HOW TO FINANCIALLY PREPARE FOR YOUR BIG DAY
Three tips to help you start a wedding fund that fits your budget
Whether you’re in a serious relationship or enjoying the single life it’s never too early to start financially preparing for your big day. Having a financial plan beforehand will relieve much of the pressure leading up to your wedding and allow for your engagement period to be more enjoyable.
01 Create a Wedding Fund
This tip is first because regardless of your relationship status, it’s important to have a wedding fund if you anticipate getting married at any point in life. Putting off saving until you’ve met “the one” is not recommended. How much you should save depends on how soon you plan to get married. Below is a simple formula specifically for people figuring out how to start saving for a wedding:
Average Wedding Cost / Estimated Months = How much to save per month
If the average wedding costs about $30,000 and you plan on getting married in five years, or 60 months, then you should be saving $500 per month.
Of course this formula doesn’t take into account contributions from your significant other or family members, once you determine these amounts you can modify your figures. You should also tailor these numbers to reflect your expectations and an amount you're comfortably able to save. Once you get closer to this life moment you may need to make adjustments that fit you and your partners budget and needs.
02 Define the Meaning of Your Big Day
You’ve seen the movies, scrolled through the posts on Instagram, and pinned for days on Pinterest but what does your big day truly mean to you? One time I talked to a couple that had all the bells and whistles for their wedding, but just after 5 years regretted going so over the top. This couple would’ve preferred an intimate dinner but because that wasn’t the norm in their town they felt pressured into going all out and didn’t capture the true reason for their union. Once you're in wedding mode it’s easy to get lost in the traditions and trends and lose the “why” behind the celebration, which is very different for every couple. The meaning of your big day will guide you throughout the entire process, which will be essential when it comes time to start talking numbers and prioritizing within your budget.
03 Speak to an Experienced Professional
The average wedding cost $19,000 in 2020 and $28,000 in 2019 in the US, according to The Knot. However, the cost of a typical wedding varies from state to state and city to city. That’s why we recommend speaking to an experienced professional in the local area you will be hosting your event at. Consider reaching out prior to your official engagement. They will be able to provide accurate estimates giving you a clearer indication on what you can expect to spend on your celebration. Plus, they may also be able to offer resources for budgeting and tips for saving. In the end, with the early on help of an experienced professional you’ll benefit from having a sensibly financed event you can be proud of for years to come.