Current status: engaged and thrilled. You have the perfect life partner and plans for the big day. A vision of the perfect nuptials followed by an epic party fills your head. So does another thing: the cost. The result is stress without a wedding budget.
The Question: Wedding Planning Budget: Splurge or Save
There are two polar opposite schools of thought when planning a wedding and making a wedding budget:
- YOLO (you only live once) – this is the biggest party you will ever throw. It is imperative to let all your family and friends know that the love of your life has been secured. An epic party is the ONLY option. Cost be darned!!
- This is a cash-sucking black hole of cost. I don’t need to buy a single drink, let alone an open bar’s worth, to prove my love. Let’s hit the courthouse, grab a bite to eat, and be in bed by 9.
An then you have miles and miles of middle ground, which is where most live and where this will focus. As extreme as the above appears most people will fall in between, but there will be an undeniable lean to one direction. That is where the real planning and conversation are happening.
3 Episodes to Cover the Topic
There is a ton to unpack when addressing this, so we gave it proper due and covered in 3 parts of our Budget and Finance Series:
- What Can You Spend
- How Will You Spend It
- How to Maximize It
As you read on you will notice a common theme: communicate. The topics of finance are uncomfortable but necessary, so give them proper diligence. Listen below for all the tips and talking points needed, and all in under and hour of total listening time. Here are some notes for each episode.
What Can You Spend
This is the first and only place to start. The pool of money must be accurately and appropriately established. Consider money on hand, money gifted, money saved, and money financed as the sources. We have a personal finance expert weigh in on the process to establish the pool. Spoiler alert: he recommends avoiding finance, and also preaches save vs. splurge. We also discuss what gifted money looks like, how to account for it, and the stipulations is may carry.
Key advice: talk to your fiancé and family immediately and candidly.
How You Will Spend It
The pool is set, but now it must be allocated. A wedding coordinator joins to discuss using the guest list and prioritization as the places to start the process. We walk through the process of setting the importance of certain details and the vendors tied to them.
Key advice: get your guest count and vision in place.
Wedding Budget: How to Maximize It
Now the budget is set and the priorities are in place. This episode actually starts with a reiteration of prioritization and calls for a reexamination if necessary. The top 3 things should be set, but backtrack and set them if they are not. It may delay the planning, but it will avoid future conflict. A wedding coordinator joins the conversation, and we also get into a large number of places we recommend looking for cost savings.
Key advice: focus on the things with timeless effects.
Conclusion and Episodes
To answer the question: error on the side of saving, but ultimately do what is best for you. If the proper conversations occur the answer should be obvious.
Happy wedding planning, and enjoy the podcast. Please like, share and rate us high!!