The average American wedding costs $27,800.00 and the days of “dad” footing the entire bill are numbered. According to a recent study by The Wedding Report, in 2011 83.2% of U.S. couples made a contribution or paid the entire cost of their wedding, and only 51.5% of parents contributed to the wedding. The more people contributing to your wedding finances the more confusing the budgeting and bookkeeping will end up being.
Here are my TOP 2 wedding budgeting tips to help all parties involved communicate effectively and stay on track!
Tip #1: Determine your budget
Plan a money date and figure out how much money you and your fiancé can spend.
- Calculate how much money (if any) you have saved, and how much of that you are willing to use if you stick to a rigid saving plan.
Schedule a sit down meeting with all parties involved, and be mindful of economic differences.
- Meet with everyone who is contributing to the cost of your wedding, to talk about the expenses.
- Two separate meetings might be a good idea if those contributing come from different economic backgrounds in order to avoid potentially awkward and uncomfortable moments.
Pick your priorities.
- Try using an online budgeter (like the one on TheKnot.com) to breakdown your budget item by item.
- Decide what is most important to you and then dedicate your budget accordingly.
Be upfront and honest with your vendors.
- Always approach your vendors with the budget you have allocated the service they will be providing you.
- Have them create a proposal for you within that budget.
- You might want to account 10% of your budget for extras and upgrades.
Tip #2: Manage your funds
Open a bank account devoted specifically to your wedding so you can track your spending.
- Make sure you don’t agree to frivolous upgrades without recognizing the economic impact.
Devise a secondary savings plan.
- After deciding on a wedding budget, and figuring out how much of your savings you would like to contribute to this budget, open your “Wedding Bank Account.”
- Once you have transferred money into this account, create an additional savings plan.
- Creating an automatic monthly transfer from your checking account to your “wedding account” will help to manage the wedding budget and spending.
Reap great rewards: Sign up for a credit card with a rewards program.
- Make your wedding costs work for you! Sign up for a new credit card with a rewards program, allowing you to earn points each time you spend.
- You know you are going to be spending — make it work to your advantage.
- Make sure you have the money to pay of your card in FULL each month!
The Bridal Budget Breakdown:
- Reception: 50%
- Attire: 10%
- Photo and Video: 10%
- Flowers and Décor: 10%
- Music & Entertainment: 10%
- Invitations & Gifts: 10%
When it comes to weddings and money, (especially other people’s money) it’s important to remember to communicate and take into account each party’s economic differences and needs. Hope these tips can help you or someone you know plan ahead before walking down the aisle.