By Amy Persyn
A wedding can be a pricey endeavor: according to The Knot Real Weddings Study, the average wedding in the United States cost $30,000 (up $2,000 for the previous year – honeymoon not included)! Inflation has impacted prices across the board, so weddings are no exception. That’s a lot of money – enough for a new car, a dream vacation, or a hefty down payment on a house.
Sticking to a budget for your wedding planning will allow you to plan realistically for your big day and minimize stress in the process (well, some of the stress!). The following steps will help you create a wedding budget so you can get hitched without breaking the bank.
Determine Who Will Pay for What
Whether the two of you will be footing the whole bill or if parents will be helping pay for the event, it’s essential to know up front who will be contributing and what their contribution will be. Know how much is available to you to spend so you can plan accordingly.
Consider & Allocate Costs
Know what you will pay for what you want. For example, the venue typically accounts for 48 percent of your total budget. Review the key items with your partner and determine which are the non-negotiables, and where you might have room to save.
Track Your Spending
Whether you use a fancy budgeting app, a spreadsheet, or even a simple notebook, keep a record of your expenses along the way. Include three columns of tracking: Estimated, Modified and Actual Cost. Keeping an eye on the overall budget along the way helps ensure that you don’t overspend.
Expect the Unexpected
Know that there will be some overages and be prepared for surprises along the way so that you’re able to easily adapt when a vendor alerts you to an added expense.
Save When You Can
Just as some costs will be higher than expected, there is room to save some money along the way, as well. For example, choosing an off-peak time of day (or year!) to marry can present significant savings in venue rental.
While a wedding is a momentous occasion, you don’t want to go into debt planning your special day. Sticking to your budget and resisting the urge to overspend on your wedding not only simplifies the planning process, but allows you to joyfully start the next chapter in your life unencumbered by wedding day debt.
Amy Persyn is a lifelong Macomb County resident. She is passionate about connecting families and entrepreneurs with information that can help them become empowered and financially literate. New to First State Bank, Amy is happy to be part of a team of people who “walk-the-walk” and do their part to make our community great!
