Friday, May 18, 2012

Managing wedding budget


Well I have been thinking so much lately on how I can plan a minimal budget wedding for a client. In my search for ideas i came across this and I thought why not share...

Couples fight more about money than anything else, so why start marriage with debt on your backs?Careful attention to debt management before the wedding will pay off in the early years of your marriage, and help establish lifelong healthy spending habits.
There are so many options for today’s weddings that costs can easily balloon out of control. Consumer credit counseling experts advise following a few key steps for managing debt when planning a wedding:
  1. Look carefully at your finances. How much do you have in savings, and how much can you save each month before the wedding? For effective debt management, consider this the total budget amount you can spend on your wedding.
  2. Ask each of your parents if they plan to contribute to your wedding, or if there are specific things they may be willing to pay for. Bear in mind that if they contribute financially, parents deserve to have input on how the money is spent.
  3. If expenses threaten to expand past your budget, consumer debt counselors advise increasing income rather than taking on debt. Can you find temporary extra work? Are there duplicate household items you can sell in a yard sale or online?
  4. If you will be able to pay it in full each month, consider opening a new credit card account just for the wedding that will earn you airline miles, cash back, or other incentives. It’s a good way to accurately track wedding expenses, and can help pay for your honeymoon.
If you need help finding ways to set aside funds, consider meeting with a consumer debt counseling expert. Through a ClearPoint credit counseling session, their personal certified credit counselors focus on helping people maximize their budgeting and debt management skills to build savings and pay off debt.
Once you know the total amount you will spend on the wedding, it’s time to create the budget. Here are some general spending guidelines:
Ceremony (location, fees, licenses)   3%
Reception (location, food, cake, decorations)   48%
Attire (dress, tuxedo)   10%
Rings   3%
Flowers (bouquets, decorations)   8%
Music (ceremony, reception)   8%
Photography (photographer video, prints)   12%
Transportation (shuttles, parking)   2%
Stationary (invitations, guest book, thank you notes)    3%
Gifts (for bridesmaids and groomsmen)   3%
TOTAL            100%
For effective debt management, prioritize by choosing a few “most important” items. You may want to pay a premium for an amazing photographer, but are happy to bargain hunt on the dress. Cross off anything that you don’t need. For example, if both the ceremony and reception are at one location, you might not need transportation.
If the numbers still aren’t working, it can help to have them reviewed by an impartial expert. Consumer debt counselors at a nonprofit credit counseling agency such as ClearPoint Credit Counseling Solutions are experienced in structuring budgets to best manage debt. You may find it possible to have the wedding of your dreams without starting married life in debt.

Source: ClearPoint Credit Counseling Solutions

4 comments:

  1. This comment has been removed by the author.

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  2. Planning weddings is more stressful than it looks but it is also gives you the most rewarding feeling after seeing the success of the event. Budget is the backbone of a wedding plan. Everything has to be budgeted and must be within budget as you go along. It is best to know where to get the finances for the wedding first and then allocate how much you are to spend for each need and monitor them. I advise that the couple source out for friends, connections who can provide cheap but quality and trusted services for your special day to help you save money and avoid getting into debt.

    Valencia Paz

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  3. Thank you for your tips in planning a budget for a wedding. I agree with Valencia that is best to outsource for family and friends who can help you in searching or providing you with services. Who knows? Maybe they’ll provide it to you for free? That would be a great help for your budget.

    Era Kehoe

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  4. Though it is probably every bride’s dream to be able to spend as much money for her dream wedding to be true without any trouble, in reality we all have to work on a budget. It’s good to allocate a certain amount of money ahead of spending so that you would not overspend and also to avoid debt.

    Lavonne Seaton

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