Congratulations – you’re getting married! Now is the time to get down to business actually planning this wedding thing, right? Unfortunately, there has to be a practical side to tying the knot, and most of the planning process revolves around one nasty word: budget.
Whether you’re someone who thrives on financial planning in your everyday life or not, having a wedding budget determined in advance of planning is essential. There are multiple components of this budget as well – it’s not just a big lump sum figure. You can start out that way, but then you’re going to have to drill down into different categories and determine just how much you’re willing to spend on each. It can certainly be overwhelming.
So, as our inaugural post here on the Revelry Alliance blog, we’ll kick things off with Part 1 of setting your wedding budget. In the coming weeks we’ll follow up with more parts covering specifics of the budget and how to manage your wedding costs throughout the planning process.
First up? The overall budget figure and how you’ll fund the biggest day of your life so far!
source: bridalbuds
So, how much will you spend on your wedding?
The average cost of a wedding in the U.S. is over $27,000. This figure can be higher (or much higher) in big cities, so if you live in a place like Chicago or New York, that’s important to keep in mind. However, more important than averages and statistics is what you can afford.
The first question to ask is who will be contributing, financially, to your wedding. Is it just you and your groom-to-be? Will your parents be picking up the tab? His parents? A combination of you and them? If there are any other people involved between you and your future spouse, this is a discussion you must have upfront before even beginning to day-dream about locations and dresses.
Once you know who else will be contributing, and how much, you can determine what you’ll be paying, if anything, out of your own pocket. The amount from others may be sufficient, or you may want to supplement with your own funds. Either way, combine the two figures to understand what your total lump sum is, and then go from there.
An important thing to keep in mind when accepting money from others is how you’ll manage payments to vendors under this scenario. As the bride, you’ll likely be doing the majority of the interaction with vendors. Will you pay them and get reimbursed from your parents or whomever? Or will you have them write checks or provide credit card info when appropriate?
Finally, if your parents (or others) are contributing, be sure to find out how much they want to be involved in the planning process. Unfortunately, when you have someone else paying for part or all of your wedding, you have to be ready to negotiate and listen to their opinions. It’s your day, but it’s also their money, so be sure to include them and be open to respectful discussions.
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