Seven Financial Tips for Planning Your Wedding

Video Transcript

I remember when I was getting married! All of the emotions and feelings that I was going through while planning, during the day of the actual wedding, and afterwards.

As you plan your wedding day, there are a few things you will want to consider concerning your finances.

1. Decide on a Budget

First, you’ll want to ask yourself ‘How much do you want to spend on the wedding?’ Look into all sources contributing to the budge, such as money you are putting in as well as money provided by parents. Establish a realistic overall cost and avoid spending more than that number.

2. Factor the Guest List into the Budget

When factoring your budget, you will need to make sure to account for your guest list. There will be a cost per person, so as tempting as it is to invite all your friends, figure out how many people you can realistically invite. Another factor is how many might not actually show.

3. Researching your Location

It’s important to pick a location that is meaningful and really represents who you and your spouse is as a couple. You will want to make sure this fits into your spending limit, as a location alone can easily eat an entire wedding budget if you are not careful.

4. Research Vendor Costs

More researching! You’ll want to compare and contrast a lot of different vendors. Many are competing for your business. Start by reaching out to about three of them, getting quotes and comparing them. Then spend some time negotiating some of those prices down.

5. Prioritizing

Be sure to decide what is most important to you in this process. Will it be the location of the wedding, or the number of people? Maybe the centerpieces might matter more to you than it would a different couple. What will really make the difference in defining your wedding? You’ll want to make sure your budget supports the most important aspects of the wedding.

6. Start Saving Early

The more you have saved up ahead of time, the better budget you’ll have to work with. This is where a financial advisor can help you put together a savings plan. Whether you’re only paying for a portion, ir not all of the wedding, you will want to know how long you’ll have to save to reach that goal.

7. Set a Contingency Budget

Inevitably, costs overrun. You will want to make sure you have some padding in your budget for this scenario. A safe contingency budget to set is about 20% over what you budgeted. Keep this set aside and don’t tap into it until absolutely necessary. If you happen to not end up needing it, it’s a solid chunk of savings to set aside for retirement!

There is a lot of information in our new survival guide, ‘You’re married! What to say before and after you say “I do”‘, downloadable below, with tips and tricks for the entire marriage process.

The RJ Patterson Group is dedicated to helping you figure out all the details of the marriage process. Please fill out the form below to receive the survival guide. And remember, live for today and save for tomorrow.