What to Think About When Budgeting for a Wedding

By Britt Erica Tunick

Your wedding is one of the most important days of your life, so it is easy to get caught up in the excitement of planning. But, while making plans for a wedding can be lots of fun, the unfortunate reality is that those plans typically don’t come cheap –once you add the word wedding to pretty much any product or service you can expect to pay double what you typically would. If you or a family member are getting married in the near future, before getting caught up in the intricacies of invitations, venues, a gown, decorations, DJs, and the countless other aspects of the big day, take some time to sit down and determine what you can truly afford. No matter how exciting a wedding may be, it’s not worth getting yourself into years of debt to pay off that one day.

Before you even book a venue for your wedding, you should determine how much you can afford, and what you are willing to spend. Given that the wedding industry pulled in $80 billion in the United States alone in 2018, according to IBISWorld, it should come as no surprise that there are plenty of organizations willing to extend you a loan for the big day. Don’t forget that a wedding is just the first step in the new life you and your partner are beginning and there will be plenty of other, arguably more important, expenses down the road –from buying a home to children and countless other things. Fortunately, given how high profile the wedding industry is, there are also multiple online tools to help you determine a budget for a wedding that you can truly afford.

Here are some of the most important things to keep in mind when putting together a budget for your wedding and starting to make plans:

• Times have changed, so it is no longer safe to assume that the parents of the bride will foot the bill for the cost of a wedding. These days, many couples contribute at least a portion of the cost to the big day.
• Don’t just commit to the first venue you look at, or the one you may have already had in mind. Make sure to check out all of the options in your area and to call around for comparison pricing. And get all of the details priced out to avoid any unwelcome surprises down the road.
• Given the costs involved in a wedding and the amount you will invest, taking out event insurance can be a good move –particularly if you are getting married at a destination, or anywhere that weather could be problematic during the season when you are getting married.
• If money is a big concern, don’t rule out a longer engagement period. You will have more time to save up and can avoid maxing out credit cards or taking out loans that will mean significant interest payments. As sad as it is, some couples end up divorcing long before they have come close to paying off their wedding.
• Once you have determined your overall budget, be sure to add in some padding –since there will more than likely be unexpected expenses that will arise.