How to: Decide On A Wedding Budget
Deciding on how much to set aside for your wedding is not an easy choice to make, especially since it amounts to a huge sum.
There is more to it than just deciding on an ideal amount to spend on your wedding. Every couple is different and has their own needs, wants and preferences. Instead, let’s focus on how you decide what your wedding budget should be.
As a newly engaged couple, it would be wise not just to focus on the wedding day itself but what comes after your wedding - considerations such as purchasing a home, renovation, children and the kind of lifestyle you want to have.
These factors surface almost as soon as the ring goes on the finger! Therefore, it will be best to take these factors into consideration much earlier and not wait until you are financially ready before facing them. While your most immediate concern might be preparing for your wedding, factors such as purchasing a home and renovations, might simultaneously demand your attention and money as well.
Which is why it’s best to decide on a budget for your wedding after considering these factors. At the same time, you’ll also be able to identify the level of affordability and existing resources you are working with.
Secondly, it will be best for the both of you to be transparent with each other in communicating your values such as, what you consider important, what to splurge on and possibly save on. For example, some couples might agree to go all out for the wedding while saving on the honeymoon or renovation. While some couples would rather splurge on their honeymoon and/or home renovation while saving as much as they can for their wedding.
Which is why it is extremely important that the both of you are on the same page on this. If the both of you are not on the same page, there will be more uncertainties for your finances and wedding planning.
In addition to being on the same page, you need to dive a little deeper and discuss the ideal spending amount for each service. As you already know, weddings are made up of multiple categories that require large sums of payment. From pre-wedding photoshoots and parties, intimate receptions or banquets to honeymoons.
Will you be having an intimate celebration among close family and friends or a banquet to suit the needs of your families?
Decisions like this have a huge impact on your wedding budget as this might mean spending less on, for example, your clothing because you’re hosting a banquet or having more to spend on photography/videography because you decided on an intimate and simple reception.
Overall, a large part of wedding planning involves money. It all comes down to how much you’re willing to spend for each service without going over budget. This also gives the both of you a realistic expectation of planning for your wedding needs.
Wedding planning can be stressful especially where finances are concerned and one key way to resolve it is with communication and transparency. No one would want financial limitations or over-budgeting to cast a dark cloud over this happy occasion. Simply remember to set your wedding values together as a team without overspending.
For more information or advice on financial planning, please contact Acquity at 9853 0208/ 6572 6967 or email@example.com
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Financial Services Manager, Joseph Tan and Associates
- 51 Scotts Road, #02-03, Singapore 228241
- 9853 0208 / 6572 6967