Financial constraints are one of the biggest obstacles couples face when it comes to planning a wedding. According to statistics from recent years, the average cost of a wedding falls somewhere around $35,000. Considering the average salary for an adult is only a little more than that at $50,000, it is easy to see how putting together such an expensive event can quickly become stressful. While daunting when you look at the figures on paper, you can easily seize control of the situation by thinking over some simple budgeting tips in advance.
Saving for your big day is a matter you should not take lightly. Review these tips to put together a strategy that helps you balance your checkbook while arranging your nuptials.
Have Something To Start With
You can get engaged whenever the spirit moves you. Though the average amount of time a person is engaged is typically around two years, some couples wait much longer than that to walk down the aisle. For most, a main concern is money. If you don’t have the funds to put together the wedding you want, then delaying the event can be a wise choice. Naturally, you don’t need to have every cent saved for the wedding in order for you to move forward with your arrangements.
If you can sit down with your budget and plan out each payment you will need to make from now until your wedding, then setting a date and getting the process underway can be a good option. When you don’t have any capital to start with, though, you may find it is more of a struggle to save. Try to push off setting a date until you have a small chunk of what you estimate to be the total costs of the event saved up. Everything else you need in a financial sense can be budgeted for out of your income.
Know How To Allot Funds
Another big point of frustration couples experience with wedding budgets is how to best allocate funds. All of your financial obligations are not created equal, meaning you need to do a breakdown of expenses in order to know how much to save for each category. Though some experts will have different things to say about how to divvy up each dollar, the general idea is that the chunk of your budget should be going to the venue and the caterers. In fact, the funds for the space should comprise roughly half of your entire budget.
Entertainment is usually high on the list too. However, bands are much more expensive than DJs, so you can save money and push it to other parts of the budget by opting for the less expensive option. Expenses like photographers, florists, outfits, and other staples each fall into the range of about 5–8% depending on what you’re seeking.
Make Sacrifices Where You Can
Having the wedding of your dreams within the budget you have available might seem impossible, but you can accomplish a lot if you know how and where to make financial sacrifices. For some, cutting back on the number of guests to free up funds for a better venue is the right choice. Others will discover that a nice chunk of change can be saved by opting for a Sunday or weekday wedding rather than one that falls on the prime days of Friday or Saturday. If you take a close enough look, you’ll see many areas in which to make adjustments.
A wedding might be an event that costs a good amount of money, but you don’t have to empty all the coffers just to have one party. Making the most out of your experience comes down to getting creative with the budget and discovering sensible ways to save without giving up everything that you have your eye on.