How to Budget for a Wedding

The average American wedding price tag has swelled to $20,000. If
you think that's unbelievable, just tally up the costs. The key to not
breaking the bank is adjusting your expectations to fit your financial
reality.

Difficulty: Moderately Easy

Instructions

1. Determine if anyone else will be pitching in to pay for the wedding. Traditionally, the bride's parents pay for the ceremony and reception. These days you'll often find the groom's family offering to cover part of the costs, such as the bar tab or rehearsal dinner. Remember, though, the more people footing the bills, the more people feel entitled to have their say. Many couples save up to pay for their own wedding and sidestep all the trouble.

2. Create a budget. Figure that the reception will eat up about 50 percent. Music, photography and flowers each take up about 10 percent. The remaining 20 percent goes to everything else-- dress, tuxedo, invitations, hotel, limo and so on. See the chart below for suggested contributions.

3. Get creative with where you can cut back. Cull your guest list, starting with kids, colleagues and dates of single guests. Use less-expensive thermography instead of engraving invitiations. Find out if a club or museum that you belong to offers a reception discount for members. Borrow the gown or rent the tuxedo.

4. Open an interest-bearing checking account exclusively for wedding expenses. Sock away as much as you can during the engagement. Although the final bills are usually not due until the week of the wedding, be prepared to place down payments with the band, photographer, caterer and venue. Don't forget tips.

Tips & Warnings

• Enlist the help of an online wedding-budget planner such as TheKnot.com. Also check out wedding-budget software.
• Purchase alcohol at a wholesale beverage store rather than through the caterer. Keep in mind that most caterers may charge a modest corkage fee.
• Read 226 Set Up a Budget.
• There are places to skimp, and places where cutting costs is a big no-no. For instance, don't have a cash bar. If you can't afford a full bar (alcohol is a big chunk of change in any wedding budget), consider limiting the bar to wine and beer.

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