Weddings cost a lot of money with the average cost rising to $33,900 in 2019. Over the next year, wedding expenses are expected to rise given the higher demand and rising costs of supplies and services. According to experts, weddings could become more expensive year over year, so it is important to prepare financially if you are going to hold your dream wedding. Wedding Financing which is a major part of the preparatory process will ensure that you have adequate funds to pay for the venue, bridal entourage, ring, and all the vendors.
Budgeting Is a Big Part of It
A budget is nothing new, but it is a critical part of your wedding. Tracking how much you spend and cutting down on expenses are important strategies so that you can save and reach a financial goal such as a wedding. Before doing any engagement or wedding preparation, it’s vital that you build a budget for every foreseeable expense.
One of the most important details you’ll have to consider of course is the rings. The good news is, there are many affordable options for couples who want to tie the knot; from trendy geometric shapes to halo rings, there’s something for everyone’s taste.
That said, decide how much you can truly afford for your wedding. This is highly dependent on your saving capacity, that is, the amount of money that you can put away each month for your wedding fund. As soon as this sum is determined, it is easier to see the estimates that are expected for each wedding category.
In this regard, a budget breakdown is very important. Again, to make realistic calculations, getting offers and prices from different vendors and suppliers can help you establish an amount that you are going to need instead of relying on ballpark figures.
Where to Get the Funds
Your savings as a couple will probably cover a big part of your wedding. To augment your fund, you might want to work extra hours or shifts or even take on extra jobs to supplement your income and increase your savings. However, depending on traditions, the parents of the bride might shoulder nearly all the wedding costs.
But, if this is not possible, do not feel tied to traditional financial etiquette and seek help from all directions. Both sets of parents might want to contribute to the wedding expenditures. Sometimes, even grandparents will chip in to finance the wedding as well as generous aunts or uncles.
Another way to ensure that your savings are safely stashed is to put your money in a separate savings account. That way, you will not be tempted to spend it if it is mixed with your checking account. Plus, a savings account earns interest. If you are going to use credit cards to pay for your wedding expenses, do so responsibly and make sure to pay off balances fully each month. In addition to building a good credit history, you can also earn rewards that can be used for a honeymoon or a future getaway.
The bottom line is, financing your wedding must be done within your means. It’s not a good idea to spend more than you can afford nor borrow money for a lavish ceremony. Detailed budgets, aggressive savings, and family assistance can make that dream wedding a reality.