How to build a wedding budget without breaking the bank
Wedding planning is a unique experience unlike any endeavor most couples will ever encounter . Much effort goes into planning a wedding , and that includes building a budget that ensures the big day will be fun without breaking the bank .
Most couples planning a wedding have never tied the knot before , so it can be difficult to determine a reasonable amount to spend . It ’ s easy to go overboard when planning a wedding , and couples may find their list of wants and , consequently , their expenses , growing as they get into the weeds of wedding planning . Though it might require some difficult decisions , couples can keep these tips in mind so they can build a wedding budget that won ’ t land them in debt after saying , “ I do .”
> Determine funding . The days when a bride ’ s parents would finance the wedding entirely on their own are largely a thing of the past . According to a recent WeddingWire Newlywed Report , parents now pay for 52 percent of wedding expenses . As couples begin establishing a wedding budget , it ’ s imperative that they first determine who , if anyone , will be helping them finance the big day . Fifty-two percent of wedding expenses is a significant amount of money , but in that scenario , couples will still need to come up with roughly half of the money needed to fund their weddings . Couples without substantial savings may be forced to cut back in order to avoid beginning their life as a married couple in debt .
> Make a list of potential expenses . Location will be a significant factor when determining potential expenses . For example , a 2022 ValuePenguin analysis of data from The Wedding Report found that the average wedding in Massachusetts cost roughly $ 30,500 in 2020 , while couples tying the knot in Arkansas spent around $ 12,500 on their weddings . With such wild fluctuations , it ’ s important that couples get an accurate estimate of how much it may cost them to get married in a given city . Couples who met in a city and still live in a city but grew up in a suburb might save a considerable sum by getting married in their hometowns . Compare and contrast prices in locales you ’ re considering , and then build your budget accordingly . This can help you avoid sticker shock and going over budget . Notable expenses to budget include the venue , attire ( i . e ., wedding dress and tuxedo rental ), hairstyle and makeup , entertainment , photography , and transportation , among others .
> Make a list of what ’ s most important . Most couples will have to compromise in order to avoid taking on debt to finance their weddings . An earnest discussion about what ’ s most important to each person can ensure you both get what you want . Each person can make a list of their priorities , ranking them from most important to least important . Once lists are shared , couples can see where their priorities converge and where they diverge . Any items that rank low on each person ’ s list of priorities can be afforded less funding , while those that are high on each list can take up more of the budget , if necessary .
> Commit to a limit before spending a dime . Committing to a limit before spending a dime can help couples keep wedding costs more manageable . Once that number is defined , couples can then work within its parameters , which can make potentially difficult decisions a little easier by narrowing options at a time when options can seem endless .
A well-planned budget can be just what couples need to begin married life on strong financial footing . n
58 Spring 2023 | Thomasville Scene