Planning A Budget

Planning a budget for the wedding is one of the first tasks engaged couples need to complete. Here’s some advice on how to get started.

Who’s Got the Money? While the bride’s parents traditionally paid for the wedding costs, this is less common now. Most couples contribute to their wedding and both families assist if able. Have an honest conversation with both families to see what they are willing to contribute so that you’ll have a starting point to build from. Discuss what level of decision making they think their “gift” buys them.

How Much Does It Cost? Once you know how much money you are working with, it’s time to start dividing the pot. Think about what services, vendors and items you must have, or would like to have, and how much you need to allocate for each. This is a great time to prioritize your wish list. If you want extensive floral arrangements, you might need to consider less guest favors.

Where Is That Spreadsheet? Now that you know how much money you have, and how much you have mentally spent, it’s time to start planning and tracking the budget. If you’re lucky enough to have a full wedding account, consider stretching it further by putting it into an interest earning account. Just make sure it’s easily accessible as you begin to make deposits.

If you’ll be charging your wedding purchases, look for credit cards that offer points or airline miles that you can use for your honeymoon flights.

We Spent WHAT?! Regularly review your wedding budget with your fiance so that you are both on the same page. This is a great practice to get into as you start building budgets for your household too!

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