It’s no surprise that one of the most common disagreements when wedding planning involves money. Should we really be spending so much on the wedding? Is there any way we can bring down the budget? Should we spend less on the wedding and save more for our future? Are the questions starting to sound familiar? We hear you, brides and grooms-to-be. It’s not always easy to be transparent with finances, but it is so important to talk about life after the wedding before walking down the aisle. Getting on the same page of what big expenses and investments you have planned is key to having a beautiful wedding AND life together. To help start you on the right track, let’s talk about the wedding budget. How do you budget for a dream wedding and happily ever after at the same time? Keep reading to find out!
Are you planing to purchase your first home together? Do either of you have goals of taking further studies after the wedding? Are you traveling first-class, all-around-the-world for the honeymoon? These questions need to be answered before you even think of setting a wedding budget. Consider how much money you need to set aside for these plans and you’ll have a clearer picture of how much you can realistically add to the wedding budget. Once the destination is set, the roadmap suddenly isn’t as daunting.
Whether you’re hoping to have one boy, one girl or your version of a Cheaper by the Dozen family, kids don’t come cheap. There’s childbirth, baby gear, school tuition, and a whole lot of online shopping hauls that come with having a baby. Couples prepare mentally, physically, and financially before starting a family. Discuss your timelines and it will be easier to decide if you can splurge on that stylist or if it’s better to put it aside and into your savings.
The wedding day is most definitely one of the most important days of your lives and pictures are forever. We totally understand how easy it is to get carried away when planning a wedding. This is why it’s important to consistently keep your future in mind. When deciding if you want to add some more money into the wedding budget, go back to your priorities. Talk about your future goals and the life you want to live post-wedding. It might just help keep you grounded when caught up in the glitz and the glamour of weddings.
The wedding is the best time to test the waters and find a system that works for you both! Who’s more organized with tracking expenses and remembering due dates? Who’s willing to put in the effort to canvas different suppliers before making a decision? There is so much that can be learned while planning a wedding, you wouldn’t want to miss out! Choosing suppliers will show you how the other thinks when it comes to money and it will also teach you both the art of compromise. Practice and enjoy the ride! You’ll be using the skills you learn for many years to come.
Many couples nowadays ask for contributions to their wishing well or marriage fund in lieu of the more traditional bridal registries. This usually means you’ll be gifted a large sum for your wedding with no limitations on where you can spend it. You could travel, invest, or just leave it in your savings account—it’s your first big decision as a married couple. If you’ve already agreed to use the money you receive towards your future goals, then maybe your wedding budget can be used as it was intended. One tip: don’t spend your wishing well before receiving it. This might lead to feeling disappointed if your running total comes up short, instead of gratitude for the generosity shown by your most loved ones.