How To Budget For Weddings
Whether you are planning an intimate wedding or an extravagant multi-million dollar event, creating a budget for a wedding is one of the most daunting tasks in the wedding planning process. Creating a wedding budget that is realistic without skimping on all the important details is easier said than done. However, with a little organization and communication with your future spouse, the process does not have to be as difficult as advertised. To help you get through the planning process for your big day, here is how to budget for weddings:
Figure Out Who Is Paying For It
Your first budget priority is to determine who is responsible for paying for the wedding. You must communicate openly with your partner and with your parents about each of your capabilities, as well as your limits so that ground rules can be established from the beginning. While some couples’ parents do pick up the tab for the wedding, some couples are not as lucky to receive this kind of financial assistance. In such cases, it is important to hold an open and honest conversation involving all concerned parties before any planning decisions are made.
Settle For A Dollar Amount
Determine exactly how much you can afford to spend on a wedding based on your personal finances. Then as a couple, research and prioritize the items that are important and set your expectations accordingly. Couples are advised to start saving as soon as they become engaged, and if you are paying for your own wedding, consider putting aside at least 20% of your salary. The longer the engagement, the less stressful the saving process will be.
Watch Out For Hidden Costs And Get Estimates
While planning, you will begin to notice how quickly items add up, which might force you to rearrange your wedding budget and plans. When reassessing your needs, do not forget some of the most important elements such as:
- Wedding insurance: Although you may not want to fathom the thought, disaster can strike on your big day. Wedding insurance can protect your big day from unexpected cancellation, no-show vendors, bankrupt venues, severe weather, damaged gifts, sudden illness, and more.
- Private event insurance: Private event insurance and/or special event insurance are necessary because it can protect you from such things as liquor liability and wedding cancellations. When dealing with insurance, always be sure to get several quotes from reputable companies to cut down costs wherever you can.