13 Jun Planning a Financially Sound Wedding
The stars are in your eyes. It’s really going to happen now. You’re getting married! Now you can start bringing your Pinterest board to life. But before you pull out the credit card for that designer dress, you better make sure you have enough in your savings to pay for the rest of the expenses.
So how can you be sure you are going to have a beautiful wedding with what you have available to spend? Here’s the plan.
This is the step that can never be started too soon. Your wedding will be a one-time event, so see where you can pull together some extra money to create a fund from which you can draw for the big expenses. You may put a little aside from your paycheck or Christmas and birthday gifts. You may also want to think of a little side job, or selling off unwanted items. Total the amount you expect to have, and that’s the amount you will be working with.
See What You Need
Here’s where you start your budget. There are some things a wedding must have, and those are the first things to go on the list. If you are not having a justice of the peace ceremony, you will need to plan for (and plan to pay for) a place to hold the ceremony, and an honorarium for the one performing it. Your list will have several “must-haves” that can’t be cut. If you aren’t sure you’ve listed them all, ask others or look online. Be stingy here—your next step will be to add the frills.
See What You Want
Now you can start listing everything else you want. Ice sculptures and chocolate fountains at the reception? Put it on the list. Just make sure you have a priority assigned to everything so that you don’t overdo it.
See Where Your Finances Match Up
Once you have both lists, take a look at your expected income to see how much of it you can have covered. The goal is to not go into debt, so only account for the amount of money you actually expect to have. Hopefully, you will have your necessities covered. Then go back through your wish list and cross off the lowest prioritized non-essentials. Try to make sure you don’t account for the entire amount of your savings fund, as there will doubtlessly be emergencies that pop up or something you hadn’t thought of.
Sign Up the Helpers
What if you weren’t able to cover everything you needed on your list and stay within budget? Get creative and find ways to cut costs. See how family and friends can help. Often times, a friend will be happy to video your wedding or do your hair in lieu of a wedding or shower present.
Start A New Life Right
Remember that the wedding is not the same as the marriage. You’re about to become part of a team, and it’s important that you’re on the same page with everything, including your financial future. Be sure to talk with a professional financial planner so you can start your life together on the right foot.
At The Hopman Group, financial planning is a way to make your dreams come true, on your biggest days and even on the mundane ones. With every life decision you make, money comes into play, but it doesn’t have to rule everything. To navigate the ups and downs, ins and outs, weddings and expanding families, give us a call. We can’t wait to cheer you on!