Establishing A Wedding Budget

Establishing a wedding budget you can stick to is one of the biggest challenges of getting married in today’s world. Your budget will determine decisions for every detail from the venue, dress, food, etc. First thing first, is sit with your fiancé and determine what is feasible without sacrificing your current quality of life.

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Image via The Examiner

Things to consider: Will your wedding be paid for by your parents?  Are your fiancé and you solely responsible for paying? Have you saved any money to put towards this event?How many people are you considering inviting to your big day?

These sample questions should be addressed early on in the planning process.  Who will be paying for wedding festivities is the foundation when planning. There are traditional and cultural circumstances to consider. However, every family is different, and thinks differently about money. It is very important to make these decisions together as a joint family rather than assume that under the archaic thought that the bride’s parents will cover everything.

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There are many tools and calculators out there to help guide you. Otherwise, Excel and some basic math skills work just fine too! Some tips to consider when figuring out your budget:

1) What are the most important aspects to the two of you? Are you foodies? Must you have a 10 piece band rather than a DJ? We recommend you splurge on the most important items to the two of you, and save money in other aspects.

2)  Consider incidentals into your budget such as postage for the invitations. Also, remember to add in gratuity, sales tax, parking, and tips, where applicable. If you don’t adhere to your budget, you could end up spending a lot more for all the “incidentals.” Stay posted for some guidelines on tipping in the near future!

3) Brides on a budget look to DIY projects to make customized additions to the event. From making your grandma’s homemade jam as a favor to creating your own invites if you have a knack for graphic design, there are ways to save money by doing it yourself.

4) Finally, remember to have fun! This is supposed to happen once in a lifetime. You want to make sure this is a special time of your life. Sure, there will be stress and some hiccups along the way, but that’s life. Ride with it!

In closing, pay close attention to both fixed and variable costs. Variable costs are contingent on how many wedding guests you have and fixed costs you will have to pay regardless of the size of the guest list. Managing costs means paying attention to both, but recognizing that you will get the biggest impact by lowering variable costs, since they are multiplied by the number of guests and adds up quickly.

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