Planning for a wedding can be very exciting, until the costs hit you, that is. A wedding can be as affordable or as lavish as you want it to be. Whether you have the money to burn or not, it’s still very much advisable to budget for a wedding.
What does budget planning look like?
Budget planning for a wedding is relatively easy and applicable to other events. What you do is aside from setting an overall budget for the whole wedding, you will be breaking down the said budget within the different areas that a wedding needs in order for it to happen.
There is no standard as to what a budget plan looks like. More or less, it looks like an excel sheet that shows the different suppliers needed or applicable in your wedding, the budget you want to allocate for it, its actual cost, the down payment you paid and its date, as well as the balance needed and its due date. At the bottom of this sheet, you get to tally everything and you’re given a total of estimated budget and the actual cost.
Benefits of budget planning
It might not be the easiest task for some and it can be quite bloody, especially when you start to take in the different factors that can affect a certain budget. However, there are plenty of benefits that you can get from planning ahead and planning wisely.
- Tracking where your money is going.
With the different things that need to be booked, down payments that need to be paid, and balances that need to be settled, you will start to notice that your money is dwindling down. Without a budget planning in place, it’ll be harder for you to track down where your money went. On the other hand, with planning in place, you not only are able to track your expenses, you know whether you’re within your budget or not.
- Knowing where adjustments need to be made.
Suppose you budgeted a lot for a certain supplier, your wedding cake, as an example. Then it turns out that your wedding cake is far affordable than your estimated budget. With the help of budget planning, you can now allocate the extra money to another area where it is needed or you can choose not to and save plenty more money.
- Transparency for both sides involved.
No matter who’s spending for the wedding, the added benefit of a budget plan is that all the expenses ever made or plan to be made are visible for everyone to see. This includes the groom and his family as well as the bride’s family. A lot of arguments can be avoided with the help of budget planning, especially amongst in laws.
- Limit setting
Setting limits is important when spending for a wedding. As much as the bride wants to have a fairy tale wedding, sometimes money, or the lack thereof, can constrain such dreams. The couple will have to settle for something much more affordable but within their desired expectations.
It’s important that a limit is set; otherwise you’ll end up with a bill you can’t afford to pay back. Who wants to skip their honeymoon just because of this or spend their first year or two in marriage paying back what they owed from their wedding? No one does.
A wedding budget plan is virtually accessible on the internet. You can download a form and then customize it to your own wedding. If you’re hiring a planner, he or she will have one ready for you to use. So, spend wisely and have a great wedding ahead!