How to Keep Your Wedding Budget In Check!
At a time when we’re all feeling the financial squeeze, not many of us have a spare £27,000 to spend on our wedding day, which is now the predicted cost of the average wedding. Yikes! Yet, the total figure is estimated to be closer to £17,000 as couples are shunning hiring professional suppliers to keep the costs low. While this may work for some brides and grooms, it’s certainly not something we would recommend as wedding suppliers are worth their weight in gold in making your day as special as it can be.
Of course, while we all have the best intentions to keep within our budget, it’s easy to get carried away – especially on what is likely to be the biggest day of your life so far.
In fact, it is estimated that couples are spending far more than they intended by an extra 30% on average. Despite the fact that many wish they had taken budgeting more seriously, leading four in ten to say that they regret how much they spent on the day altogether. With many wishing, they had instead put the money towards a deposit for a house or into a retirement fund.
No one is saying wedding budgeting is easy. After all, you want the day to be as magical and memorable as possible, and costs can easily skyrocket beyond what you had initially predicted you would spend.
Luckily, the Wedding Cost Calculator is on hand to keep costs low, as it takes couples through questions to determine the costs they are likely to encounter when planning their wedding. With questions such as where the service and reception will take place, whether you plan on having a live band or DJ and how many bridesmaids you will have, the total estimated cost is then provided to enable couples to see how much they can expect to pay.
Below, are a few ways you can get started when it comes to budgeting.
Decide how much you can realistically spend
Many of us have dreamt of what our wedding day will look like since we were little. While a Vera Wang dress and a horse-drawn carriage may be the fairy-tale we had hoped for, it’s likely to be a nightmare for your bank balance.
Begin by realistically looking at how much you can afford to spend on your big day. Take into account whether you can expect to receive a contribution from family towards your costs, and how you plan on saving for the day. For example, are you going to save a set amount each month? Or pay some items on a credit card and pay it off later?
Choose what kind of wedding you want
Often this is the first thing couples think of when they get engaged, but this should be the next step after discovering how much you can afford to spend, as the money you have available will largely dictate the kind of day you have.
This way you know how much money you have to play with and can begin to find venues, suppliers and dresses which match up with your finances.
Set your priorities
You’ve got your budget and decided what kind of day you would like to have, now it’s time to decide what’s the biggest priority when it comes to crunching the numbers. Sadly, just like the rest of life, compromises are likely to be required, so be prepared that you may have to forgo one element, in favour of something more important.
You could set up a spreadsheet and colour code it red, amber and green in accordance with how important that part of your wedding is to you. For some, details such as favours won’t matter, yet for others, they will – so this is the part where you can decide what will make the day perfect for you.
Ensure you have an emergency fund
As we mentioned earlier, you can budget with the best intentions in the world, and sometimes things come in at a higher price than you had initially anticipated, which is why it’s a good idea to build a buffer in your financial plan.
This can be how much you can reasonably afford to include as a fall-back. Try to think of it as a separate part of your budget, and treat it like an extra cash pot for your honeymoon if you don’t spend it – that’s an incentive to keep within your budget.
With these tips in mind, it’s now time to plan your wedding!
**this is a guest post from everyday loans**