Your wedding is something you will remember forever. However, you want to be sure that you remember it for great reasons and not because you owe thousands of dollars on your credit cards. It is very easy to get carried away when it comes to spending on your wedding. With the worldwide economic downturn, you don’t want to have a wedding that will hunt you for the rest of your life.
Truth be told, we all know of someone that is still paying off their wedding years after the event. You do not want to be one of these people.
So how can you set a budget for your wedding and still have the time of your life? Well that all depends on your finances.
First of all, you need to be honest with yourself. What is a true range you can truly afford? A great way to figure this out is to sit down with your partner and come up with the figures. You do not have to be a CPA to know the amount you can afford. Every situation is different so you need to come up with a number tailored to your finances.
One thing to take into account is the date of the wedding. Let’s say your wedding is 1 year out, you have 52 weeks to save money for your wedding. What I recommend all my friends to do is to open up a savings account ONLY for your wedding. In this savings account you will put in an amount you can live without and ultimately get to your goal. For example when you break down a large sum into 52 smaller sums you will feel a lot better about the costs. Say you need $10,000 for your wedding. If you divide that into 52 weeks, you will only need to save $193/week or $96/Week per spouse.
You will need to determine how much of the wedding you will pay off right away and how much you will put on credit. I recommend that you try to pay as much as you can upfront and the rest on credit. However, make sure that the things you put on credit are NEEDS and not “wants” for your wedding.
Make sure to write down all the possible expenses of the wedding and add them all up. If you are over your budget, make the necessary cuts to the wants of your wedding that you can afford to do without. Most importantly, make sure to set your budget before you start looking for a dress.
All in all, I hope that you learned how to budget for your wedding and wish you the best of luck in your marriage. Cheers to an awesome wedding night!
Jen is a manager at SayYesWeddingDresses.com where they try to help you find solutions to all of your wedding needs. Hope to see you soon!