Any budget is just a budget. It does not matter whether you plan a wedding, a vacation, a big purchase, or simply monthly expenses. You have to have a clear idea of how much you can spend without going broke.
There are different ways to pay for your wedding. Some cultures expect the bride’s family to pay, other ones accept payment from both sides. Modern couples prefer to pay for the wedding themselves as they do not want to trouble their families and, what is more important, they do not want to see certain people that their parents insist to invite. Since you are reading this post, I assume you somehow contribute. Here are some tips on how to plan your wedding budget:
1. Think of your estimated guest count.
Write down the names of all people you would like to invite including their families and special ones.
2. Find out the estimated budget you need for your guest count.
Shop around, get proposals from different venues. The best way is to hire a wedding planner and have him/her do that for you.
3. Think rationally whether you can afford it.
I know you planned this day since you were a child. However, you are an adult now. Think rationally before making decisions.
4. Compare your monthly income and expenses.
Be honest with yourself. Write down all your monthly expenses and compare them to your monthly income. Is there anything left?
5. Think how much you can save on a monthly basis.
I am hoping that you still have some good amount left after all your expenses. Otherwise, you need to look into ways to make extra income instead of planning a wedding. Now think how much you can save comfortably.
6. Multiply your monthly savings by the number of months left.
Simple math and you can see whether your monthly savings will allow you to afford your wedding.
7. If that’s not enough, think of ways to lower your expenses.
You can either lower your wedding or your personal expenses. Cut down your guest count, select the wedding date off season, forget about a Saturday wedding, select cheaper food and beverage options, etc. In order to cut down your personal expenses, think of ways to lower your utility bills, stop eating out, get a better quote for your insurance, internet bill, etc.
8. If that’s still not enough, think of ways to make extra income.
Making extra money is always a bonus. People make extra income different ways starting from selling stuff on Ebay to participating in focus groups. You can always apply for a second part-time job if it does not interfere with your main job
9. Plan your budget but don’t overstress.
A budget is an estimate of income and expenses for a set period of time. Be realistic and plan your steps to stay within your budget. Don’t overstress, instead think of ways to balance your finances.
A wedding is a happy event but you have to have a plan to keep it happy. If your wedding planning is just too much at the moment, there is nothing wrong with postponing it. Ask your local wedding planners for more tips on how to get good deals and discounts on services. They’ve got some good recommendations you could use.
After reading these tips you might decide to eliminate some costs by having your friends take care of something at your wedding. Not a totally bad idea but I would recommend to first consider these 5 Reasons to NOT hire friends for your wedding. Read it first before asking your friends for help.