One of the first decisions in your wedding planning process will be setting a budget that you are your fiancee are comfortable with. If the thought of discussing finances or trying to itemize your wedding into figures makes you uneasy, you are not alone.
Your budget will be the specified amount of money that you and your fiancee are comfortable spending for your big day.
Do not let the thought of putting this number in place crash dreams, cause fights or overtake you in anyway.
Setting a budget for your wedding can become a bit of a sticky wicket for two reasons:
- You and your fiancee have very different ideas about what you would like to spend
- Your (or your fiancee’s parents) are paying for the wedding
#1 Setting a budget for your wedding will be the first of many financial decisions you will make with your soon to be husband. The impending conversation can feel like a burden but it is also a blessing. Be prepared to have a frank and open conversation with your fiancee about your wedding expectations but also be prepared to listen to your partner and know that compromise will be inevitable. This will set the tone for the remainder of your wedding planning but also hone in your financial communication skills as a married couple.
Once you come to an agreement on what you are both comfortable spending, begin to plug your figure into a rough draft of line item expenditures such as: dress, venue, food, flowers etc. Your line item amounts will ebb and flow throughout the planning process, this is no cause for anxiety, it’s actually total normal! Don’t forget that your budget should include any costs associated with your honeymoon.
#2 If you are lucky enough to have a financial backer for your wedding, aka ‘paying parents’, you are now expecting to have a frank and open conversation with your fiancee AND the parent(s) responsible for footing the bill. Early on, decide whether the paying parents will gift you the money in advance to spend how you see fit, or if they will pay vendor bills as they arrive. If the paying parents opt for the latter, total disclosure in advance will help avoid any fallout’s that may arise from tacked on or “added” costs not previously discussed or approved, which brings us to our next point. Come to an agreed decision upon whether the financially responsible parents will have a hand in decision making with regards to wedding planning, or if they will be more of a ‘silent partner’.
Taking out a loan for your wedding? A good rule of thumb is that you and your partner should be able to pay the loan back in full by or before your first anniversary.
Did you have ‘paying parents’ when planning your wedding or did you and your fiancee foot the bill?