the cost, don’t forget to take that into account.

Have A Contingency Fund

Part of your budget should always include a contingency fund, so that should you be hit by any surprise costs or issues, you’ll have enough money to fix the problem.

As well as this, however, make sure you read the fine print on any contract you sign. You might find that there are additional costs that you haven’t been made aware of, but that you will be liable for later down the line. These can include set up or take down fees, additional mileage for transportation, or even digital access to your photographs. Be aware of every dollar you’re spending and you’ll be able to keep your wedding in budget easily.