Wedding in a budget is a very difficult task in the current scenario. It does not look at your pocket, income, or budget. It is highly influenced by the social culture and tradition. In society, people have made the wedding a high-cost event by adding extra features to it.
In this competitive world, people try to present their status to exhibit their superiority. Though they are mediocre and don’t have enough money still they jump into the fake show-up competition. Weddings are highly affected by fake show-up events.
If you are planning to get married and prepare for a wedding event then certainly you have some confusion and dilemma about how to set a budget for it. Here is a step-by-step guide that will help you set a budget plan for your dream wedding without sacrificing elegance.
Here is the Secrets for Wedding in a Budget:
- Set Your Budget & Start Saving: First, you have to determine how much money you want to spend on your wedding. A clear budget will provide a monetary goal to achieve and guide to saving for it.
- Calculate the cost for a wedding in a Budget: Create an expense list for your wedding. There are different wedding expenses like venue, decorations, catering, ornaments, wedding dresses, guests, honeymoon and others. You need to prepare a separate cost budget for each expense.
- Set a Dateline: Fixed your wedding date well before it. It will give you a fixed dateline for saving and arranging the wedding cost. If your marriage date is fixed within a year then you can break down your saving goals every month so that it will be easy for you.
- Analyze Your Current Finances: If you are earning $10K bucks in a month, then you cannot make a monthly goal more than that. You cannot even save $5K due to your other financial responsibilities like personal expenses, saving, investment, debt repayment, etc. So analyze your current financial situation to set realistic and practical saving goals for your wedding.
- Execute Your Savings Plan: The biggest challenge you will face after setting a saving goal is its execution. On paper, you can make plans for anything but the real challenge comes when you are going to execute it. Here are some effective guides to overcome the challenges of executing of saving plan.
- Monthly Savings Goal: Divide the total amount needed by the number of months until your wedding.
- Cut Costs: Reduce unnecessary expenses to save more each month.
- Automate Savings: Set up automatic transfers to a dedicated wedding savings account.
- Increase Income: If your wedding in a budget saving plan is higher than your current income then you need to increase your income temporarily. Temporarily you can invest somewhere in high return take a part-time job or do some seasonal business in extra time. In this way, you will able to gather the required money for your wedding expenses.
- Review and Adjust: Make your saving plan flexible and re-adjustable. You have to review your savings plan and its progress. If you find any lacuna in it, then you can adjust the finances based on your wedding plan. In this way, you will reduce the stress and extra mental pressure on you due to the wedding in a budget plan.
- Stay Flexible: Be prepared for unexpected expenses due to emergencies. In this scenario, you have to make the cost adjustments to your saving plan. It is okay, after all, there are many other important aspects of life other than wedding events. Set your priorities and act according to them.
- Final Savings: You should count your final savings a few days before your wedding. Make sure that you have all your wedding expenses in your hand. If not succeeded in your saving plan then you should ensure at least 80% of the wedding expenses are on your hands before proceeding to the wedding event.
- Celebrate Within Limit: A wedding is a celebration of love, affection, care, and a new journey of life with someone special. Don’t try to make it a showcase of your financial status and superiority. Focus on what matters for future life after the wedding.
By following the above-mentioned steps, you will certainly reduce the excess financial burden due to expensive wedding events.
It makes no sense to take debt for your wedding and repay it over the years. After that, your kids will be grown up and you have to pay for their education and upbringing. When will you then create your wealth? This huge wedding expense makes many people poor and forces them to stay in a mediocre life. If that huge amount could be invested somewhere else after a few years that would become wealth for the couple and the rest of their life would be more comfortable and happier.