Your wedding day has the potential to be the single most expensive day of your life. It is imperative that you carefully consider your wedding budget with a wedding budget calculator to avoid making costly mistakes that could hurt your long term financial future with your new spouse. Before you pick up a wedding magazine or brochure, it is important to organize a budget which will guide you through the rest of your wedding planning. This may seem like a monumental task at first, but by following the few simple steps outlined below, you will find that before long you have a solid budget.
Using a wedding budget calculator, the first step in budget planning is figuring out who will be contributing to your wedding fund and how much each party will be contributing. In the past, the bride’s parents paid most of the wedding bill, but as the price of the average wedding increases, many couples contribute to the money themselves or get assistance from the groom’s parents, as well as relying on extended family. If you are paying for the whole wedding yourself figuring out how much you want to spend may be as easy as looking at your bank account and seeing how much you can afford.
Alternatively, you may want to determine a set amount to put aside from each week’s paycheck to put towards the expenses of your wedding. Setting up a concrete amount to set aside, such as $100 a week from both the bride and groom’s paycheck, will give you a solid timetable to work with. If you want to raise $10,000 for your wedding, you can put aside $200 a week for 1 year or $100 a week for two years. Just saying you want to save $10,000 and not having a plan for how to do it is setting yourself up for failure.
By using a wedding budget calculator, you can make a concrete plan and stick to it, unless you have a financial emergency. If your parents or other relatives are contributing to your wedding fund, you will need to discuss with them how much they can afford to gift. In the best case scenario, your relatives will immediately let you know how much they’re willing to offer without you broaching the topic. However, if they do not commit to a particular number, you will need to discuss with them what they’re willing to spend. It is impossible to plan a true budget unless you know exactly how much money you have to work with.get more updates from https://techcrunch.com/2016/11/08/digital-wedding-planner-joy-says-i-do-to-4-5-million-in-seed-funding/
Your next step should be investigating local wedding costs. Not all wedding locations are created equal in terms of price. A wedding in New York City will inevitably be far more expensive than one in a small town in Iowa. Although many websites publish figures for the “average” cost of a wedding, these statistics are usually heavily skewed by the large percentage of people who live in large cities where weddings tend to cost more.
If local costs far outweigh your budget you may want to think about delaying your wedding date so you can raise more money. If you live an expensive market, you may to move your wedding to a more affordable spot. Couples living in a city may want to consider having their wedding in a nearby suburb, having a destination wedding, or having the wedding in the bride or groom’s hometown.
Next, you will need to decide where the money you allocated in the first step will be spent. If you performed the research required in the step two, you will already know the typical wedding cost in your area. Consider using The Knot’s Budgeter or a similar tool to figure out approximately what percentage of your budget should be spent where.
The percentages used on these tools are meant to be rough guidelines, not hard fast rules. Make a list of the most important elements in your wedding and plan to allocate a higher percentage to those factors than your budget calculator suggests. At the same time, make a list of elements of a wedding you find less important and decrease the percentage you plan to spend on those items.
This will allow you to splurge on items you really want while budgeting less for elements that are of little or no importance to you. You may not need all the items mentioned on your budgeter. Cross the item items you don’t need off the list and redistribute the percentage devoted to that particular item elsewhere. You should leave a 5-10% cushion for unexpected costs.
If you get through your wedding and still haven’t used that extra money, you’ll have extra money to spend on an extra splurge. To help you along the way, why not create a wedding website – you never know, it could help you make big savings and offer some great information and photos of your big day!