just engaged and need advice on budgeting?

Question

i just got engaged i'm 21 years old and plan on marrying at 23 in 2009 (june). i will be done my university education by that point, and my fiancee will have been settled into his profession for about two years. i'm wondering about the way in which to budget, save or go about paying for this wedding. me and my fiancee will have loans due, but are parents have offered to help, what can i expect or hope from them and how much will socials bring in, as i will be having two one in my home town and one where i am now ? any info about how you guys have done it and how much you ultimately paid for your wedding would be appreciated? also any tips to save on the little things, would be good. Thanks for all your help.

Answer 1

Budgeting is extreamly important, so figure out where you want to splurge and where to cut back. Here are some tips:

Buy your dress online (got mine for $200)

Buy your cake at the grocery store instead of a specialty shop, mine was maybe $150

The venue for the wedding and reception are usually costly but if you can do one or both outside (it's June, it may be possible) then you will save a lot of money. If it needs to be inside look at all kinds of possible places and choose wisely.

Pictures can also be pricy but my recomendation is to have the photographer take the picures and sell you the "rights" to the pictures (about $300) then make all the copies you want and make your own wedding album. (I spent way too much on picures)

Food is important. Deciding the time of your wedding (and therefore your reception) is critical. The least expensive way is to have the wedding around 1 or 2 pm so that you only have to serve cake and punch at the reception. If you want to have food don't use a fancy catering place that charges $20 a plate. Instead hire a mexican take out restuarant to provide the food and have relatives pick it up and bring it to the reception.

Usually you can ask your bridesmaids to pay for their dresses but consider having them rented since they'll probablly never wear them again.

Lastly, honeymoon! Check out all inclusive cruises where you pay for everything (except drinks and tips). Make sure you still bring spending money for all the stops you're making. Summer time is the most expensive time to travel so if you want to save money you can always delay your honeymoon until around October when the prices drop.

Overall, don't spend more than 10,000 on the wedding. You can probably do it for 5k. And, preparing for marriage is much more important than planning one day of your life. Consider premarital counceling to start off on the right foot.

Answer 2

My husband and I had a very small private wedding and a larger reception. My mother paid for it and we got a lot of checks at the reception from family. Since we didn't go the route of having a HUGE wedding AND reception, we did not have to worry about paying a caterer, a photographer, a planner or any of those things. We gave every table a disposable camera and got a lot of memorable photographs from family and friends. Better than any photographer could have done.

Now our friends who got married a year later did plan a big wedding, a big reception, and a big honeymoon and before they knew it, they were 30,000 dollars in debt even before the ceremony. If your parents are willing to foot the bill, take advantage. If you'd rather play it safe and make it more personal, I go the smaller route and save everyone the the financial headache. Relatives may say they will give a certain amount of money, but events always come up in the future that can throw a wrench in your wedding planning gears.

Keep in mind that 20,000 dollars spent on a wedding may be put to better use as a down payment on your first home. If you can save 300 a month, I would go that route especially while the market is in your favor.

Just think about what you want. You only get one (first) wedding day and I hope your marriage sees its golden anniversary and many more anniversaries after. Congrats!

Answer 3

WHAT???? I'm appalled that you consider socials as a way to raise money for your own wedding. Doing so should cut down your invitation list to almost no one.

Your situation and question suggests that you need to get and read Dave Ramsey's book The Total Money Makeover. It is great on budgeting and getting out of debt, so that should help you immensely.

Frankly, my wife and I had a small wedding at a little wedding chapel attended by friends and family, then had a small reception at my son's house. The focus should be on love and happiness, not what you can expect from the dollar dance.

'nuff said.....

Answer 4

First you need to see how much you can set aside out of your normal household budget for the wedding between now and then. Like for example 300 per month for 15 months. Then you need to set up direct deposit into a savings account for that amount from your paycheck.

Next kind of ballpark what you think you may recieve from your relatives, calling them might be good also to see how muhc they can help.

Next start pricing out your options and put something together on a spreadsheet so that the total does not exceed the amount you expect to save plus the amount you expect to recieve. THen put dates on when each item needs to be paid (for example deposits, or the money for the florist.)

Finally send the spreadsheet to whomever will help you pay for it, and ask them if they can commit the money. If they cannot, you need to re-adjust.

The two most important parts are to make a realistic budget/spreadheet and divert a portion of your earnings into a savings account NOW.

Answer 5

Budgeting on everything is forecasting you spending against your income. do not spend more that you earn is the golden rule in budgeting otherwise you'll find yourself up to your neck in debt. You can borrow from your parents if your savings is not enough and your girlfriend is willing to pitch in the wedding or save enough money to finance your wedding. DO NOT GO OVERBOARD on lavish wedding if you cannot afford to pay for it. DO NOT get married on credit cards DEFINITELY, they charge enormous interest and you may not get out of it. Plan a wedding with the money you and your girlfriend have and your parents contribution to the wedding. play safe. you are just starting maybe a family. don't be in the hole for a big wedding

Answer 6

Hi Mindy:

None of us on here know about your parents and your fiance's parents financial situation. You will have to find out from THEM what their contribution will be. It can be anything from...."we will buy the cake"....to several thousand dollars...I don't know.

What are socials? I have never heard of that. Do you mean a bridal shower where all the women get together and give you gifts? Or do you mean an engagement party. Most people don't bring gifts or money for an engagement party...maybe a card of congratulations. I have never heard of a social.

Make out a spreadsheet and decide what you absolutely HAVE TO HAVE (i.e., a good photographer, great food, etc.)....what you will not budge on....

Then put down all the "ifs" that can go either way....like florals, invitations, etc.

Good luck with your budgeting!

Answer 7

Yes i do have a piece of advice for you. Any money that you plan on saving you should put into a CD because, one: it well earn interest, and two: there will be penalty's and you will lose your interest if you take the money out Early, so putting your money in a CD will help you to not spend. Also recommended reading is a older book called "The richest Man In Babylon"

Answer 8

Its not how much you have to but its about how much you are willing to shell out...

Create an excel sheet and note down how much you wanna spend on each thing... Its your wedding so,, you also have to save to start a new life with your spouse...

There is a nice book ,,, wedding planning for dummies,, i think that might help you....

Answer 9

Just wait until you have a job and you're able to support your self with a stable job. 23 and just out of college maybe a little too soon.

Answer 10

All you gotta do is save and then if you think you hav enough for all your needs plus enough for the wedding then you go about doing wat you need to