This could be one of the biggest events every couple throws, and it can be hard to figure out a budget for this event. You may want to spend hundreds of thousands of dollars to create your dream wedding, but you don’t have to.
The bigger a wedding is, the more expensive it may be, while a micro wedding may be more budget-friendly or give you extra wiggle room when it comes to decor. Your wedding budget is something that you and your significant other will have to focus on throughout the whole process.
Together you and your partner need to take a look at your savings to figure out what is realistic and what is not. If you have never talked about finances before, it can feel uncomfortable, but it is necessary to be open about what you can both afford.
Here are some steps you can take to create a wedding budget and stick to it.
Look At The Cash
If you do not have a joint account, knowing how much you both have saved can be hard. You both should have money saved for emergencies and extra for other things. You should not use this emergency money. After looking at the extra money on each side, look at how much more you can save on top of that, and then when you wish to get married.
Use Less Vendors
The more vendors you need, the more money and deposits you will have to put down. One of the best ways to stick to a wedding budget is to only spend what you have and pick fewer vendors.
Ask For Contributions
Some parents may have enough savings to help out their kids, and other parents may want to pay for the wedding out of tradition. Ask your family if they can help you with the wedding plan and pay.
Start Tracking Your Spending
If you are having trouble sticking to a tight budget, it is time to start tracking where your money is going. You can do this by creating spreadsheets, using apps, or creating a new bank account together for the wedding.
Think About Unwanted Surprises
Sometimes we think everything is going smoothly, but there are always additional fees or unwanted things you need to pay for. This is especially true for weddings.
You may find extra costs like transportation, speciality drinks, and even decorations to be much more than you accounted for. Some vendors may expect additional tips. It is important to save extra for these cases.
Find Creative Ways To Save
Sometimes it takes something creative to save money or cut costs. Some of the ways you can save money won’t be easy.
For example, you can cut down the wedding guest list and host a micro wedding. Choose a smaller venue or one that is more budget-friendly. Lastly, choose a different day that is not during a peak season.
Another way to save money is by doing more things on your own. This can add to the stress of planning a wedding, but the more you do on your own, the more you will save. Pick out your own dried flowers, centerpieces, or grow your own flowers. Everything you can do to save money will add up and ultimately help you stick to your wedding budget.