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21 Nov 2018   /   0 comments

Financial Planning for a Wedding

financial planning for a wedding

There are several things to consider cost wise when you are planning for a wedding.

  • Start by making a budget
  • Make a list and research the cost of things that Is required
  • Try to save as much money as possible.

When it comes to a wedding, keep in mind that there will always be unexpected expenses which may be an impediment to your savings plan. Also, during a wedding your emotions are so volatile that they will cause you to splurge more money than required and the budget often goes out of the window. In case you are short of money then applying for a short term loan is a wise thing to do. But, even before you start shopping for loans, let us see if you can save on your wedding budget.

How do I budget for a wedding?

The first thing while budgeting you need to have an idea of how much you would like to spend for a wedding. There are no specific rules as to how you should plan for a wedding. It depends on two factors:

  • How much do you earn?
  • What are your living expenses and other financial expenses like paying your debts and loans?

Once you have calculated all your expenses and clearly see a shortage of funds then start speaking to vendors. Get a quotation for everything and some of the wedding expenses include:

  • Flower decorations
  • Music and DJ
  • Catering services
  • Wedding rings
  • Movers and packers, if needed

The biggest challenge while planning for a wedding is to get all the vendors to agree to your budget. It is a mammoth task when it comes to coordinating with all of them at the same time. For example:

  • Some people will want a grand scale wedding and some want a quiet after
  • Catering causes a lot of confusion as you will often be given a wide a variety of choices and you don’t what to choose and how to serve it.

One choice leads to 10 more different ones. So it is very important to be focused wedding

After you have collected the quotations and documented all the costs, compare the prices with your actual budget that you had in mind. Your dream wedding may be much more expensive than the actual costs. Sometimes, it is exactly the other way round. There will often be a vast difference between your wedding expenses and your budget estimate. Many people actually overshoot the budget due to unnecessary indulgence.

How to save on costs for a wedding?

  • The best way to save is to cut back on all your expenses.
  • For example flowers, though they add that special touch to your venue, it is expensive and it is just a one day affair. So you can cut back on the flowers and use simple and sparse ones.
  • You can save money on catering services too. Do not go for a huge spread as most people cannot eat so much. A lot of food is wasted during weddings. Instead keep the menu minimal and just right for the wedding guests.

Paying for a wedding can be a daunting task and always keep a check on your emotions. Otherwise, you may indulge in frivolous spending that can be avoided.

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