Planning a wedding can be costly, time-consuming and complicated. For an average wedding with 125 guests, Consolidated Credit’s Wedding Planner estimates that couples will spend more than $17,500 on their big day. That’s nearly $140 per person.
Wedding planning can put excess financial stress on couples. While traditionally a bride’s parents footed the bill for wedding expenses, it’s becoming more common for the groom’s parents to chip in and nearly 40% of brides and grooms plan to contribute financially to their own weddings.
It’s important to create a budget and stick to it. Wedding debt is not a part of wedded bliss. Money problems often lead to divorce. Without a proper budget, you’re likely to spend beyond your means and get stuck paying for your wedding past your fifth or even tenth anniversary.
Tips from Consolidated Credit for planning a successful wedding budget:
- Determine how much each party is willing to contribute for the ceremony and reception. This will give the couple their starting point of how much money they have to work with before planning begins.
- Make a list of must-haves and a wish list, keeping in mind that depending on the predetermined wedding budget you may not be able to afford everything on those lists.
- Decide on what aspects of the wedding are most important to you. If you are determined to have a four-star meal, your guest list might need to be reduced to meet your budget.
- Asking for help from friends or family isn’t shameful. Have a get-together to make reception centerpieces, favors, and decorations with friends and save money on store-bought ones.
You have to choose the items that are most important to you, and then cut back on the rest. It’s easy to get carried away. Consolidated Credit’s Wedding Planner Guide helps happy couples with their special day without adding financial stress. It offers advice on ways to cut back and save, and exposes hidden costs that couples may not account for.