The finances needed to put together a wedding can often prove to be significant. From hiring a photographer to booking a venue, you will need to pay out a lot of cash in order to bring your perfect day to fruition. No matter how much money you’re working with, it is vital that you pay attention to your budget in a strict sense. Plenty of couples overlook basic aspects of managing the budget and are left totally surprised by expenses that appear down the line. Avoid big errors by looking over these common mistakes and strengthening your budgeting strategy.
Actually Set a Budget
The biggest mistake couples make with their wedding finances is never actually setting a budget. While the topic might come up and be discussed in a loose way, some people forego committing to an actual number. The obvious issue here is overspending. Without a budget, you could be emptying your bank account without ever even realizing it. Before you take any additional steps, you absolutely need to look over your bank account statements, credit card information, and average monthly income to determine a budget that actually works for you.
Talk to Family and Friends
Another easy mistake is assuming a certain family member or friend is making a financial contribution to the event. In the past, there were many traditions surrounding which members of the family paid for which services. For example, there was a common practice for many years wherein the bride and her family would cover all of the expenses related to planning the wedding itself. This is no longer the norm, though many families still want to contribute in some capacity. This is why you want to have a conversation about the matter.
It can be awkward to ask people you care about for money, but there is no shame in reaching out for assistance. While any funds offered can be a wonderful help, never expect or plan on receiving money that has not been directly promised. Your budget should not reflect the funds given by family and friends until you actually have access to the cash and can apply it to expenses.
Know the Actual Costs
While planning a big event like a wedding, it is easy to notice how many vendors dance around the topic of price. In fact, you are more likely to see a range of prices than a concrete number. The main reason for this is that business owners usually base costs around factors like the date of the event, general size, and geographical location. Since you need to book a consultation or tasting with many vendors, this is the perfect opportunity to be direct and get the actual figure for how much the services will cost you.
Though some numbers might change slightly, the figure given to you by the vendor is one that you can count on in most cases. If the service is taxed, be sure to account for this in the budget, along with other expenses like tipping servers, bartenders, and entertainers.
Be Realistic
Finally, you always need to try and remain realistic when establishing a budget. Some couples get caught up in the excitement of planning for such a big milestone and start to think beyond what they can afford. While there’s nothing wrong with dreaming big, you can’t commit to a plan unless you have the finances to back up the decisions. You’re going to need to make a lot of compromises and difficult decisions along the way, so get comfortable with maintaining a realistic mindset about your finances.
Budgeting for your big day is far from a straightforward experience. By learning more about the mistakes made by other couples over the years, you can gain invaluable insight on how to organize your finances without losing your mind.
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