Congrats! You’re engaged! Hopefully you’ll have a smile on your face for some time to come and you’re ready to begin planning for the big day. Happily ever after isn’t always easy. With all the excitement of planning a wedding also comes with some stress. Certainly, a wedding isn’t cheap, but hopefully it will be worth it. As you begin planning, it is essential to discuss a budget and how the two of you will prioritize your finances for the wedding ( and the rest of your life).
With pressing questions to answer like what are some discussions the two of you should have prior to getting married? Or if a prenup is suitable? Read more here!
Wedding Budget
You cannot start planning without discussing a wedding budget. First off, if you’re receiving any support from family members, it will be a good time to ask the pressing questions. Try not to be anxious about asking and approach the conversation in the right manner. Once you know how much they’re helping you, you can calculate that into your budget.
Next, you will want to consider your savings. Hopefully, you had some time to save after the engagement. Giving yourself a fair window of time to save can allow you to have the flexibility you need to plan the wedding of your dreams.
During your engagement try to find ways to save like eating out less or purchasing less clothes. Some other ways to reduce spending include canceling memberships or reducing retirement contributions. You could pick up a side hustle or work a few more overtime hours at your job to help save! If you have investments in the stock market or other savings you’re willing to dip out of, now is the time to think about those things.
Lastly, consider other expenses you will need to think about once you’re newly married. Maybe, you are eager to have children and want to buy a family car. With a new car comes car insurance (infinity payment can help). Maybe, you need to finish paying off your student loans. Whatever the case may be, it is not the best idea to completely deplete your savings for the wedding knowing you will have more financial obligations to tend to.
Track your spending
It is helpful to decide what your most valuable and important expense will be. Some brides HAVE to have the perfect wedding dress and are willing to spend less on decor to get that. Once you have an idea of your budget and biggest expenses, you can start to decide where you want to allocate the rest of your funds.
As you’re creating a budget you may not have exact numbers, but estimating figures is also okay. Create a budget template in excel or keep track of everything in one place. If you have a wedding planner, hopefully they can give you fairly accurate estimates of each thing you need for your wedding day. Once something is bought, write the exact price in your list.
Prenup
Does this word sound scary?! Well, it doesn’t have to be. It is best to be prepared for the wedding day instead of being caught off-guard. The purpose of a prenup is to create an agreement in the case of a divorce or death with either partner. This decision making process isn’t always rainbows and butterflies like picking a dress might be, but it is important to come prepared before your wedding day.
Think about a prenup as a “just in case” solution. Hopefully, you won’t have to ever use it, but in the case that you do, you’ll be grateful you decided to create one.
The Big Day
By financially preparing for your wedding day, you are setting yourselves up for success. If you complete these steps, you will not regret it. In fact, finances are important throughout a marriage– especially if kids are going to be in the picture. If everything is planned out ahead of time, you can truly enjoy a magical day and celebrate without any added financial stress. Talk to your partner and ensure that you communicate throughout the process! Last but not least, enjoy the big day!
