Sign In/Sign UpTRENDING BASIC MONEY MANAGEMENT TIPS
TRENDING BASIC MONEY MANAGEMENT TIPS
04.29.2020 / Budgeting « Back to all articles
4 Necessary Tips for Budgeting the Perfect Wedding
Party Responsibly
The average wedding today costs around $35,000. To put that into perspective, that’s about the cost of a new car. But even if a couple is fortunate enough to afford it, all weddings tend to cost more than anticipated or planned. It is possible to keep a wedding at or under budget, if the standards are determined beforehand, and the priorities are set appropriately.
Determine the Budget Early
Worrying about the cost later is not a recipe for financial success. And while the wedding day may be special, it can turn sour later if the couple comes home from the honeymoon to a pile of bills merrily accumulating interest. So, the budget for a wedding needs to be determined before a dollar is spent.
Traditionally, most parents of the bride and the groom contribute in large or small ways to the wedding day of their children, so a conversation needs to be had before plans are made. It may be uncomfortable to talk to parents about money, but it is best to know what to expect early in the budgeting process.
Then, with that information in hand, the couple can decide if they are going to supplement that with any money of their own. It may not be an exact number, but it will give a sense of what is permissible and possible.
Set and Manage Expectations
Around the time the budget is being determined, the couple needs to decide what they want from their wedding day. This starts with a description of the overall feel of the wedding – lavish, comfortable, quiet, memorable. These expectations should be weighed against the budget and can help determine what is needed.
The couple should decide what their specific priorities are for the day and keep them in line with the big picture. Maybe the groom is adamant about having high-end liquor at the reception, maybe the bride requires a beach for the ceremony, maybe neither of them cares much about lavish flower arrangements.
These priorities need to be set in order to plan with the budget amount available. A percentage budget can help here, assigning a percentage to each item on the list. This will help when the funds will not allow for two great ideas, because the couple has already, in a sense, decided which one gets more attention.
Watch Out for Hidden Costs
There should be a cushion built into the budget. There are always unexpected costs like fees, gratuities and more. The cushion should not be used as extra money, but as a release valve when surprises come up. This applies to credit cards as well. Going into massive debt is no way to celebrate a wedding, so if credit cards are going to be used, they should be paid off right away to avoid the interest charges if at all possible.
Credit Talk
04.29.2020 / Budgeting « Back to all articles
4 Necessary Tips for Budgeting the Perfect Wedding
Party Responsibly
The average wedding today costs around $35,000. To put that into perspective, that’s about the cost of a new car. But even if a couple is fortunate enough to afford it, all weddings tend to cost more than anticipated or planned. It is possible to keep a wedding at or under budget, if the standards are determined beforehand, and the priorities are set appropriately.
Determine the Budget Early
Worrying about the cost later is not a recipe for financial success. And while the wedding day may be special, it can turn sour later if the couple comes home from the honeymoon to a pile of bills merrily accumulating interest. So, the budget for a wedding needs to be determined before a dollar is spent.
Traditionally, most parents of the bride and the groom contribute in large or small ways to the wedding day of their children, so a conversation needs to be had before plans are made. It may be uncomfortable to talk to parents about money, but it is best to know what to expect early in the budgeting process.
Then, with that information in hand, the couple can decide if they are going to supplement that with any money of their own. It may not be an exact number, but it will give a sense of what is permissible and possible.
Set and Manage Expectations
Around the time the budget is being determined, the couple needs to decide what they want from their wedding day. This starts with a description of the overall feel of the wedding – lavish, comfortable, quiet, memorable. These expectations should be weighed against the budget and can help determine what is needed.
The couple should decide what their specific priorities are for the day and keep them in line with the big picture. Maybe the groom is adamant about having high-end liquor at the reception, maybe the bride requires a beach for the ceremony, maybe neither of them cares much about lavish flower arrangements.
These priorities need to be set in order to plan with the budget amount available. A percentage budget can help here, assigning a percentage to each item on the list. This will help when the funds will not allow for two great ideas, because the couple has already, in a sense, decided which one gets more attention.
Watch Out for Hidden Costs
There should be a cushion built into the budget. There are always unexpected costs like fees, gratuities and more. The cushion should not be used as extra money, but as a release valve when surprises come up. This applies to credit cards as well. Going into massive debt is no way to celebrate a wedding, so if credit cards are going to be used, they should be paid off right away to avoid the interest charges if at all possible.
