On The Money

A Guide to Creating Your Wedding Budget

Wedding Budget PreparationYou just got engaged? Congratulations! You might be feeling excited about your wedding day, but you should make sure that you won’t get overwhelmed in preparing your wedding budget. Who does not want a perfect wedding day, anyway? It’s a once-in-a-lifetime experience that needs a lot of preparation to make sure that it will go according to plan.

Preparing the wedding budget is a challenging phase of wedding preparation, especially if there’s a need for you and your fiancé to stick to your budget strictly. However, the key is to have a clear idea of how you want your wedding to be.

Who’s Paying?

The first and big question is: who will pay for the whole event? Surveys say the average wedding cost is between $20,000 and $30,000. Talking to each family separately is a good way to have a whole discussion about the budget. Are they planning to contribute to the cost of your wedding? If so, add up all their contributions to create your overall budget.

Some lenders, such as Rapid Loans, provide cash loans that serve as an addition to their wedding budget. You can also consider this as one of your options if you want to achieve your dream of having a perfect wedding. Just be sure that you understand all the terms and conditions of the loan you will get to avoid financial trouble.

Cost Considerations

If you want to hold the wedding in a grand ballroom of a glam hotel downtown, then your budget is clearly going to be much bigger. On the other hand, if you want a laidback garden wedding setting, you are most likely to spend less. So you have to calculate if the cost of the venue is within budget.

The guest list size is another important factor to consider. Food and beverages like liquor have varied per-head prices. These elements are typically the biggest expense in almost any wedding. This means you need to streamline your guest list to achieve a wedding you can afford. A friendly reminder: the smaller your guest list, the more you can save on other wedding details like rentals, stationery, favours, and more.

Now that you have established your initial wedding budget, you and your fiancé can start setting aside as much of your income as you can for your wedding. And the longer your engagement, the more you’ll be able to save money for what comes after the wedding.