Getting tied in nuptial knot is one of life’s biggest celebrations! But planning the perfect wedding day can also feel super overwhelming at times. Keeping all the moving parts organized while managing costs is a major juggling act.
Before you start pinning all those Pinterest pictures, get on the same page with your partner about a wedding budget. Decide which splurge areas truly matter most.
The little details people likely won’t even remember aren’t worth stressing over. Focus your planning energy and money on the aspects that hold the most meaning and magic for you two lovebirds.
Calling in backup from friends and family can be a life-saver for wedding planning! They’ll likely be honored to lend a hand. Plus, many have been there and done that wisdom to share. And, the best thing is: you remain debt free to enjoy the gala with full excitement.
Step 1. Wedding Budget: A Couple’s Game Plan
Before doing anything, you two need to get real about how much money you’re comfortable spending on this wedding. Crunch the actual numbers you can reasonably afford.
Some wedding details, like the venue or photographer, are super high priorities. That’s fine—splurge your budget there! But then you’ll need to cut costs in other lower-priority areas to balance it out.
No Credit? No Problem!
Even after trimming expenses, maybe you’re still coming up a little short on the funds needed. Looking into wedding loans for bad credit on instant approval could help cover remaining costs. Just be sure to thoroughly understand all the terms before signing anything.
Start Squirrelling Away Now
Once that total wedding budget is locked in, do some maths to figure a monthly savings goal. Make automatically transferring cash to a dedicated wedding fund a habit.
Step 2. Opening a Special Wedding Account
Having a checking or savings account just for wedding costs makes a lot of sense. You don’t want those expenses getting all mixed up with your regular bills and daily spending. A dedicated account makes it way easier to track.
Easy Payment Management
Since all the vendor payments and deposits will come from this one account, you don’t have to go hunting through different statements.
If you opt for a joint wedding account, you’ll both have full visibility into the balance and where money is going. Working as a team managing the wedding fund promotes openness.
Avoid Pesky Overdraft Fees
Keeping a separate wedding account means you won’t risk over-drafting your daily checking account if you underestimate costs. Those painful overdraft fees are easily avoided when funds are ring-fenced.
Many couples choose to open specific accounts when saving up for major milestones like a wedding, first home, or starting a family.
Step 3. Locking in Your Wedding Venue Early Is Key
One of the biggest headaches couples face is finding their dream venue already booked up for their desired date. Researching and booking your venue early allows you to:
Explore all the different venue options within your area and budget range. Make sure to understand what exactly is included in their pricing packages.
Consider Off-Peak Dates
Saturday evenings will always be the most in-demand and expensive option. Looking at Friday or Sunday weddings or off-season months could make a beautiful venue more affordable. Even shifting your timing by an hour or two can provide savings.
One-Stop Bundled Packages
Some venues offer enticing all-inclusive packages that add tremendous convenience. They’ll provide spaces for your ceremony, reception, catering, tables, decor, and more, all under one roof. Just be sure you’re getting a fair deal versus sourcing separately.
Step 4. Prioritising Your Must-Have Wedding Elements
Get clear on your couple’s top 3-5 highest wedding priorities and non-negotiables. For some, it’s an incredible venue, photographer, live music, etc.
Once you’ve nailed down those must-have items, make sure to earmark a significant portion of your total budget towards those areas. You’ll thank yourself later!
Find Cost-Saving Compromises
On the flip side, there are bound to be certain aspects of the wedding that you care less about. Maybe expensive floral arrangements aren’t important to you. Identify areas where you can compromise and scale back to offset splurges elsewhere.
The key is being very intentional about how you divvy up your wedding budget according to your unique priorities and vision as a couple.
Step 5. Create a Savings Plan
Once you’ve set your overall wedding budget, it’s time to map out a realistic savings plan to accumulate those funds over time. A proactive approach to saving removes last-minute financial stress.
Calculate Your Monthly Target
Tally up your total wedding cost estimate, then divide by the number of months until your wedding date. This gives you a monthly savings goal from which to work backwards.
Start That Savings Habit ASAP
The earlier you open a dedicated wedding savings account and begin funneling money into it, the better. Automatic transfers timed with each paycheck help make saving a locked-in habit rather than an afterthought.
Borrow Sensibly If Needed
Despite your best efforts, sometimes the budget just won’t stretch far enough through saving alone. If your wedding fund comes up short, looking into guaranteed installment loans for bad credit might be a sensible option to manage the additional expenses.
Understand the Terms Clearly
These alternative lending options are often more interested in the viability of your repayment plan. Just be sure to thoroughly understand all the terms, interest rates, and payback timelines before signing.
Consistent Saving Wins
Even if you do need to take out a loan, having a solid wedding savings base puts you in a much stronger overall financial position. Diligent saving shows lenders you’re serious about money management.
The key is developing (and sticking to) a disciplined savings plan from the very start. Tracking your progress provides motivation, while sensible borrowing bridges any final gaps.
Conclusion
With so many moving parts, it’s easy for wedding expenses to quickly spiral out of control. Staying disciplined about your set budget takes conscious effort.
Identify the aspects that truly matter most to you as a couple, like the venue or photographer. Allocate more funds there, but cut costs on lower priorities. Whether using an app or an old-fashioned spreadsheet, consistently log and monitor all expenses. Regularly reviewing where money is going keeps you accountable.
Don’t be afraid to loop in friends and family to help seek out affordable vendor options and DIY elements where possible. Many hands do lighter work.
Yes, budgeting is crucial. But also remember to pause and savor the excitement of this once-in-a-lifetime journey! Don’t let financial stresses detract from the joy.
