|
Creating a realistic budget can be one of the most challenging parts of wedding planning. Not only does money become a lightning rod for plenty of other issues, there's also the desire not to skimp on any part of your big day. Here are some tried-and-true tips that will make setting your budget a little less painful.
START SAVING EARLY
The sooner you begin putting money away, the more you'll have come wedding day. As soon as possible after your engagement, set up a savings plan. It's a good idea to set aside between 10% and 20% of every paycheck you get from now until the big day for wedding expenses. Make efforts to entertain friends at home, brown-bag lunch, snuggle in front of the VCR, and postpone major purchases until after the big day.
OPEN A WEDDING ACCOUNT
Establish a separate bank account for your wedding fund. By putting whatever money you can save in one place, you'll have a clearer idea of how much you have to spend.
MAXIMIZE YOUR SAVINGS
Putting some of the money you already have in a bank certificate-of-deposit (CD) or short-term mutual fund is a great way to make the most of your money. You'll earn a lot more interest than you would if you left everything you had in a regular savings account.
TAKE THE DO-IT-YOURSELF APPROACH
Whenever possible, do wedding-related tasks yourselves to cut down on vendor costs. For example, be your own calligraphers, or buy the liquor yourselves. Ask (but don't expect) friends to help you accomplish certain tasks; have an invitation-preparing party or a favor-making fiesta.
CONSIDER HIRING A WEDDING PROFESSIONAL
At first glance, this may seem like an *added* expense, but often a professional party planner can help you make the most of your budget -- whatever it is.
COMMUNICATE AND COMPROMISE
Before you decide exactly how much money you'll be putting toward your bash, know what you are -- and are not -- willing to splurge on and ask your partner to speak her (or his) mind as well. Find a middle road. For example, if your honey is willing to withdraw £10,000 from her mutual fund account to finance a gigantic rave with an elaborate laser show, while you're adamant that the two of you purchase a house in less than five years, perhaps compromise with a decision to each contribute £2,000 of your savings toward a smaller (but just as wild) dance party at your favorite club. Make sure both of you are satisfied with the wedding budget you work out.
BE REALISTIC
You may be more in debt than your beloved is, which means the sum you can contribute is smaller; you can even things out by doing more of the time-consuming preparation tasks.
|
