Now that the excitement surrounding the engagement has waned, you will want to get down to the business of the budget. Can Love on a Budget be had? Perhaps, but you will want to grab the reigns of the purse strings from the start.
The first thing you will want to establish is the source of funding. Will you and your intended be funding the affair yourselves, or will family and friends be graciously lending a hand? Whatever the case, the source of funding will dictate the size and flexibility of your budget moving forward.
Help from “Dad†or other Loved Ones
If others will play a significant role with the financing of your wedding, make an effort to specify how their funds will be used. If you have been given a financial bottom-line, do your best to stick within those parameters; otherwise, you may need to carry a portion of the cost yourself. In short, be mindful and considerate of those who are shelling out the dough.
Conversely, and notwithstanding the fact that financial assistance is an endearing gesture, lest you not forget that your wedding day is about being a happy couple. If a pink and turquoise wedding in the little chapel in your mother’s hometown, with Bubba and the Heartbreakers as your musical entertainment, doesn’t tickle your fancy, you may have to forgo funding offers with strings attached. These types of deals often derail or delay plans, so keep the lines of communication open and honest. Always remember that the price tag doth not a special ceremony make and that peace of mind goes a long way towards wedded bliss.
Funding Your Own Wedding
A good number of couples significantly contribute towards or fund their own weddings. If this will be the case, determine how much money can be put towards the wedding now, as well as how much time and means you have to save towards the final price tag. To do this, you will want to avoid unnecessary spending whenever possible.
The little things are what will make the biggest difference. Brew your morning cup of Joe at home rather than visiting the local barista, rent movies rather than going to the cinema, prepare your own meals, and buy clothing essentials rather than pricey fashions. These small changes will be well worth it and will hardly affect your quality of life. Over the course of six months to a year, an extra $200 per month can make the difference in a wedding gown, rings, or your venue of choice.
To put these saved funds to work in the meantime, consider a term deposit account to help increase your bottom line. These interest rates can be double that of a traditional savings account, so you will want to explore these options thoroughly.
Now that you have determined the source of funding, how much money will you actually need?
Love on a Budget.
Wedding costs vary wildly depending on the size of the bridal party, number of guests, venue, food, administrative and licensing fees, entertainment, and decorations. On average, the final price tag can run between $25,000 and $28,000. The good news is that love on a budget can be had if you put your mind to it. Wedding budget planners available online can help determine how much your budget can accommodate based on a particular element, be it a gown, tuxedo, flowers, a venue, your honeymoon, favors, food, hired professionals, invitations, photographs, travel and lodging expenses, incidentals, and more.
Ultimately, your wedding day is about creating a special moment for you and your future spouse-to-be. Do not succumb to outside pressures or opinions about the level of extravagance your wedding day should attain. Plan your budget with specificity and determination necessary to make your special day just that – special!
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