Planning a Wedding
Money stays the most important topic while you are planning up for any occasion or event. While planning your children wedding, you must include your children for how they would like to have their wedding planned.
Family members from both sides would possibly want to have a say in the wedding process, specifically those who are contributing in the wedding in terms of cost. While everyone will be having a dream wedding plan in their mind, you will be faced with plenty of ideas and traditions to be counted in. Be kind to their suggestions but remember it is your child’s big day – so take charge & have the wedding they want and sidestep spending money on something they don’t want. Once you know their opinion, you are ready to make a family financial plan involving your child’s wedding.
Planning the budget
Sit together and plan the financial needs and the items you require. The list could go very long. Remember to also include miscellaneous costs, which might include traditional gifts given to the new family members on wedding day. Maintain a barrier for any unforeseen costs. An over-the-top wedding doesn’t necessarily become fun especially if it leaves behind a giant escape in your savings. Stick to what your pocket can afford and remember; if you find your friends or relatives’ advice impractical, you need not to include them. If it’s a wedding planner you are considering ensure proper insight into all their services and examine the full costs before you appoint one.
Make an informed decision to allocate your budget appropriately. A possible guideline of expenses might come out like this:
- Cost of bridal or groom’s dress, makeover and accessories
- Cost of wedding ceremony
- Cost of wedding banquet halls and food
- Cost of printing for sending out wedding invites
- Other miscellaneous expenses
If the wedding ceremony is going to cost you more than your pocket can sustain, see if you can cope up with less. A humble wedding can still be an awesome one. Or you can think about holding your wedding
some time later when you have enough saved up for the kind of marriage your child wants. Borrowing money should be kept as the last choice - you might end up clearing off the debts even years after the event.
If borrowing money is the only way, consider these options before taking the loan:
- Decide the amount which you need and can easily payback in monthly repayments. Also work with duration as to how long it will take you to reimburse this debt.
- Look for the smallest Effective Interest Rate (EIR) on your loan
Tips for dealing with your wedding expenditures
- Set a budget for the marriage that meets your financial needs. Spend within your space and the options you are given. Try not to completely use up your savings and avoid being hampered with debt (or any other obligations) long after the wedding.
- Give yourself some time to save up for your children’s wedding instead of holding it earlier and seeking someone’s help to lend you money.
- Kick-start an early plan. You might get lucky and can grab a good deal or other promotion options if you start off early.
- Don’t keep the wedding guest list too long. Invite only relatives and close friends as this will make your guest list and the cost spent manageable.
- You can also try counting on your family and good friends for stuff like decorations, photography, etc.
As said earlier, an expensive wedding is not inevitably a better wedding. Celebrating with your loved ones is what matters the most!