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Wedding Budgeting 101

If you are planning a wedding this summer, follow these tips to stick to a budget.

If you are planning a wedding this summer, follow these tips to stick to a budget.

 

Congrats, you or your child is engaged! Weddings and wedding planning is an exciting time that can bring the whole family and old friends together again.

However, weddings can also be a bit of a burden financially speaking, regardless of who is actually paying for them.  So far in 2015, the cost of weddings is at an all-time high, averaging around $31,000!  Whether you or your son/daughter plan on spending $1,000, $10,000 or $50,000, the costs of a wedding can add up quickly if you don’t budget before the planning begins.

Manufacturers Bank & Trust wants to help you take control of these wedding costs.  Here are some things to consider when creating your budget:

1.      Decide on what it most important to you and your future spouse. Explore what type of wedding you would like to have compared to what you can afford. Want that grand ballroom or a professional photographer? Examine these areas you want to “splurge” on so you can distinguish the areas that you are willing to save on to balance out your budget.

2.      Who’s paying for what? Discuss how much you and your future spouse would like to spend, then have that conversation with your folks to determine how much total money will be allocated towards the wedding.

3.      Stick to the budget! You, your future spouse, and your families created a budget for a reason; try and stick with it!  Weddings can be notorious for having hidden costs, so be prepared to cut back in other areas of your life to be able to stick to your budget, and to be prepared for those hidden extras.

Wedding costs can be overwhelming, but the sooner you plan, the better prepared you will be.  As always, you can turn to Manufacturers Bank & Trust if you need extra financial guidance.  Our financial experts are great resources to help you with the financial resources needed for the big day.

 

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