Today we have a special guest post from Katie to round out our month of Couple and Coins here at Life and a Budget. Once you’ve got your wedding out of the way, be sure to check out the other articles in the Couple and Coins series so that you will continue to build your financial legacy as a team. Take it away, Katie!
If you’re a regular reader of Life and a Budget, you already know the importance of having a budget and sticking to it! Today, I’m going to write about how to have a wedding on a budget – so if you’re engaged or planning to get married soon, this one is for you!
For many couples, talking about money can be awkward, especially if there’s a saver-spender dichotomy going on! In my relationship, I’m the saver and he’s the spender. We already knew that about each other, but coming up with our wedding budget was the first time that my husband and I had ever seriously discussed our personal finances.
Paying for the wedding was our very first shared financial goal. When we agreed to discuss our wedding budget, we had VERY different ideas! But thankfully, we created a budget in a very simple and logical way that worked for us. I’ll show you how we did it – plus, I’ve included tips for you as you create your own budget for your wedding.
To Have a Wedding on a Budget – First, Figure Out How Much You Already Have Available.
To kick things off, start by taking inventory of funds that you already have available for the wedding. This can include:
- Savings: If you’ve been saving up for your wedding already, great! Make a note of how much each of you has saved.
- Credit Card Points: If you’ve been racking up credit card points for a special occasion – this is it! If you’re able to cash out any of your credit card points, and if you’re willing to put those funds towards the wedding – tally up the amounts that each of you are bringing to the table.
- Gifts: If you’ve received any monetary gifts from your families to fund your wedding – go ahead and make note of those amounts as well. (Tip: I’d highly recommend that you only count on the funds that have been received.)
Once you’ve taken inventory of the funds that you already have available for your wedding – you’ll want to add up all the numbers to come up with a grand total of what you already have available. Then give each other a high-five because you’re halfway there!
Second, Figure Out How Much You Can Contribute Each Month.
Next, you’ll take a look at each of your monthly budgets and come up with an amount that you can sustainably save each month leading up to the wedding day. Figure out how much each of you can contribute each month and multiply that by the number of months leading up to your wedding. Add this number to the funds that you already have available and BOOM! That’s your wedding budget – easy, right?
Here’s the kicker: you HAVE to contribute the amount you committed every month leading up to the wedding. If you don’t keep that promise, then your budget will fall apart. So make sure you only commit a monthly contribution that is realistic for you so that you don’t miss a contribution.
Third, Pool Your Funds in a Shared Bank Account.
Now that you know how much money you’re starting out with and how much money you plan to contribute, you can start setting up a system to make that happen each month.
If you don’t have a shared bank account already – this would be the time to open one! This helps keep the wedding money separate from your other money – and helps you easily track how much you have available specifically for the wedding.
So pick a bank and open up a new checking account. Your initial deposit can be the funds that you already have available for the wedding (savings, funds redeemed from credit card rewards, and/or monetary gifts from family). Next, you’ll want to set up monthly automatic transfers from your individual accounts into your shared account – that way you’re not tempted to use those funds for something else!
So, what’s next?
Well, let’s recap really quickly. First, you have a set budget. You need a general idea of when you plan to get married. After you’ve done that, you’re ready to start shopping for wedding vendors! But don’t get crazy – take it one vendor at a time, starting with your venue.
In general, about half of wedding budgets are allotted to the venue, food, and drinks. You’ll want to shop around for the best deal and stay within your budget. And here’s where things get tricky …
Last, Begin Collecting Estimates That Fit Your Budget
Most wedding-related services are super customizable. That’s why wedding vendors generally don’t include pricing information on their websites – because pricing will depend on your unique needs. Unfortunately, this means you’ll have to contact each vendor individually just to get base prices.
Instead of calling each vendor individually, I recommend emailing – it’s easier, faster, easier to track, and you can contact more than one vendor at once. And create an email template for each vendor. And actually, I’ve already done that for you.
I’ve created five free email templates to help you gather accurate estimates quickly. Click here and get a free bundle of email templates to help you shop for your: venue, catering, photography and videography, hair and makeup artist, and wedding cake.
Gathering detailed, accurate estimates is really important to help you stay within your budget. So I hope this helps you stay on track!
Katie teaches busy people how to plan a wedding with in-depth guides about saving time, money and stress. Learn more about her straightforward approach to wedding planning at www.planningwithpoise.com