Now That You Are Engaged, Let’s Discuss Your Budget!

budget-guru

 

Congratulations On Your Engagement!! Now the work begins…

The first item on your to-do list is to develop a realistic budget. This is a priority and very serious. We would highly suggest that you query your parents and significant other to determine whether there has been a fund created for this special day. We also suggest that you make certain that you have a fiscally responsible person to assist you in developing this budget, which may also create a line item for an expense. Note to self: Wedding planners are good for these types of things.

This is really an important foundation leading up to your special day and should not cause you any more stress than necessary, and won’t if you are realistic. Too often that “dream wedding” may only be a dream if you are not fiscally prepared to manage your life—before, during and after your wedding.

There are far too many horror stories of engaged couples and their families not agreeing over the fees and large ticket line items. Try To Be Realistic. This is really a basic step—knowing exactly how much money you and your family have to work with from the very beginning.

The second step is to create a personal budget (if you don’t have one already) to know what you are currently spending on your daily expenses and how much disposable money do you have to work with; how much money will parents or relatives support or if there are any sources of money or investments that you have created just for this special occasion.

We have put together a sample budget for you. The entire weekend will have some type of expense. When you think in terms of big picture then you won’t miss the tiny details that might come back to haunt you later!

One big deal line item is the food/beverage; these numbers have a direct correlation to your guest list that you and your families must develop together and be realistic. If you are paying for the wedding, but can’t afford 20 of your parents’ college friends that you have never met—then perhaps your family will ante up the per person rate.

You really need to think about the type of wedding: large, midsize, and small; each size has a different price tag as it relates to venues, wedding gifts, and food/beverage. Of course, if money is no object be as creative as you wish.

There is a national average of about $30,000 for a wedding of 125 guests. However, depending on the region where you host your wedding this can dictate the fees. If you have your wedding in a lovely suburban college town vs. downtown Manhattan, your fees will be representative of that area. Either way, the time of day and the day of the week are all factors for rentals.

Please keep in mind, after a year or more of planning your wedding, cocktail hour, reception, and dancing—all of which will last maybe four to six hours max… ask yourself, after this lovely affair, will you have managed your realistic budget so that you begin your life in sheer bliss or deep in debt.

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