After the pandemic outbreak, many people have been putting off their weddings because of the shattered budget, and financial conditions are still entirely uncertain.
Despite keeping the budget tighter and tighter, your wedding can take a large chunk off your savings, leaving you worried about unforeseen expenses if any pops up.
Wedding budget planning can sound stressful, but this is the only way to prevent your money from going down the drain. It is not surprising at all that you get carried away because this is once a lifetime event.
You are about to start your new life so that you will need money later too. The wedding cannot be an excuse for shelling out money. However, at the same time, you do not need to compromise with a high-end buffet, open bar, and crowded dance floor.
Ways to Expand Your Budget
Here are some of the ways how you can stretch your budget.
1. Plan accurately
You should involve your partner in it – after all, you both have to contribute to the wedding. It is essential to be on the same page to avoid any future arguments and ruckus.
Since you both are a novice in this kind of planning, you should ask your friends or acquaintances who have married for budgeted wedding suggestions. For instance, a bachelorette party and bridal shower can be done on the same day.
You can celebrate two functions at one single venue and on fuel. You will have to figure out ways how you can save money on your wedding. You should find out how much money you have and how much you want to spend.
For instance, you have £7,000 in your bank account, and you want it to go up to £15,000 by your wedding. Make sure that you are realistic about your savings.
By analyzing your regular expenses, you should evaluate if that is feasible, and if you have agreed upon funding your wedding, ask yourself if you can repay the debt.
Make sure that you shop around as it depends on your need that which type of loan can suit your needs.
If you need to borrow a large amount of money, you will have to apply for a personal loan. Otherwise, you can fund it with loans for people on benefits.
2. Take 10% off your budget.
Once you have planned your budget, you should set aside some money as a backup if any unexpected expense pops up.
Even though you have framed your wedding budget worth £20,000, you can go beyond it, especially if you are prodigal.
To avoid such circumstances, you should take 10% off your budget. If your wedding budget amounts to £20,000, you should have £18,000 as your working budget. If you feel the need for more money or any additional expense shows up, you can use the rest of £2,000. However, make sure that you do not use this fund in the early stages.
3. Plan guest based on per head price
You would be tempted to invite everyone but do not forget that each guest will add a burden to your budget. You have a certain amount of money to be allocated for other expenses as well. So be careful while making the guest list.
Figure out how many guests you would like to be in attendance and then calculate the per guest price by dividing the amount you are to pay to the venue by the expected number of guests. Note that the per head price is not the overall price.
There are many things like the cocktail, hotel stay, and menu surcharges that are not added to the price per head. If you think that your budget can allow £150 per head, you should look for a venue that does not exceed £100.
This will help you stay stuck to your budget. Many people find it at the last moment that they have run out of money, which all happens because they do not plan properly.
4. Plan according to your priorities
Half of your budget covers other expenses from your wedding dress to photography, decoration, and transport. It may not be possible for you to cover all these things in your budget, so you should decide what is the most important to you.
Make a list of things that you must want for your wedding. For instance, you must want a top-notch buffet and photography, but you may let go of a couple of other items. If you do not want to go beyond your budget, you should list things that you can go without.
For instance, a bachelor or bachelorette party is not essential. You can avoid it if you are on a tight budget. Discuss everything with your partner, so both of you are on the same page. Sometimes discussing things with your partner can help you come up with a better decision.
The final word
If you are planning to marry, you should start making a budget this instant. You cannot be sure about your financial condition. For example, you may lose your job at the time of your wedding and maybe relying on loans for the unemployed with bad credit.
Having a budget can help you stay afloat despite such tough circumstances. However, you will have to decide how much you want to spend on your wedding and make it happen quickly. With the tips mentioned above, you can reach your goal.