He just got on one knee and you said “yes,” you’re engaged! Now what? Before you start pinning the most perfect flower centerpieces and wedding planning tips on Pinterest, it’s time to pull up a seat and have the talk you’ve both been avoiding…the budget talk. While wedding planning can be exhilarating, it’s important to get a jump start on keeping the lines of financial communication open! Here are a few tips to start your marriage off on a financially sound foot!
Decide On A Budget
Discuss your finances with your fiancé and both sets of parents and decide on a realistic amount you all can contribute to the budget. Alternatively, ask each set of parents to finance an aspect of the wedding, such as the groom’s parents contributing to the rehearsal dinner and the honeymoon, while the bride’s parents funding the reception. Your wedding is such an important day in your life, but you shouldn’t go into debt over having the most extravagant and expensive things money can buy. By having a vulnerable conversation with your loved one and laying out concerns right off the bat, you’ll have a more realistic idea of how much you can spend of what. Here’s a breakdown of how couples typically allocate their total wedding budget.
Wedding Rings: 2%–3%
Start Saving ASAP
Saving for the wedding starts the day you get engaged. Each month put aside a portion of your income to save up for the big day. Encourage your fiancé to do the same! The more you save throughout the month means the more money you have to spend on wedding decor and your dream photographer!
Learn To Say No
It may be hard to believe, but you can in fact still get married without the gold foil cocktail napkins and the extravagant favors! Learn to say “no” to things that will only contribute to the bottom line. Plan to use your budget wisely and really invest only in the things you need!
Tackle your wedding decor like a Pinterest pro! Opt for homemade centerpieces and consider designing and printing your own wedding invitations to cut costs! Consult friends who recently got married and ask to use their leftover decorations, or scour the internet for inexpensive decor you can transform with a little creativity!
Make sure you’re sticking to your wedding budget by consistently checking your account balances on your TBK Bank Mobile Banking App. You’ll be able to make changes to your budget if necessary or scale back on things you decide you can live without.