For most couples, a wedding is the first time you’ll ever have to think about planning a huge event, let alone creating a wedding budget. That means lots of people start planning a similar way. First you think about the wedding you want. Then you think about how much you’re comfortable spending. And then you hope hard that the two concepts match up. The problem is, it’s almost impossible to know how much the event you’re envision is going to cost until you start getting into the nitty-gritty of planning.
Think About the Kind of Wedding You Want to Have
This may be the one part of wedding planning that you’ve already knocked out of the park. But if not, it’s time to get to dreaming. Do you and your partner want a picnic in the park, an intimate urban party, or a huge shindig with all your friends and family? There are so many kinds of weddings out there, and so much inspiration, that it can get overwhelming quickly. You shouldn’t spend too much time on specifics initially, but you should determine the general feel you want your wedding.
With many couples spending more on their wedding than anticipated, find out how to stay within your budget and which apps can help you along the way. If a wedding is on the horizon, some time spent budgeting and planning before you walk down the aisle could go a long way, both financially and emotionally.
We look at some trends and useful tips to help you avoid a wedding budget blowout, with 35% of married couples saying they spent more money than what they intended to.
How much can a wedding cost
Here are some figures that may help you to paint a clearer picture of what to expect when planning a wedding:
How people pay for the wedding?
Some tips to ease the pressure of wedding expenses
Your wedding will likely be one of the biggest and best events you’ve ever thrown, but to avoid having to spend the rest of your life paying it off, here are some tips that may help keep costs under control.
- Take your budget seriously. Putting a limit on your spending will help you remain realistic. If you’re lucky enough to be getting some help, make sure you find out exactly how much and include that in your budget.
- Shop smart. Shop around, compare quotes and don’t be afraid to haggle – after all you’re paying for several products and services on a day like this, so getting as much bang for your buck is important.
- Read the fine print. You’ve heard the horror stories before – couples unknowingly losing much needed funds on hidden fees and tricky clauses. Avoid falling into the same trap and read your contracts carefully. Remember that most places will still pass on credit card surcharges or include gratuity fees, so be sure to keep these on your radar.
- Weigh up wants versus needs. Everyone wants their wedding to be perfect, but being on a budget might also mean that you can’t have it all. Work out what’s most important to you. Driving off into the sunset in a vintage Rolls-Royce might mean that you forego a string quartet at the ceremony.
- Bring your own. Cutting corners can help you to minimize spend while still achieving the dream wedding. Consider stocking the bar yourself to avoid paying premium prices for alcohol, or serving your wedding cake as dessert.
- Keep costs low by keeping guest numbers low. Think carefully about who you want to be there. While the saying might go “the more the merrier”, it can also mean more heads to pay for. This also includes your bridal party, because the cost of providing suits, dresses, accessories and transport can quickly escalate.
- Call on talented friends and family. Consider asking talented friends or family to contribute their skills to the wedding as their gift. Perhaps you have a budding photographer in your network, a hair and makeup artist, a hilarious friend who could be the MC or an avid baker.
- Rent versus buy. If you’re only going to wear it once, why not consider hiring some of the wedding attire. It’s often a fraction of the cost of buying and you won’t need to worry about dry cleaning afterwards.
There are several apps and online platforms that can help you search, plan and organize your wedding. Some applications like a wedding budget tracker can be helpful to keep track of your expenses.
Other things to keep in mind
- Planning in advance and being organized will go a long way in helping you make your dream wedding come true.
- Remember that staying on top of your finances is important practice outside of your wedding planning as well. Once the big day is over you’ll likely have some new goals to work towards. Find out more on How to improve your financial decisions
- Finally, your wedding is supposed to be one of the most memorable and significant events of your life and it can often come and go very quickly. So, enjoy the lead up to your special day and savour the moment once it arrives.
Should you have any immediate concerns or questions about your financial planning goals and budget plans please get in touch with our team at iAdvice or call (03) 8658-8875.
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