We get it. You want your wedding to be as memorable as you always dreamed it would be. You want everything in your plan, and why shouldn’t you? Extreme money-saving measures like getting married at home, providing the food and drink yourself, and not having a honeymoon just aren’t going to cut it. You’ll only do this once so you shouldn’t worry about splashing out and making sure you get the wedding you want.
That said, you should still budget for your wedding to ensure you effectively allocate funds and realise your dream.
Let’s look at everything you need to successfully budget for your wedding.
Should you plan your wedding around your budget, or your budget around your wedding?
The first rule of budgeting for wedding is to work backwards from your wedding date.
If you’ve set the date, you know how much time you have before your wedding day. As a result, you can probably work out how much you will be able to save in that time without any assistance.
Alternatively, if you haven’t booked your wedding date, you could consider booking a date that allows you and your partner adequate time to save enough to pay for everything you’ve planned upfront. This is an easy way to get what you both want and alleviate any time pressure that you may experience.
Set up a wedding planning calendar online so you can start to map out your budget with the big day as the endpoint. Something as simple as a calendar template from Google Sheets or Excel will do, but you can be as elaborate as you wish!
Consider your finances – how much can you afford to spend or save in a month?
You might do this at the start of your wedding planning. Sit down and review your finances with your partner. Knowing how much you can save or spend per month will tell you when you should plan your wedding date to make it affordable.
You might decide to cut back on some of your everyday spending to enhance your ability to save, but that’s up to you.
It’s advisable to set up a separate bank account to act as a wedding fund, just like you would if you were buying a house together. You might even open a joint savings account to hold your wedding funds.
Payment due dates and setting alerts!
The beauty of wedding expenses is that you can usually pay most of them in instalments.
You’ll certainly need to pay a deposit on a venue, on your honeymoon, and potentially to a catering company. However, they usually won’t require supplementary and final payments until later.
When you’re negotiating with different vendors, you’ll be able to work towards planning fee payments at different times to suit you. Add the dates you need to make payments to your calendar and set alerts, so you don’t forget! This way, you won’t find yourself suddenly paying tens of thousands of dollars in one month.
Speak to your wedding vendors about their payment options available. Some will work based on receiving a deposit followed by one final payment, but others may offer long-term plans.
Tracking current and future spending
You should support all the time and effort you put into the wedding planning and budgeting process with proper tracking of what you spend.
Weddings are notorious for becoming more expensive than initially projected. Often, we start adding little features without considering the cost. We then get a shock when we later find our wedding costs have spiraled thousands of dollars above what we originally planned.
To accomplish this, you could use a financial planning app or set up a tracker in the same place you created your budget calendar. However you do it, it’s important to track both what you’ve spent and payments that are due in the future.
Consider costs you might not have thought about
When you plan a wedding, you tend to think of the more expensive things first. We’ve done it here, mentioning the venue, your honeymoon, and your wedding catering. At the same time, you’ll need to add other essentials to the list, too.
But have you thought about the admin costs involved with getting married? Many people forget to consider the costs that come after the wedding. If one or both of you changes your legal name and/or residential address, you’ll need to update things like your driver’s license. You may also have admin fees to pay for changing insurance policy details or other legal documents.
Include these in your wedding budget from day one. Who wants to start married life with unexpected expenses?
Using a personal loans broker to help with your budget
Unsurprisingly, many couples overspend against their budget. While the average wedding budget comes in at just under $24,000, the average wedding itself ends up costing around $32,940, (Easy Weddings, n.d.)!
Even if you set a budget and start planning based on spending just under $33,000, you might have to save for a significant period to be able to afford your wedding. Unless you were planning a long engagement, this could feel like a lifetime.
If you require assistance in paying for your dream wedding, MacCredit might be able to help you access a personal loan from our panel of lenders. You may be able to bring your dream wedding a little closer. A personal loan could help meet wedding costs and replace awkward and sporadic payment dates to wedding vendors with a singular monthly loan repayment.
Get started here to discover whether you’re eligible for a wedding loan via MacCredit.
Disclaimer: This article contains general comments and recommendations only. This article has been prepared without taking account of your objectives, financial situation or needs. Before taking any action you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs. If this article relates to the acquisition, or possible acquisition, of a particular credit product you should obtain and consider the relevant disclosure documents before applying for the product.