How to Create a Wedding Budget
Creating a wedding budget is beneficial in many ways. First, it enables you to figure out your wedding expenses. Second, determining the numbers allows you to thoroughly analyze the situation and have an open discussion with your partner in terms of your personal finances. In today's article, we will tell you step-by-step how to create a wedding budget realistically. Read on!
Create a plan to manage the cost together with your partner. Previously, the groom's family would pay for the rehearsal dinner in the United States and the honeymoon. Over time, people have changed wedding traditions. Today, in the U.S and other parts of the world, both the groom and bride's family make 50 percent contribution to ease the financial burden.
Research on different vendors and get quotes before creating your wedding budget. It is an important step, which means proceeding with caution. You may think wedding flowers would cost $300, but in reality, they can cost $2,000.
Depending on your plan, the expenses will vary greatly. The most effective way to figure out your wedding expenses is via a pre-made budget template. You can also research the wedding deal on the internet. There are many sites, such as Groupon that offer the best wedding deals and this can save you a lot of money.
Make a list of vendors and projected expenses. Once done, tally everything up using Microsoft Excel or any other accounting software. Making a spreadsheet helps you make cost comparisons between vendors.
After you have an idea of what the wedding may cost, discuss the entire finances with your fiance. If your partner comes up with a better solution, then follow her or his advice. Otherwise, convince him or her to follow your plan. Make sure you have an honest and open discussion with your partner.
Create a list of guests and all other essential items that you would need for the wedding. Remember, if your family is paying for a part of or all of the wedding, then they can feel entitled to add people to the guest list. So, you have to stay patient and obey them.
It is always a better idea to agree with your partner about paying for the wedding. Would you for the wedding yourself or ask your guardians/parents for assistance? Are you having any problems asking for financial assistance from your parents? We will tell you how to figure this out in the next step!
Meet your parents and talk to them openly and honestly how much they can contribute to your wedding fund. Financial assistance from your family comes with many constraints. Therefore, either you have to obey your family and accept their constraints or simply appreciate the financial contributions and move on. We suggest going in line with your parents if you are tight on budget.
Creating a wedding budget is not easy. It requires a lot of time and effort. You need to carefully think about all the essential items that you need for your wedding. Don't forget to discuss openly with your partner so that everything goes according to the plan.
|Thomas Moore is a proud American with a Bachelors Degree in Business Administration from the University of San Diego. He has been in the financial industry since 2007 holding numerous licenses in multiple states. He currently helps operate cashkingco.com and our resident expert on all things finance. LinkedIn Profile|