There are two steps which will help you make informed projections for your subcategories. Now, it’s time to assign a price to each. Next, create a list for all of the components you’d like to include in your wedding day such as ceremony venue, reception venue, stationery, wedding website, food, drinks, flowers, photography, videography, transportation, attire, jewelry, beauty, decorations, favors, music, entertainment, gifts, officiant, and honeymoon. First, wrangle together any outside wedding funds you’ve received from your partner, parents, or your own savings to figure out how much you actually have in your Wedding fund.
#Wedding budget planning how to
Our proven four-step method will help you allocate your wedding spending, and Rule One is “Give every dollar a job.” Once you’re engaged, you’ll be ready to decide how to allot your wedding funds. In our hardly impartial opinion, we heartily recommend using You Need a Budget as a tool to plan your wedding on a budget (because it is a budget!). If you need some ideas right now on how to save more, we’ve got 10 ways to spend less money to get you going. For some couples, that’s enough to pay for the whole wedding. If you have a two-year engagement, you’re looking at $15,600. If you keep that up for one year, you’ll end up with an extra $7,800 to put toward your wedding. Let’s say you pick up a job working about 10 hours per week at $15 per hour. To set aside even more money for your wedding, you might also consider temporarily picking up a second job.Ī little can go a long way. There’s only a finite amount you can cut from your monthly budget. Maybe you and your future spouse are willing to spend less on dining out or entertainment for a while if it means being able to pay for your dream wedding. Take a look at your monthly budget and figure out what you can cut, either temporarily or permanently. That means that if you’re going to facing wedding expenses soon, you’ll probably need to figure out a way to spend less.
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Many of us don’t have a ton of wiggle room in our budgets. The Saving Stage: Start Right Now Cut Back on Expenses One is definitely more fun than the other (I’ll let you decide which one). There are two stages of wedding budgeting-the saving stage and the spending stage. You and your spouse-to-be should think long and hard about whether starting your marriage saddled with this debt is really the way to go. Going into debt and potentially impacting your credit score to pay for your wedding may not be the most financially sound decision. Couples turn to either credit cards or personal loans from a financial institution to help cover the costs, with plans to pay it off afterward. This number has increased significantly in recent years.
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Nearly one-third of couples borrow money to pay for their weddings. When you start wedding planning, sit down with everyone involved to figure out if (and how much) people plan to contribute. This isn’t to say you should automatically expect a family member to foot the bill. On average, parents pay for about $19,000 of the wedding-the bride’s parents spend an average of $12,000, while the groom’s parents pay about $7,000. Most of the time, parents are chipping in. And while many wedding traditions have gone by the wayside, parents chipping in is one that seems to have stuck.Īccording to a 2016 survey from The Knot, only 10% of couples end up paying for their wedding entirely on their own. Traditionally, the parents (mostly the bride’s) were the ones paying for the big day. Let’s talk about a few ways that people fund their weddings. Because of how costly weddings have become, it’s important to figure out early on how exactly you plan to pay for your big day. It’s understandable-everyone wants their wedding day to be perfect. And if you’re recently engaged or plan to become engaged soon, this is probably the part where you start to panic a bit.Īs unrealistic as it might seem right now, plenty of couples have come before you and have planned their dream weddings at every price point.įor most couples, their wedding is the most expensive event they’ll plan in their lifetimes. The average cost of a wedding in 2019 was $33,900, according to a survey by The Knot.
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You want a beautiful wedding but don’t need to break the bank: here’s how to make your wedding budget work for you. Figuring out how to pay for a wedding? It’s no easy feat.