Just make sure you don’t assume your parents will cover 51% of your costs-or any amount, really! Be thankful and content no matter what.ģ. If not, you need to open up those lines of communication yourself. Now, it’s possible your parents opened up the financial conversation the moment you showed them that shiny new engagement ring. 3 Why? Maybe it’s because couples wait later to marry (the average age is 32) and they’re expected to have their personal finances in a decent place. These days, the average couple pays for about half (49%) of the wedding costs. It used to be that etiquette told us exactly what roles the parents of the bride and groom played-including who paid for what. Write down how much extra you know you’ll get from family. Now, as you look at what you’ve already saved, you might be perfectly content with this amount, or you might be eager to work on the next two steps to get that number higher. 1, 2 This does not mean you have to spend that much at all. Then print out our wedding budget template, sharpen your pencils, and start filling it out-together-following these steps:Īs a couple, what do you already have saved up for all the upcoming wedding costs? Jot down that number.įor some perspective, the average wedding costs $30,000, with an extra $5,100 if you tack on the honeymoon expenses. If “wedding budget” doesn’t sound romantic to you, make it romantic! Lay out the charcuterie, turn up the love songs playlist, and make this a date night. Let’s walk through how to create a wedding budget that marries your dreams and your bank account- and helps you keep both on the path to happily ever after. Where do you start? With the wedding budget! ( Always with the budget.) But first, you’ve got some planning to do. "By setting aside the 'emergency fund' at the onset of the planning process, couples are better able to navigate unexpected costs or any must-have add-ons without experiencing additional stress.Your wedding will be one of the most memorable and special days of your life. Anything can happen, right? The guest count could increase, perhaps at the last minute the couple decides to increase their photography timing from 8 to 10 hours, or maybe they've decided to add horns and strings to their band experience," she explains. "When couples are creating a wedding budget, I strongly suggest a buffer, or 'emergency fund,' of 10-20% of their total budget. According to Roxanne Bellamy, founder and creative director of Roxanne Bellamy & Co., building in room for last-minute or unexpected expenses is key. Even after you've done that, it's important to pad the budget. If the total of the line item isn't in your overall budget, cut it. Photo by Alicia King Photography Step 3: Prepare for Surprisesīefore you sign on the dotted line of vendor contracts or start buying welcome bag items, read the fine print-expenses that seem small early on could add up quickly. Any contributions from parents or loved ones: Are either of your families planning to make a financial contribution to the big day? "Never assume your parents or other loved ones are willing and able to help cover the cost of a wedding," says Lowry."Establish direct deposits into a separate account for wedding expenses so it isn't just leftovers that get saved," says Erin Lowry, a personal finance expert and the author of " Broke Millennial: Stop Scraping By and Get Your Financial Life Together". The amount you can set aside from your current income: After you've made payments for existing debts, like student loans, set aside up to 10 percent of your earnings each month.Depending on your other goals (are you saving for a home or new car?), your contribution from savings might be even lower. Subtract that in-case-of-emergency amount from your total balance in the bank, and that's how the maximum amount you could put toward wedding costs. Ideally, you and your partner each have three months of living expenses set aside in case of a job loss or health setback (separate from retirement funds). You and your fiancé's individual savings: This isn't as simple as checking your bank account.
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