Your Money Matters
A beautiful wedding is possible no matter what your budget, but it’s important to have a spending strategy to suit your taste and wallet. Before you start planning, decide on how much you are prepared to spend on this event and find out who else might be contributing. Although it’s often difficult to discuss finances, your first consideration is that your parents may have no idea of wedding costs. Be open and honest and if they are going to be contributing, give them an idea of your anticipated budget. Communicate your expectations with your fiancé and family members from the start and decide on what is most important to each of you. For example, if you are a foodie, you may want to ensure that your guests have a meal to remember, while your partner may want to put more emphasis on music and entertainment. You will both need to compromise on some things, as wedding costs tend to get out of hand quickly. Be aware that, on average, couples tend to spend 10–15% more than originally planned, so set your total below what you really can afford. Although tradition dictates that the bride’s parents pay for most of the wedding, this is not always possible. Today, many couples are footing the bill themselves and so it is a good idea to start saving on a regular basis as soon as you have said “yes”. A good suggestion is to open a savings account for your wedding fund and deposit 10–20% of each salary into this account. Add any extra income you might receive, and you’ll get excited as you watch the balance grow and reach your goal together. This will also set you up with good habits for your marriage and you can keep this account going after your wedding to use as savings for future holidays and emergencies – you’ll never regret it.
How much should I spend on my wedding?
If you spend so much that you go into debt or are
10
Beyond Measure
paying for your wedding long after the event, you have spent too much. It’s difficult to start planning until you know how much things are going to cost, and a lot will depend on your guest numbers and the type of wedding you want. The good news is that there are many ways to save and avoid spending too much.
How much should I allocate to each category?
Here is a very general guideline. You will need to decide what is more important to each of you and if you want to emphasise one aspect and spend more in one area, you will obviously need to reduce expenses elsewhere: 45–50% Venue and Catering (including cake) 10–12% Photo and Video 8–10% Wedding Planner and Miscellaneous 8–10% Décor and Flowers 8–10% Bridal Wear and Suits 6–8% Music and Entertainment 4–6% Hair and Makeup 2–3% Stationery 2–3% Gifts and Favours It’s also advisable to allocate 5-8% for surprise overheads which are likely to happen, or other expenses
