Wednesday, January 22, 2014

How to Allocate Your Budget - Calculator Included!

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It's the thing no one wants to talk about when you begin planning your wedding. Everyone wants to say the sky is the limit, but reality check: things are expensive.

Planning your wedding budget is often the first time couples deal with major purchases together. Take a minute to sit down and really discuss the reality of of what you can afford for your big day. Do you have money in the bank? Do you need to start saving? Are you willing to ask Mom and Dad for some help?

Now is definitely the time to begin a savings plan. Determine how much money you can set aside per paycheck and how long it will take you to reach your goal (or your ideal budget). That might be a good way for you to determine when to have your wedding.

It's important to create a list of priorities and be honest with each other about which parts of the day are most important to you. Maybe allocate more of your budget to having great food and rethink your need for Pinterest-esque mason jars on every surface.

One more thing -- BEWARE OF SCOPE CREEP! Scope creep is when you keep adding more and more to the wedding without concern for how it's affecting the price. Those small details (the 200 extra votive candles you had to add to the centerpieces) add up! Make sure you account for that in your budget!

Check out this chart of average wedding costs to give you an idea of where to start when planning your budget.




Here's an awesome budget calculator to help you determine how much to spend on each part of your wedding. Simply type in your total budget and let it crank out the numbers for you. This thing is a math-phobe's dream come true.


Wedding Budget Calculator from Credit Card Insider



Source:
Credit Card Insider for chart and access to calculator 

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