How to plan a wedding on a budget

wedding budget

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It’s one of the most memorable days of your life, and for some, one of the most expensive (student loans and mortgages aside!) – it’s your wedding day! From the proposal up until the Big Day, it’s a lot of planning and celebrating and making sure your wedding day is just as magical as you’d envision since you were 5 years old. But at 5 years old, you had NO IDEA how expensive it all was. So, how can you have an amazing wedding without starting your marriage ten of thousands of dollars in debt? Easy – a wedding budget.

According to The Knot, the average wedding cost $35,329 in 2016. And don’t forget to add in the cost of your honeymoon, because that’s not included in that number. But don’t let that number scare you, because you can still have a memorable, dream wedding without spending anywhere near that number. To plan a wedding on a budget, there are several planning steps you’ll need to take.

What kind of wedding do you want? The first step to determining your budget is to figure out what kind of wedding you even want. There are endless themes, venues, colors, etc. that you can choose from. But determining if you want a rustic barn wedding or a glamorous black-tie affair will help you determine what you need to budget for a venue and food to flowers and entertainment. It’s also important that the future bride and groom are on the same page and agree on the same vision for the wedding.

Have the budget talk. You’ll need to determine who is paying for the wedding. If parents or grandparents are chipping in, include them in your budget conversation. It might be easier to have the conversations separately with your respective parents first, so they don’t feel put on the spot. You’ll need to figure out how much money any family members are contributing to the event or if you’ll need to pay for the wedding yourself. It sounds awkward but it’s an important step. Once you determine a reasonable budget for the event, you should consider how much money will be spent on clothing, venue, flowers, food, entertainment, etc. It will help you stay on track in the long run.

Determine your Needs vs your Wants. It’s almost a guarantee that some line items will come in over budget. Creating a list of your must haves will make it easier to find areas where you can trim back or eliminate them all together. Once all your needs are met, any extra money can be allocated to the “want list”.

Communication is key when it comes to planning any big event. Once you determine your theme, budget, and the must haves, now comes the saving. Before you set a date, determine realistically how long you think it will take you to save any money needed for the wedding AND the honeymoon. The longer the engagement, the more time you have to save. Start stashing away 10-20% of your monthly income and start cutting back on non-necessities (yes, I’m talking about the $5 daily lattes ☹ ).

One of the best ways to capitalize on the money you’ve put aside is to put it in a high-interest certificate of deposit. Why not earn additional money on what you’ve already saved, and it will keep you from spending it on something else! Want to talk more about Savings and CD options? Give us a call and make sure to share the details about your big day. We love weddings!

At Litchfield Bancorp, we take your business seriously and personally no matter the size. If you need help with any of the Perks we offer to our account holders or need a business loan, give us a call or stop by any of our locations. We are happy to help!

 

 

 

 

 

 

Susan Dickinson
Vice President, Lakeville Manager
860.393.9171

Author: Susan Dickinson

Susan joined Litchfield Bancorp in 2004 as a branch manager in the Lakeville Office. She has spent her career in banking with over 33 years of experience. In 2007, she was promoted to retail banking officer and attended Leadership Northwest, which is a 1-year program of the Northwest Connecticut’s Chamber of Commerce. In 2010 she was promoted to assistant vice president. She is a graduate of the Connecticut School of Finance and Management’s two-year program on banking theory, practices, and procedures. Susan donates countless hours to the local community. She became and is still the president of the Tri-State Chamber in 2009, which has a main goal of connecting commerce with community and doing what we can to help and support the local businesses. She was voted in as a director of the Salisbury Rotary Club in 2008 and in 2009 voted in as a director of the Salisbury Rotary Foundation; she currently holds the positions of treasurer for the Rotary Club and Foundation, “Service above self”. Susan was awarded the “Paul Harris” Fellow award on May14, 2013. Susan and her husband, Edward resides in Falls Village, CT. Susan also received a “leader in banking award” this past year, 2015.

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