Ok, so everyone knows now that you’re in love and you’re ready to party like its 1999.Â So what should be your first step?Â The budget.Â A lot of brides think that it’s not that important, that they can wing it or worse, ignore it.Â Wrong!Â Your budget is your friend! Embrace your inner meiser!Â Your budget is in place to let you know when you’ve gone from Charming to Chapter 7 bankruptcy.
What NOT to Do:
- Assume.Â Don’t assume that your fete is getting funded by a sole source.Â Gather the VIPs together and find out who is willing to contribute and what.
- Expect the world.Â Remember, there are other things to consider besides your wedding– future house plans, vacations, school loans, etc.Â Also consider the situations of those giving money as well.Â If they are in a position to give tens of thousands, take it under consideration.Â However, if they are not, don’t take it…no matter how much they say they can afford it.
- Begin booking vendors before setting a budget.Â BIG mistake!Â A good budget will let you know how much you can do with the money you have, instead of you spending your money on big ticket items and find there is no more money when you need the necessities!
What to do:
- Discover a good budgeting method.Â This will help you allocate your money in the areas that are most important to you. If flowers are a big deal, but invitations are not, opt for lower cost invites or DIYs and move the rest to the flower budget.
- Set up a wedding bank account.Â It will be much easier for you to make purchases and watch your money. Look into getting a checking account with interest and a VISA or MasterCardÂ debit card for more protection.
- Save accordingly.Â Try putting 10-20% of your combined monthly income in your wedding account. Do your best not to touch it for non-wedding expenses and deposit consistently