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Getting your budget in order can be one of the most critical steps you can take during your wedding planning process. Your wedding may be one of the most important parties you host, and so ensuring a well-planned event, along with keeping your budget under control, may not be simple to accomplish. In fact, an average wedding in the UK costs over £30,00.
But while it may be easy to go over budget, there are a few measures you can implement to avoid breaking the bank. Here are some simple steps to help you get started with wedding planning:
- Know Your Money.
Before beginning the wedding planning process, it is vital to know how much money you actually have to spend, in order to better understand how much money can be devoted to your wedding. It may be helpful to split up monetary sources into categories; your savings, your income, and any additional contributions from family members. This can make it so that there is no room for guesses or estimations, and that you do not go over your allotted limits in any of these categories.
When planning a wedding, it is important that couples do not dip into savings accounts meant for any post-wedding necessities, such as buying a home. It can be helpful for couples to start saving up for their big day, as early as their engagement, or even prior. In order to get a good savings plan going, start by creating a separate account for your wedding expenses and dedicate at least 10% of each month’s salary early on, towards that account. This can be a productive and effective way to get to whatever financial goal you have set.
While contributions from friends, family, or other outside sources may be appreciated, this but should not be your only source of money; it may not be wise to expect family members, especially parents, to be ready to fully cover your wedding expenses. Make sure you have a full picture of where you are in terms of extra quid coming your way.
- Write Everything Down.
When planning any big event, it can be helpful to jot down a plan. This can be done on your computer or can be handwritten; the important thing is that it can help you keep your tasks and expenses on track. When planning a wedding, it is not uncommon for some elements of the soon-to-be big day to be strained or complicated. Keeping detailed notes, recording all your spending, and keeping track of where your money is going can ease such burdens. Do not be afraid to be too detailed; the more you focus on the specifics, the better chance you will have in understanding what may need to be adjusted.
- Be Prepared.
As with all major events, there will always be the not so coveted element of surprise. Many things are bound to go off schedule and potentially affect your overall budget. Before you go ahead and start signing off on any expense papers, make sure that you read all of the fine prints and understand what each service entails.
Service providers such as photographers and bands, as well as bartenders and other add-ons, typically come with contracts to be signed. It is important that couples examine such agreements carefully in order to ensure that they are not paying for any excess items that they do not want. Deferring money from any unnecessary wedding expense can help in the case of an unexpected expense down the line.
- Do Not Overcharge Your Accounts.
No matter how tempting it is to increase your inflow of money by charging extensive amounts to your credit cards, this may not be the ideal way to pay for your wedding. Credit cards are generally advised to be used for emergencies; due to their high-interest rates, they can be a burden to pay off.
Different Ways to Save
There are some aspects of weddings that may be overlooked but that may prove significant when it comes to spending. And while the entire ceremony planning process can put a strain on your wallet, here are some ideas you can consider incorporating, to lessen your budget.
- Choose Your Venue and Theme Wisely.
The wedding venue can be one of the most important but quid-heavy necessities on your list. Indeed, wedding venues can cost couples an average of 6,100 British pounds.
While some couples may want to think outside of the box and opt for unique themed weddings, choosing an out of the ordinary location may create additional expenses. Couples should note that some venues come with tables, chairs, and other necessities that may need to be purchased separately for more unconventional wedding themes.
Soon to be newlyweds should also keep in mind that changes to a venue space will typically include color scheme, tables, chairs, fabrics, and in some cases, silverware, centerpieces, and other decorative items.
- Crunch Down Your Guestlist.
While it may be tempting to invite everyone you know to celebrate your big day, keep in mind that each person has an associated expense to them. You are not only paying for their meal, but their invitation, their welcome bag, their slice of cake, and their party favor—all of these can tally up to a hefty sum of money that may just not be in your books. If you have a strict budget, it may make sense to bring your list down to a sum of people that you can afford, rather than sending out invitations left and right.
The key to many successful bargains is negotiation. Couples should not be afraid to negotiate with vendors, venue owners, wedding planners, or the like, that may imposing higher rates than are feasible.
A wedding can be one of the most major events in an individual’s life; however, there are a few simple factors soon-to-be newlyweds should consider before jumping into the planning process headfirst. Couples should make sure that their finances are well planned beforehand, not hesitating to make monetary changes and cuts, if necessary. Following the above steps may help you better navigate your wedding planning, and help it run more smoothly and with limited hassle.
