Personal Finance Care

Wedding is a very important occasion in everyone’s life. Many of us plan our wedding expenses and end up spending more. Here are a few budgeting tips that will help you stay on track.

• Get a budgeting system:

You should establish a reliable method so that you can keep a track of all your wedding expenses. Keep some funds aside for your wedding expenses from your personal accounts. This will help you determine how much you will be able to spend on your wedding.

• Prepare to go over:

While you are keeping aside some funds for your wedding expenses, try to keep at least five percent of your budget for a just in case fund. You may utilize this money when you are running tight after you have exceeded the planned budget. If you cannot exceed the amount of money planned for the wedding expenses, then try to use five percent less of the amount planned for the wedding expenses. When the last minute cost comes up, your reserve fund will save you from debt.

1) When you are setting up your initial budget for the wedding, make sure that you have included the following expenses.

2) You need to keep aside some funds for tips for the vendors. This may range anywhere from 15% to 25% for certain services.

3) Trial runs like make up and hair styling will range anywhere from $20-$100 each

4) Sometimes the reception party will exceed the allotted time limit. In that case, you will have to pay for the overtime fees and it can range anywhere from $100 - $1000 or maybe more.

5) Last minute dress cleanings or tux pressings that can range between $50-$100 each

6) Postage costs for invitation cards and stamps for RSVPs.

7) Marriage license fees will range between $15-$90 depending on the state laws.

• Cut back:

You can save a lot of money in the catering services by reducing the number of courses. Lets say if you have planned for five course meal, you can minimize the cost be making it a three course meal. Have four bridesmaids instead of ten and save more money on wedding flowers bouquets and gifts. You can try to save on almost everything and keep the number of guests low as much as possible.

• Beware the up sell:

With every detail planned, someone is going to try to up-sell you. Don’t come under pressure. The fabulous designer dress, the top shelf bar, the succulent lobster tail - they all seem like good ideas at the time, but be wary that all of these upgrades add up. The key is to prioritize beforehand. If you want to serve an elaborate five-course meal with all the bells and whistles, you may have to sacrifice your dream of a 10-piece ensemble.

• Tighten the purse string:

Try to save at least 20% of your income for wedding expenses. This may sound quite difficult in the beginning but there are easy ways to cut corners in your personal life and make savings for the wedding. Creating savings by changing your current life style is definitely going to help in your married life without falling in debts. You can take these thrifty habits into your marriage - and make it easier to save for other big ticket items like a new home, vacations or a college fund.

Posted by admin | Posted in Budgeting |

Tags: Budgeting