Your Wedding Budget: How to Make One &
Stick to It
Creating a realistic budget can be one of the most
challenging parts of wedding planning. Not only does
money become a lightning rod for plenty of other issues,
there's also the desire not to skimp on any part of your
big day. Here are some tried-and-true tips that will
make setting your budget a little less painful.
START SAVING EARLY
The sooner you begin putting money away, the more
you'll have come wedding day. As soon as possible after
your engagement, set up a savings plan. It's a good idea
to set aside between 10% and 20% of every paycheck you
get from now until the big day for wedding expenses.
Make efforts to entertain friends at home, brown-bag lunch,
snuggle in front of the VCR, and postpone
major purchases until after the big day.
OPEN A WEDDING ACCOUNT
Establish a separate bank account for your wedding fund. By
putting whatever money you can save in one place, you'll
have a clearer idea of how much you have to spend.
MAXIMIZE YOUR SAVINGS
Putting some of the money you already have in a bank
certificate-of-deposit (CD) or short-term mutual fund is
a great way to make the most of your money. You'll earn
a lot more interest than you would if you left
everything you had in a regular savings account.
TAKE THE DO-IT-YOURSELF
APPROACH
Whenever possible, do wedding-related tasks
yourselves to cut down on vendor costs. For example, be
your own calligraphers, or buy the liquor yourselves.
Ask (but don't expect) friends to help you accomplish
certain tasks; have an invitation-preparing party or a
favor-making fiesta.
CONSIDER HIRING A WEDDING
PROFESSIONAL
At first glance, this may seem like an *added*
expense, but often a professional party planner can help
you make the most of your budget -- whatever it is.
COMMUNICATE AND
COMPROMISE
Before you decide exactly how much money
you'll be putting toward your bash, know what you are --
and are not -- willing to splurge on and ask your
partner to speak her (or his) mind as well. Find a
middle road. For example, if your honey is willing to
withdraw $10,000 from her mutual fund account to finance
a gigantic rave with an elaborate laser show, while
you're adamant that the two of you purchase a house in
less than five years, perhaps compromise with a decision
to each contribute $2,000 of your savings toward a
smaller (but just as wild) dance party at your favorite
club. Make sure both of you are satisfied with the
wedding budget you work out.
BE REALISTIC
You may be more in debt than your beloved is, which
means the sum you can contribute is smaller; you can
even things out by doing more of the time-consuming
preparation tasks.
~ photo by Tonesha
Housen
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