Your wedding day is one of the most significant and memorable moments of your life. With the venue hire, food and drink, outfits and guests, it’s likely to be the most expensive day of your life too!
However, you’ll be amazed at how far your money can go with careful planning and controlled spending. Follow this advice on how to budget for your wedding for a cost-effective celebration.
1. Set a maximum price
Before you plan anything else for your special day, set a maximum price for the occasion. Being realistic with how much you can spend and sticking to this limit will ensure that your budget keeps you in the black.
Despite the majority of couples spending between twelve and 24 months planning the event, in 2022 most couples went 47% over budget for their wedding with 63% relying on financial gifts from the family.
2. Create a savings plan
Once you have your budget in place, you can create a savings plan. This should include any funds that you’ve already set aside and your final savings target. You can then calculate how much money you can realistically save each month, and how many months it will take to reach your goal. This will help to dictate the date for your wedding and ensure that you’re able to meet every deposit deadline.
Make sure that you are using a savings account that delivers decent returns on your investment. Especially when you are storing a sizeable nest egg, the interest rate reward on bank accounts designed for saving can be a significant boost for your funds.
3. Research suppliers
When you begin to piece together the components of your wedding, make sure to research suppliers. Getting quotes from several different companies for each element will be time-consuming, but is an essential step to finding the best-value options.
While it might be tempting to go for all-in-one package deals that take the stress and pressure off you, these often come with a heavy administration fee. It’s always worth exploring whether or not it would be cheaper to organise everything separately.
4. Make spending sacrifices
Finally, be prepared to make spending sacrifices in the run up to your wedding. There are several easy ways to save money that will not impact upon your lifestyle but will help to fill the coffers.
Examples include ending or pausing non-essential subscriptions, shopping around for the best deals with your weekly food shop, and seeking out the best value suppliers for your household energy, internet and mobile phone.
You could also set a limit of how much to spend on going out each month, perhaps cutting down the number of nights out or swapping meals out for dinners in.
5. Venue and Catering
Research and visit multiple venues to compare prices, amenities, and restrictions.
Inquire about catering costs and whether the venue has in-house catering or if you can bring in an external caterer.
Consider booking off-peak seasons or weekdays for potential cost savings.
6. Negotiate and Be Open to Alternatives
Engage in negotiations with vendors to secure the best deals and be upfront about your budget constraints. Explore unconventional venue options and seasonal choices for decorations or flowers to save costs. Keep a keen eye on the guest list, as each additional attendee can significantly impact expenses.
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