Couples engaged to be married have a lot on their plates as they begin planning their weddings. Whereas tradition once demanded parents of the bride pay for a couple’s wedding, nowadays more and more engaged couples are completely or partially financing their own nuptials. That means prospective brides and grooms must develop wedding budgets that won’t ensure their first act as Mr. and Mrs. is paying down debt.
In its 2015 Real Weddings Study, online bridal resource The Knot found that many couples still receive substantial financial support from their parents to pay for their weddings. The survey found that, on average, the bride’s parent’s contributed 44 percent of the overall wedding budget in 2015, while couples financed 43 percent (the remaining 13 percent was financed by the groom’s parents and additional sources). Couples who hope to follow that formula or pay for their weddings on their own can heed the following tips to build wedding budgets that won’t break the bank but will still ensure a day to remember forever.
Examine your collective finances. Few couples know the details of each other’s finances before getting engaged. While some may still hesitate to share their personal financial information upon getting engaged, an open and honest discussion and examination of each person’s finances is the only way to develop a realistic wedding budget that both partners can live with. Once couples know what they can contribute, they can then consult their parents to determine if their mothers and fathers are intending to contribute.
Develop a preliminary guest list. A preliminary guest list can give couples an idea of how large and expensive their weddings will be. According to the Real Weddings Study, the average cost per wedding guest in 2015 was $237. While that cost can vary greatly depending on geography and other factors, couples should keep that figure in mind when drafting their guest lists. If need be, keep costs down by trimming the guest list so it includes only close family members and friends.
Don’t count on gifts. Many couples justify runaway wedding budgets by telling themselves that they will ultimately get the money back via wedding gifts. While many guests will give financial gifts, counting on such windfalls is a recipe for accruing debt. Do not build potential wedding gifts into your wedding budget. If you do so and your expectations fall short, you could be facing considerable debt upon returning home from your honeymoon.
Gather quotes before choosing where to tie the knot. Where couples get married will have a great impact on how much money they will spend on their weddings. For example, the Real Weddings Study found that, in 2015, the average wedding in Manhattan cost couples slightly more than $82,000, while the average Alaskan wedding cost just over $17,000. Venues within the same city can vary greatly with regard to pricing and offerings as well, so couples should give themselves ample time to gather quotes and find an affordable venue they like.
Build extra costs into your budget. When determining a budget you can live with, remember to include a little extra for unforeseen costs. Weddings are large undertakings, and it’s reasonable to expect some unforeseen costs to arise. Building such costs into your initial budget will make these unforeseen circumstances that much easier to handle. (MS)