How to Financially Plan for a Wedding
Most people dream of a fairy-tale wedding without sitting down to think about how much that fantasy will cost them. According to industry experts, the average wedding costs as much as a year's salary. With that in mind, it's especially important to carefully plan financially for the event so it doesn't turn into a problem. This is especially important for those who don't want to tap into their savings just for a one-day event.
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Instructions
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Plan for a Wedding
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Decide on a realistic budget. While you may dream of a million-dollar wedding, you need to eventually sit down to evaluate how much money you can really spend on it. Write down all the basic expenses (from photographer to food) and then research price options until you find something that works with your budget.
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Plan in advance. The more time you have to do your research, the more chances you will find good prices and offers. It also doesn't hurt to set money aside from the moment you get engaged (or even when you are still single, if you are hoping for an expensive wedding) rather than tap into your savings as the date approaches.
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Keep your options open. Don't set your mind on only one type of wedding. While drafting your budget, think of at least two price ranges for everything, so you can fall back on the lower one if you feel like you are running out of money in other areas.
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Consult with a financial planner. Many investment companies can help you save and plan for a wedding, especially if you talk to them early on in the planning stage. Being financially responsible about the expense means that you won't run into debt and start the marriage with added stress.
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Resist the temptation of using your credit card. Instead, look for ways to tap into unexpected money windfalls (such as bonuses or cash prizes), refunds (tax or otherwise) or gifts from family and friends. Consider asking for money donations in lieu of wedding presents, so you can at least fund some of the expenses that way.
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Tips & Warnings
Avoid the temptation of incurring debt to financially cover your wedding. While you may think it's worth it right now, planning for the future of the family is actually more important.
Use the Internet to help you find cost-cutting ideas and to see how others have planned and executed their wedding on a smaller budget than the one you have.
