Your wedding is one of those Big Life Events and it’s way too easy to get swept up in the excitement of it all. But that “excitement” comes with a price tag. Creating a realistic budget (and sticking to it) is essential in ensuring you don’t start your wedded life in a whole lot of debt. Birkat Elyon is in the business of gorgeous cubic zirconia engagement and wedding rings. We help couples get the “look” of real diamond jewelry, but at a far more affordable price, so here are our tips for creating a realistic wedding budget.
WHAT ARE YOUR MONEY SOURCES?
Determine the amount of savings you and your intended each has (factor in if you’re doing something like saving for a home). Aim to set aside about 10% of your combined income every month towards the wedding. Then add any financial contributions from family members (but ask, don’t assume). All told, that’s what you have to spend.
You can also build up your cash reserve by extending your engagement.
CREATE A SPREADSHEET
Track your spending by setting up a spreadsheet that notes Estimated costs (as you research vendors), Modified (once you get vendor proposals) ,and Actual costs. Don’t forget to factor in the gratuities (usually 15-20%) that many vendors tack on.
USE CREDIT RESPONSIBLY
Many couples charge their costs to a specific credit card, allowing them to rack up points or air miles that can be used later. Just be sure that you can pay off those charges within 12-15 months at the most.
FIND WAYS TO SAVE
No matter how organized you are, there will always be surprises that can throw your wedding budget off. Be proactive by finding little ways to save, as a cushion against the unexpected.
-The venue eats up most of the costs, so think about places like art galleries, gardens, or a private home to hold the ceremony/reception.
-Choose off-peak seasons and times, such as mid-week. Hold the ceremony and reception in the same place to save on transportation costs.
-Be ruthless in trimming your guest list; for a 135-person event, cutting 15 guests can save you about $1,300.
-To save thousands, skip the live band and go for a deejay.
-Avoid “upgrades” and stick to the most basic wedding package(s) you can stand; you might find yourself paying hundreds more to swap out basic white tablecloths for more colorful ones.