Wedding Budgeting 101

 Wedding budgeting is probably the first financial project in which a couple needs to face together and it can be hectic.  No matter how much you will be spending for your big day, without detail planning it can lead a couple to unhappiness and even arguments.

To tackle this project, the first thing a couple needs to do is to figure out who is responsible for what cost in the wedding.  Listing out the various components of a wedding might help.  Then the next step would be to look in detail the financial status of both persons and prioritize the items of a wedding to see what are affordable and how your savings should be distributed. Then each person should talk to their parents and families and find out what are the expectations and if they can help out financially for some of the items.  Remember to keep cultural background as well as family traditions into consideration, especially when you are marrying someone who is from a different background to yourself.  Upon discussions with the parents / families, the couple should present ideas and comments from their side to each other.  Lastly, go through all information gathered in deep thoughts and come up with the initial financial plan.  I said “initial” because usually when you get going to confirm vendors, couples tend to under estimated how much they need to spend. 

For reference, below is a rough idea of money distribution for a wedding:

Wedding Banquet  40-50%

Ceremony Venue  Usage  3%

Wedding Attire  8%

Venue Decoration  15-20%

Make-up & Hair  8-10%

Photo & Video  10-15%

Invitations  3%

Miscellaneous  5%

Of course the percentage distribution will be different according to a couple’s  priority towards things.  Two very important remarks are: 1) always add an extra 5-10% “emergency fund” for back up and 2) never get a loan somewhere just to have your dream wedding.

 

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