Wedding Day Finances

Organizing your budget

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Recent statistics have shown that the average Canadian wedding now costs almost as much as a family car, and indeed, aside from the purchase of a house, it is likely to be one of the most expensive things you ever have to pay for.

Organising

Wedding expenditure can easily get out of hand so it is import to have a budget and stick to it. Unless your parents have been putting money aside for your wedding since the day you were born, you will need to ask them whether they can contribute financially. Rather than them say they will pay for the reception or whatever, ask if they can just give you a monetary figure as this makes it easier to work out your budget. Then you and your fiancé need to look at whether you have any savings between you, and how much you can both realistically put away monthly into a “wedding account”. It may be that you might even have to get second jobs to scrape enough money together.

Once you have a realistic idea of how much money you should have by the date of your wedding, then you can being planning and allocating funds for each item of expenditure. As a rule of thumb, you would normally allow 50% of your budget for everything to do with the reception, and then 10% each for flowers, clothes, entertainment and photography. The remaining 10% would be for stationery, thank you gifts and a contingency.

Now you know how much money you have allocated to each area of expenditure you can begin to work out the type of wedding you will be able to afford and look at areas in which you can make the most savings. When looking for venues and suppliers always be prepared to negotiate to get the best price possible. You can cut costs by hiring your local community centre and decorating it yourself, by making your own cake, and by having a buffet meal instead of a sit down. When you save in one area, and then remember to add that saving to another area of expenditure. Likewise, if you overspend on an item then you need to adjust your budget and deduct the overspend from another area.

You might be disappointed that you can't have everything you dreamed of in your fairytale wedding, but compromise is better than starting off your married life in debt.



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