Thursday Tips :: Why every couple should set a wedding budget

It is easy to get caught up in the excitement of wedding planning and put your budget on the back burner. However, what newly engaged couples don't realize is that defining a budget early on is one of the most important parts of wedding planning!

Clove & Kin Photography

Clove & Kin Photography

So why is setting a budget so important?

Setting a budget will allow you to speak honestly about your finances.

  • Discussing your wedding budget with your partner is certainly not the funnest part of wedding planning. For most, this might be the first time that you've really dug into your finances together. Scary as it may seem, having this dialogue will give you both the opportunity to discuss your finances honestly and openly with one another.

You will be able to determine who is contributing.

  • Determining who is contributing financially will give you a clear idea of what you can truly afford. Whether you and your partner are paying for it on your own or you're receiving financial assistance from family, this will help solidify exactly what is covered and/or how much you still need to save.

It will allow you to set clear guidelines and plan with efficiency.

  • I recommend that you do some research on wedding costs prior to setting your budget. However, once you're budget is set, you will be able to filter your research with ease and eliminate any unrealistic expectations. Identifying what you can and can't afford early on allows you to free up some time, energy and sets obtainable expectations and goals for your wedding.

Help determine priorities.

  • While discussing big ticket items {venue, catering, attire} and small items {wedding party gifts, beauty treatments, favors}, you can prioritize categories according to importance and how it fits in your budget. For example, if your venue is a priority and favors are not, you can supplement a higher budget for your venue instead of spending money on favors. Also, it is always a good idea to add in a "splurge" cushion for any unexpected expenses.

You won't be starting your marriage in debt.

  • We've all heard that money is the #1 reason couples fight, but it doesn't have to be that way early on! Starting your marriage in debt will certainly exacerbate your financial situation and add unnecessary stress during a time that should be anything but stressful! The best thing to do is set a realistic budget that you can actually afford early on and stick to it no matter how difficult it may be.

Wedding budgets can be unnecessarily difficult, but obviously well worth the planning in the long run!  If you found these tips helpful, check out our other "Thursday Tips" posts on the blog!

Love, Nicole