Moneywise
By Timothy R. Schulte - CTW Features | posted on October 27, 2011 at 8:00am
Debt is no way to start a life together. Get your wedding started right by budgeting smart
The first thing newly engaged couples probably think about today is how in the heck they are going to pull this thing off!
According to market research company The Wedding Report, the average cost of a wedding in 2009 fell 10.2 percent compared to 2008 to $19,581 – a hefty sum, recession or not. Whether your budget is nearly that or half that, smart couples who employ simple budgeting techniques from the start won’t be crying all the way to bank after their wedding.
First Things First
It’s not the easiest thing, but before couples get planning, they need to establish their magic budget number.
That means looking at designated savings, contributions from parents or other relatives, and what of their regular income they can devote toward the wedding, without sabotaging their day-to-day budget.
According to the The Knot.com’s 2009 Real Wedding Survey, the biggest financial contributors to a wedding are the bride’s parents (46 percent) and the bride and groom (40 percent.) Groom’s parents contributed 12 percent of the final tally, according the survey.
Get Listing
Carrie Zack, an event planner who works in Los Angeles and Miami, says that she has seen a huge increase in her “creative consulting packages” for couples who want some help but don’t have the budget for a full-time planner. Together they come up with ideas, and Zack sends them on their way with a binder of ready-to-do-it-yourself tasks.
“Now it’s something I do all the time,” she says. “I have an Excel spreadsheet that lists every single detail you can think of. I’ll ask them how much they want to spend or what their budget is. We’ll go through everything and get a total ... then we go through and cut,” she says.
One of Zack’s favorite budgeting tricks: overbudgeting. “I don’t like to go back and tell them to spend more.”
She also encourages couples to put together a wish list of things they want but aren’t willing to commit to. As last-minute plans come together and more money (from the overbudgeting) becomes available, they start checking off items from the wish list.
Where to Save, Where to Spend
With every penny important, couples are being more judicious in their spending. Zack says she sees a lot of couple cutting back on invites but increasing their budget on alcohol and wedding attire. Choose what’s important to you and focus there – the rest will fall into place.
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