Tuesday, May 11, 2010

Setting your wedding budget

Did you know that the average wedding cost is $28,000? With a number like that, I'm sure you can see why determining your budget is so important and why it can be overwhelming.

Here are some tips to help you plan your wedding budget:

Speak to everyone who's contributing to your wedding. Sit down with everyone who is going to contribute to your wedding and discuss how to reasonably split the tab and come up with a total number.
Assign totals for each service accordingly. When you've come up with a reasonable budget total, you'll then have to figure out where the money will go. Create a list of items, vendors and details that you'll need and how much you'll allocate to each. After doing that, you can tailor each amount to your style and priorities. For example, if your wedding gown is very important to you, you might splurge in that area and cut back on the floral arrangement.
Get a system and begin saving. You need to set up a reliable way to record your savings and spending. You can use anything from sophisticated software to regular, old spreadsheets to do this.
Bank it. If you already have money saved for your wedding, speak with your financial institution about the best way to accumulate interest leading up to the the big day. Be sure to open an account that is separate from your personal savings so you you won't be tempted to dip into that account.
Save smart. If you're starting from zero with your wedding savings, think about paying for as many of your expenses as you can with a credit card that collects benefits such as frequent flier miles, rewards or cash back that can go to your honeymoon travel.

Source: How to set your wedding budget. Photo from: big-wedding-tiny-budget.com

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