Planning your dream day can get expensive. Unless you make a strict plan and stick to it, costs can easily build up. Gorgeous but expensive things you don’t really need, hidden costs you failed to see in the first place, etc. – the list goes on.
Not to mention the pressure to buy more and create that Instagram-perfect wedding. Using a savings calculator can help you set the budget and track your expenses. But make sure not to make any of these mistakes:
Weddings range from simple to extravagant. The first step is to set your budget. How much money do you have in your savings account? How much are you actually ready to spend? Do you know how much wedding vendors in your area are charging? Research local service providers to get a realistic idea of the costs. Then make a list of your top priorities and decide where to splurge and where to save. It is very helpful to divide your budget into categories. Here is a good example of a wedding budget breakdown:
While browsing for ideas on the internet and at bridal fairs, you will be tempted to buy or rent so many beautiful things. Are you drawn to opulent floral arches, gigantic light-up letters, flamboyant crystal chandeliers, custom-made ceremony props, lavishly designed bars? Or are you dreaming about the most luxurious venue in your area? If you rush to spend money on these things, you may end up not having enough cash for the bare basics such as cake, transport or photography.
Don’t kick-start your marriage with a huge debt. This can take a big toll on your future household budget but also on your relationship. If you can’t afford your dream wedding now, why not postpone it and use a savings calculator to reach your goals. It is always better to save up money in the lead up to your wedding than to borrow and then pay back with interest. Alternatively, you can stick to the budget you already have. Not sure how to make the most of it? Remember that the majority of your budget goes to your reception. The easiest way to cut costs is to choose a more affordable venue, cut the number of guests and pick a less popular date.
It’s difficult to be completely rational when planning one of the biggest days of your life. Maybe you really want those expensive shoes or you are in love with a luxury venue with a view? Always think twice. Does that fit into your budget? Emotional purchases can easily ruin your budget. Whether you’re browsing a big shopping mall or an online store, think rationally. If you’ve spotted something you can’t let go, put it on your waiting list and decide later. Chances are you won’t even be that crazy about it after a month or two.
Every couple will run into some hidden costs. This is why it’s important to leave room in your budget for those unexpected expenses. Our key tip? Allocate a sum especially for this purpose. Then familiarise yourself with the terms and conditions when making deals with suppliers. This will prevent additional costs from popping up. Make sure to discuss any potential extra charges. Although some vendors may be completely transparent about their fees, others will only list them in the fine print of your contract. Additionally, beware of the most common hidden costs couples often overlook:
There’s nothing wrong with having a clear vision of your big day. But be prepared to make a few compromises along the way. Sometimes real life just doesn’t live up to the standards of your imagination. Or your Pinterest boards for that matter. Stay flexible and open to different ideas. Keep comparing prices and look for alternative solutions. You can even consider booking a cheaper date for the event, buying a dress on sale and cutting down on beverage options. This will make your wedding significantly cheaper, yet probably just as memorable.
Another important piece of advice is to keep track of your spending. Note everything you buy. There may be many miscellaneous expenses along the way, which you may not be counting them in your budget. Sometimes they can crawl up to 5% or even 10% of the entire budget. While a savings calculator can help you set your goal and decide how much to spend, a budget tracker can help you work where your money is actually going.
The most basic advice is to spend your wedding budget wisely. Keep these common mistakes in mind and you will minimise the chances of overspending, over-borrowing and regretting your decisions. Enjoy planning your big day!