“Let’s set a wedding budget” may not be the most romantic phrase you’ll ever say to your partner, but it could save you from a lot of debt later on.
Doing some financial planning beforehand means you can have the beautiful day you’ve always dreamed of, just without breaking the bank or starting married life worrying about your finances. Here are a few tips which we hope you’ll find helpful.
Decide how much you want to spend and set a wedding budget
Working out how much you want to spend on your big day is a great idea. It’s an even better idea if you can set a wedding budget and stick to it!
When you’re thinking about how much you want to pay for your big day, it’s best to try and be realistic about what you can actually afford to save in the time available. You’ll feel more in control this way and will know what your limits are. Check out this helpful resource: Moneysmart guide to getting married
The average Australian wedding costs around $36,000 – so some budgeting is definitely a good idea! Also, if parents or family members want to contribute, it’s good to know this while you’re doing your planning.
Divide your budget up so can cover everything you need
Once you’ve set your overall budget, you’ll need to divide it up to cover everything. Think about all the things you’ll need to pay for and work out how much of your overall budget you can spend on each item. This can be a bit scary – when you get a sudden reality check on what it’s all going to cost. But try to remember this is a day you’re sharing with loved-ones, and most of all they will want to celebrate with you and have fun. You don’t need to create the wedding of the century.
There are lots of ways you can keep costs down, and still have the special and memorable day you’ve always wanted. The time of year, numbers of people, and location all affect the cost. So do your research, talk to friends and look for great deals – every little bit saved will help your budget stretch that little bit further.
Track your wedding spending as you go
The easiest way to track your wedding spending is to use a template spreadsheet. Download this free wedding budget planner It’s fully customisable, so you can easily add what you need and track your spending. It will give you a running total and show you what you have left to spend. Another way to track you wedding spend is to tag your wedding expenses in a money management app, so you can easily see how much you’ve spent on your big day.
One final piece of advice, if you can, think about saving a bit extra in case of unforeseen expenses. It could save you from starting married life with a heap of debt. Of course, you may not need it, in which case, you’ve got some extra cash squirrelled away for a rainy day!