Every bride looks forward to a wedding day that she can remember forever as the best day of her life. The groom may not always express equal enthusiasm, but he definitely does not want to break the bank. Preparing for your big day can gofrom exciting to stressful after a single meeting with a wedding planner, because whether you or your family members have to sign the check, there is a receiving party endorsing it.
Couples who struggle financially are frequently forced to postpone their weddings simply because the cost of a desirable open bar may push them over the limit. Losing out on wedding extravagances while your wealthy coworker walks down the aisle in her dream gown can dampen your whole wedding experience. From catering to decorations, one would wish for nothing less than perfect when that special day rolls around.
Rather than dreading the post-nuptial months of fiscal recovery, the logical decision is to save, save, save! The average cost of a wedding and reception is anywhere between $20,000 and $30,000. The average length of a couple’s engagement is approximately one year so after the initial surprise of your engagement, it is time to begin budgeting for your dream wedding. Extending your engagement by a mere six months is something to immediately consider for a lower income couple because your ability to quickly save funds directly correlates with your financial situation; one couple may afford to put away $2,500 each month for a year towards their $30,000 wedding, while another couple may wish to put away a lower amount of $2,000 to afford the same wedding only three months after the first.
In somecases, couples already have an acquired $5000 to $10000 in their savings, while in others, family members may help with the payments. Subtracting this or a smaller amount from ≈$25,000 wedding budget will leave you with about $20,000 to save. For someone such as the latter couple from the earlier example, this provides an option to get married as soon as ten months after their engagement while saving the same $2,000 monthly amount. They may also choose to remain engaged for fifteen months, having to save only ≈$1,300 a month.
Working with these scales creates a variety of budgeting options. With a low income of $3,000 a month per person, each partner would have to put away one third of their salary towards the wedding. Those who earn $5,000 each may feel comfortable saving $2,000 each to be put away every month. This opens the door to an earlier or more extravagant wedding, depending on your own preferences. The incomes of most couples differ from each other, in which case an appropriate fraction should be subtracted from each individual’s monthly earnings. Using the above situations, one of the partners may bring in $3,000 a month, while the other may earn up to $5,000. Saving approximately one third of their salaries, the former can save $900 monthly, while the latter contributes $1,500. At an equal 30% of each partner’s salary, these $2,400 monthly savings guarantees a $30,000 huge celebration in twelve and a half months, or an intimate – yet elegant – family event worth $20,000 in only ≈8 months.
Saving a fraction each month not only helps earn for a wedding, but also helps spread out the payments for each category. After your engagement, it is important to understand the amount of time you have until the wedding to save. Plan your expenses for the event and organize the deadlines for the payments you have to make. Once you have decided how much you are willing to allocate each month, you and your partner will have an idea of what sort of wedding you can afford and how many guests you can invite. After six months of careful saving, you will have enough to book your biggest costs: the venue, the caterer, and that open bar you know your friends won’t survive without. For the remaining months of planning and saving, you can relax and focus on all the lavish accessories you couldn’t survive without on your wedding day. After months of preparation and anticipation ,you absolutely deserve it all, whether it be your favorite flower arrangements, a dress that blows your coworker’s out of the chapel, or a 1960 Rolls Royce to speed off into the sunset.