Image courtesy of Dexknows.com
Pennies Into the Pig:
Budgeting for my Wedding
It has to be the least romantic detail of wedding planning: budgeting. No doubt, though, it is of paramount importance. Yet, as TheKnot.com says, 16% of brides surveyed "didn't even have a budget" (CNN Money, 2011).
I can't imagine trying to do this without planning finances carefully and it's not just because I don't want to overspend--I can't AFFORD to! Therefore, the first thing I did after the excitement from my engagement settled down was start number crunching. Although I'm not sure what my final numbers will be, I can tell you that I'm not planning on spending more than $5000 (honeymoon included) on my wedding. If you consider many people spend over $20,000 on a wedding (dress and ring included) according to polls, than that sounds like a mere fraction of most budgets. Then again, who has $20,000 to spend on a wedding? I don't. I think most people I know end up spending between somewhere in between--usually no less than $1000 on even the most DIY, backyard hitchin', and most of the time, closer to $10,000.
Between the costs of a venue, food, photography and incidentals, the dollars stack up quickly. Therefore I'm trying to budget for the big stuff right away. Though looking at the numbers can be scary for some people, I wanted to get hit in the face with them right away so I can budget and spend that money before it's even in my pocket (Dave Ramsey style).
Without getting too detailed, here are the basics for my PHASE ONE savings plan:
- All loose change is being saved in a bank for the wedding (to be deposited regularly in to our savings account for the event)
- My fiance and I are both starting to deposit $10 weekly ($20 collectively) into the savings account as a base, which will balloon as time passes.
Deposits will increase in amount, and we'll be taking a percentage of tax returns this year, but that is phase one for me! There are 53 weeks left until my wedding, so depositing that amount each week (without figuring in any loose change deposits) only brings us to a fraction of our cost. Therefore, we'll be looking at making that up somewhere along the way, but it's a start!
It's intimidating to think about--but what's the alternative? Burying my head in the proverbial sand and having a huge freakout in the summer next year? HAHA! Let the saving begin.
Also check out the Pinterest board I've made dedicated to saving, "Thrift Trick Thrifty Wedding Pins!"
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