By Alex Morrison
Congratulations! You’re getting married and you couldn’t be happier. It’s the day you’ve been waiting for practically all your life. You simply can’t wait to start planning your wedding with your significant other. Before you go overboard though, there’s one important factor not to overlook – your budget.
A large part of any wedding involves budgeting. In fact, it will affect every decision you make from the venue you choose all the way down to the vendors you work with. It’s all too easy for costs to spiral out of control if you don’t keep a close eye on your spending. The good news is you can avoid some of the most common budgeting pitfalls with our help.
Here we’ll look at common mistakes that many couples make with their wedding budget.
Not Doing Your Research
There’s nothing wrong with creating estimates. It gives you a better idea of what to expect and how much to allocate. But creating estimates without doing proper research can lead you to greatly underestimate the actual costs involved. Instead, contact multiple venues and vendors to come up with more accurate quotes.
Not Tracking Expenses
It’s important to establish a clear system for tracking your expenses even if it’s jotting them down in a notebook or an Excel spreadsheet. There are also a number of mobile apps you can download that allow you to instantly track wedding costs. That way you have a much clearer picture of exactly how much you’re spending on the wedding.
Choosing the First Vendor
Weddings are a huge source of revenue for many vendors. Some may try to get you to sign an agreement the same day to lock you into a contract. Never commit to the first vendor you get in touch with even if you think you’re getting a good deal. If a vendor is rather aggressive in getting you to sign a contract, it’s best to move on.
Not Accounting for Miscellaneous Expenses
Even once you finalise prices with your vendors, there will likely be other costs involved. Some examples might include cleaning fees or additional prints. An additional $10 here and there may not seem like much. But these expenses can really add up. Set aside at least 5% of your budget for miscellaneous expenses to allow some breathing room. Investing in a high interest online savings account can help you reach your savings budget sooner and allow you a little more legroom to pay for any added or extra expenses.
Prioritising items on a budget is incredibly important. That way you can allocate more funds for the things that matter most to you instead of having to make sacrifices at a later stage. Sit down with your partner and make a list of the top priorities. Then you’ll be in a better position to make key decisions when it comes to deciding on which vendors you can splurge on and which ones you can potentially cut out.
Not Controlling the Guest List
In a perfect world, all your friends, family, and acquaintances would attend your wedding. Unfortunately, the number of guests that attend will have a significant impact on your budget. Make sure to finalise your guest list as early as possible. Don’t be afraid to limit plus one invites either as extending that option to everyone may not be financially feasible.
Making Impulse Decisions
It happens to all of us – you see something that you just have to have. No exceptions. So you end up buying it right there without hesitation. No matter how seemingly minor an expense is, take a moment to consider whether it’s a meaningful purchase and if it’s something you actually need. Bring in your partner to discuss the purchase before you make a final decision.
Sticking to a budget can be hard. You probably want to spare no expenses but the last thing you want is to start off the marriage in deep financial debt. Watching out for common pitfalls as described here can help keep you within your budget and still have a blast on your big day.
Alex Morrison has worked with a range of businesses giving him an in depth understanding of many different industries including carpet cleaning, financial support and health care. As the owner of Integral Media, he is now utilising his knowledge and experience with his rapidly increasing client portfolio to help them achieve their business goals.