Your wedding budget is one of the first things you need to sort out, before you start looking at venues, dreaming of dresses and practising your new signature.
hitched.com.au has a helpful and practical budget planner that allows you to see what you need to pay for, to divide up your money and factor in how much you have spent or saved on each item.
There are important things to consider when planning your wedding budget and deciding how much you want to allocate for each part of your day. If you have your heart set on a particular venue or an extravagant dress, then you need to allow for this in your budget and make cutbacks in other areas to balance things out. The key to successful wedding budget planning is compromise.
By creating a spreadsheet or using hitched’s budget planner tool you can easily keep track of what you’re spending and see where your money is going. The slightest bit of over-spending can ruin your careful wedding planning, so you need to make sure that you’ve able to see what effect it will have straightaway by using an electronic tool to manage your money.
To make sure lines don’t get blurred between the cost of everyday living and planning for your dream wedding day, it’s advisable to set up a separate account. You can deposit savings in there, so they’re not accidentally spent on things not related to your wedding. A separate bank account also makes it easier to keep track of how much money you’ve got available, meaning you’re less likely to overspend.
When planning and saving for your wedding, set aside some money as an ‘emergency fund’. Don’t allocate this money for anything, unless something goes wrong and there’s no room in the budget to fix it. You just don’t know what could go wrong on the big day and it’s always better to be prepared. If it doesn’t get spent, then you’ve got a bit of extra cash on the side to go towards your honeymoon.
Perhaps most importantly, you need to make sure you only spend what you have and what you can afford. It’s not wise to go crazy and build up masses of debt paying for a luxury wedding party if you can’t pay it off. A wedding is just one day, but the debt will last a lot longer. You don’t want to spend your married life struggling financially and in debt just for the sake of one party. Know what funds you have, allocate them appropriately and be strict. Make sure you shop around for the best deal and be willing to compromise if it will save you money.
You will enjoy your wedding so much more if it’s affordable and well managed, and you don’t have to worry about ‘until debt do us part’!