{"id":1498,"date":"2021-07-26T16:59:28","date_gmt":"2021-07-26T20:59:28","guid":{"rendered":"https:\/\/www.skypointfcu.com\/wph\/workarea\/?p=1498"},"modified":"2022-06-15T12:53:23","modified_gmt":"2022-06-15T16:53:23","slug":"planning-a-wedding-start-with-the-budget","status":"publish","type":"post","link":"https:\/\/www.skypointfcu.com\/wph\/workarea\/blog\/planning-a-wedding-start-with-the-budget\/","title":{"rendered":"Planning a Wedding? Start With the Budget"},"content":{"rendered":"\n

The proposal was perfect. You\u2019ve told friends and family the exciting news and shared pictures of the sparkly new ring on Instagram. Now it\u2019s time to plan the wedding. Setting a realistic budget<\/a> is a smart first step.<\/p>\n\n\n\n

But throwing out a number is one thing; sticking to it is the hard part. According to The Knot\u2019s 2017 Real Weddings Study<\/a>, 45% of couples who married in 2017 reported spending more than they had planned.<\/p>\n\n\n\n

\u201cThe last thing you want to do is begin your formal life together with a lot of debt because you were under pressure to have a certain type of event that you didn\u2019t want and couldn\u2019t afford,\u201d says Marguerita Cheng, a certified financial planner at Blue Ocean Global Wealth in Gaithersburg, Maryland.<\/p>\n\n\n\n

It\u2019s important to discuss what you\u2019re comfortable spending and research wedding costs. Here\u2019s how to make a budget you can commit to.<\/p>\n\n\n\n

Add up your funds<\/strong><\/p>\n\n\n\n

Review your financial situation before you choose the cake, put a deposit down on a DJ or even set a firm date. Contemplate how much time you\u2019ll need to save your target amount if you\u2019re not there yet.<\/p>\n\n\n\n

\u201cIf you just start spending willy-nilly, then you might not have enough money for something that you really need,\u201d says Anne Chertoff, trends expert for WeddingWire, an online wedding-planning marketplace.<\/p>\n\n\n\n

As a couple, build your budget around your current savings (excluding retirement and emergency funds), what you can save from your monthly income and any contributions from family members, Chertoff says. Don\u2019t spend money you can\u2019t immediately repay.<\/p>\n\n\n\n

\u201cA lot of couples go into debt planning a wedding because they don\u2019t have the money that they need right now, so they either take out a loan or they put a ton of expenses on their credit cards,\u201d says Ivy Jacobson, a senior digital editor at The Knot, another online wedding-planning marketplace.<\/p>\n\n\n\n

Remember your other goals<\/strong><\/p>\n\n\n\n

In planning your dream wedding, don\u2019t lose sight of reality. You likely have other financial goals to consider, such as paying off credit card debt or saving for a house. Are you comfortable delaying those goals by a few months or years in favor of wedding-day expenses? Decide where to make trade-offs.<\/p>\n\n\n\n

\u201cIt is a little bit of give-and-take,\u201d Cheng says. \u201cSometimes you are going to have to give up something, but then you can say, \u2018OK, honey, if we\u2019re spending less on the reception, maybe we can have a better honeymoon.\u2019\u201d<\/p>\n\n\n\n

Envision your wedding<\/strong><\/p>\n\n\n\n

Do you picture yourself arriving by limo or carpooling with your bridesmaids? Are you imagining a plated, three-course meal or buffet-style dinner? Discuss every detail. If you and your betrothed don\u2019t see eye to eye, try to meet halfway.<\/p>\n\n\n\n

\u201cIf one person wants 300 people in a ballroom and the other one wants something more intimate at city hall, that\u2019s a huge difference in style,\u201d Chertoff says. \u201cBut maybe they can compromise and say, \u2018OK, maybe we\u2019ll have less people but we can have a little more of a grand venue than just city hall.\u201d<\/p>\n\n\n\n

Start by individually writing down your top three priorities \u2014 such as location, food and photographer \u2014 and look for similarities, Jacobson says. If you can\u2019t agree, get an unbiased third party, such as a wedding planner or financial planner, to weigh in.<\/p>\n\n\n\n

Get estimates<\/strong><\/p>\n\n\n\n

Finally, find out whether your budget and vision align. Look up average wedding costs<\/a>, but note that prices can vary widely by location, season and day of the week.<\/p>\n\n\n\n

\u201cIf you want a Saturday wedding in June in Manhattan, you\u2019ll be paying top dollar. But if you\u2019re looking at a Thursday wedding in March in Brooklyn, it\u2019ll be much more affordable,\u201d Jacobson says.<\/p>\n\n\n\n

For the most reliable estimates, get quotes from local vendors, then plug the numbers into a calculator. However, expect a larger final bill. Couples underestimate their spending by 40%, according to WeddingWire. Chertoff recommends adding between $1,000 and $2,500 to your budget for last-minute emergencies and miscellaneous expenses, such as postage and cake-cutting fees.<\/p>\n\n\n\n

If the initial estimate exceeds your budget, identify ways to adjust. Trim the guest list, nix the open bar or extend the engagement to allow more time to save.<\/p>\n\n\n\n

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