1. Who's paying?
While tradition once dictated the parent's of the bride were responsible for footing the bill; the times have changed. The average age of an engaged couple continues to steadily rise. Many established couples are paying for the event on their own. According to "The Wedding Report" in 2008 about 60% of the cost of the wedding was contributed by the couple.
If you need or want financial help from your family you need to do some homework before you ask for cash. When family begins to contribute financially to the wedding fund you need to be prepared to accept their "two cents." You should only begin this conversation after you and your fiance have created an estimate of the cost of your wedding, considered what you can contribute, and have an idea of when and where you would like to be married. When you do begin the conversation make sure you give your parents time to prepare. Ask them when would be a good time to discuss your wedding budget. Come prepared with an outline of the estimated cost. Some parents may be willing to contribute a fixed dollar amount while others might be more inclined to contribute to a specific item such as the wedding dress.
2. How much are you willing to spend on your wedding?
Sit down with your fiance and create a list of the important items you want to include in your wedding. How many guests? DJ or a band? Open bar or Cash bar? Wine & beer only? Indoor or Outdoor ceremony? Buffet or plated dinner? Cake or desserts? Photographer & a videographer? Pick your top 3 most important items to help prioritize your dollars.
Just so you have an idea . . . the average wedding is costing $28,000.00 in a metropolitan area.
3. How are you planning to pay?
Time to look at how much money you have to contribute to the wedding budget. If the amount of money you have is not enough to cover the cost you may want to have a longer engagement so you have more time to save or you may want to scale back on some items in your budget.
While I am a firm believer that you should not use credit cards to make up for a loss in available funds I do believe in paying for everything with a credit card. Do your homework and find a credit card that provides air miles, hotel stays, cash back bonuses, and protection in case a vendor does not come through. If you are getting married at a hotel venue make sure you sign up for their rewards program and check-in to their credit card programs (double your points). When you are spending $28,000.00 on a wedding those miles can rack up fast. You might even earn enough reward points for a honeymoon. Just make sure you pay your credit card balance off in full each month!
The most important part about your budget is open communication between you and your fiance. Planning your wedding might be the first time you and your fiance learn about your saving/spending habits. Be flexible and try to compromise. Remember, when you look back at your wedding day what you will remember the most is not the charcuterie station it is the moments shared with friends and family.
