Are you going to tie a knot? You would have planned to throw away money like confetti after all it is your wedding day, the most precious day of your life. However, some couples would have brainstormed ideas to slash the cost.
Wedding is expensive and it can cost thousands of pounds from catering to decoration and buffet to venues. Having those moments recorded in an album, you may bask in the glory of the day in future, but it may trigger a bitter feeling in your stomach that you shelled out money.
Nearly half of couples cover the wedding cost entirely out of their pocket. One in three couples finds that they have gone beyond their budget. Instead of repenting over what you have done, you should deliberately plan a wedding budget.
Before fantasizing about your venue, wedding dress and food, you should sit and discuss how to set a limit with your partner so that you have left enough money to keep the wolf from the door. Here are some useful tips to create a realistic wedding budget.
Figure out how much you have
How much cash is available for your wedding depends on yours and your betrothed’s savings, the amount you can set aside from your monthly income and any contribution from your parents.
Look out for funds available in your savings account. The rule of thumb says that you should have ideally three-month worth of living cost set aside for a rainy day. Make sure that you put toward rest money toward your wedding cost.
Take into account your current salary. You are likely to have saved a small chunk of it after meeting all of your regular expenses from utility bills to travel cost. Start transferring those funds to your savings account and try to avoid dipping into them. The more money you have, the better it is.
You should not expect your parents to contribute anything to your wedding, but there is nothing wrong to ask them, and then combine what you and your partner has to know how much you have in total to spend in your wedding.
Estimate the guest count
Now that you have come to know how much funds you have for your auspicious day. You would definitely like all of your expenses fall in the budget. Now your task is to make a list of guests. The longer the list, the higher the expense.
The number of guests will determine the size of the venue as well as the cost of food and beverages. It will also affect the cost of invitations and wedding favours. Therefore, you should be careful with guest list as it has knock-on effects.
Consider the wedding dress
Wedding apparels, jewelleries and footwear can take a large chunk out of your pocket. Try to buy your wedding dress at affordable prices as the rest amount will go toward other area from venues to wedding favours.
Do extensive research
After having a list of expenses you will incur throughout your wedding, you should run extensive research to get it done within a budget. Contact various designers, venue finders, catering dealers to compare their prices and choose the best deal. Do not forget to negotiate as prices soar in wedding season.
Know whether it is in budget or not
Once you have known the total cost of all arrangements, the next step is to find whether it falls within the budget or not. It is not surprising that the wedding budget often gets blown out of water.
If you are able to meet all expenses from what is available with you, it is fine. Otherwise, you will need to take out 12 month loans with no credit check. Direct lenders provide these loans with no guarantor, and they are paid back in equal monthly instalments and hence they are easily manageable. Make sure that you do not borrow more than your need and pay off the debt on time.
The bottom line
Even though you try to cut down on the cost of your wedding dress and venue, it can burn a big hole in your pocket. It is important that you behave rationally with money as soon as you engaged.
You should immediate set aside money. The higher the savings, the better it is. Use your credit card sensibly. Try to avoid maxing out the card. If you use it for any purchase, you should pay off the balance as quickly as possible before it adds up the interest. You should open a separate savings account for your wedding to get a clear picture of how much money you have and how much you are spending.
Remember that even if the wedding costs you less than a grand, you will be more excited and elated at the end of the day to see your bottom line.