When it comes to planning your wedding, it’s all about the dress, the flowers and the little details you wonder about first. However, budgeting and potentially settling credit card debt should be some of the first things to think about (although they are way less romantic)! Is your wedding on a budget? How much have you planned financially when it comes to your wedding?
Wedding On a Budget: Where Should You Start?
First Things First!
A wedding budget is not at all different from a regular budget. You have a limited amount of money to spend on your big day and you need to decide how and where to allocate the money.
Saving for Your Wedding Budget
The important thing you have to keep in mind is that the money from the wedding budget comes from the savings you have on your regular budget. Therefore, saving as much as you can as early as you can is a great way to avoid racking up too much debt from your wedding. In planning your wedding on a budget, it is advisable to start the savings at least a few months before the big day or when all those down payments are due.
The biggest thing you will do with your current budget is to look for places to cut down. Re-prioritize your expenses to accommodate savings for your big day.
Other Ways to Pay for Your Wedding
Your family is your rock! Sometimes you can get some financial help for your wedding from your family. However, it is crucial that you have a mutual understanding about the nature of this transaction. Is this money a gift or is it an interest-free loan? Have clarity on every aspect before you accept the money to avoid any awkward money situations after the wedding.
If family is not an option, then you will have to look at pulling some extra shifts at work or even getting a second job temporarily to avoid credit card debt.
Plan the wedding that you can afford! That’s the basic rule of thumb when it comes to planning your wedding on a budget. Make sure you and your partner agree on things such as:
- Size of the Wedding
- Food & Drink
- Wedding Dress & Attire
Your wedding day is your dream day. However, the real dream is surviving life after your wedding debt free.