Figuring out your wedding budget can be confusing if you’ve never planned a big event. It’s probably going to be the biggest party you’ll throw – and probably the most expensive.
It’s hard to set a dollar amount if you’re not sure what you can actually afford. However, working hard and investing time and energy early on will lead to a “happily ever after”.
Here are some financial tips to control your finances and stress levels.
- Create a budget. Start by determining exactly how much you can spend. This amount may vary depending on whether you have family who help pay the expenses or whether you pay the bill yourself.
- Determine the type of wedding you want. You can’t stick to a budget if you don’t set one. Start by making a list of all the items you want for your wedding and researching the prices. Don’t be afraid to include big and small items on this list – at the end of it, you can plug in the items that fit your budget.
- Start saving. Now that you’ve assessed your financial situation, created your wedding budget, and identified the must-haves on your wedding registry, start putting money aside.
- Be aware of expensive items that can quickly devour your wedding nest egg. These items are often fresh flowers, a venue, photography, and catering, to name a few. There are many ways to reduce these costs, often by taking non-traditional routes. Nail down your most essential items and start looking for ways to reduce those expenses. Google and Pinterest are great places to start.
- Borrow and use savings. Upcycling is a hot trend, and your wedding is the perfect time to take advantage of it. Maybe you have friends who got married recently, and you have things you can make yourself. Savings are also a great way to find decor that you can reuse for your big day.
- Prepare for the unexpected. Even with a considerable budget and a diligent approach, there will always be unforeseen costs. Having a buffer for this can reduce a lot of stress.
More importantly, your marriage is about the two of you and your marriage, and it will last much longer than the one-day celebration. Having a budget means figuring out what matters to you and focusing on ways to achieve those priorities, without sacrificing your entire bank account.
Emily Mays is Vice President/Administrative Director of Community Spirit Bank in Red Bay and has worked in finance for 15 years. She is an enthusiastic social media marketer, advocate for financial literacy and a proponent of going local. She lives in East Franklin and has a daughter, Lola.