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!
Vice President, Lakeville Manager