Published on 05-31-2019
Staying on top of your money may not sound romantic, but it is.
With finances being a top source of stress for couples, getting things off on the right foot is key.
Weddings have become a big business and with it, the average wedding cost has risen to around $33,000.
Now your wedding can be much cheaper (or more expensive), but one of the best things you two can figure out together is your budget.
Planning (and saving up for) your wedding is a fantastic way to deepen your relationship and become more comfortable discussing money.
Before you pick out a venue, come up with your guest list, or even speak with a wedding planner, the two of you should sit down and discuss what exactly do you really want in your wedding.
Would you prefer a big celebration with many of your family and friends there or would you really wish for a more intimate affair?
Do you want to have a large bridal party or would you like to keep it with just the two of you?
Are you staying local? Or do you want a destination wedding?
As you talk, you may discover that your soon to be spouse has a different idea of how the wedding day should go than what you have in mind.
That’s completely normal according to wedding planning expert Megan Gillikin.
What you want to is to hone in what your one or two must-haves for each of your lists. You can then talk it out.
Many times when we understand why something is important, we can find a solution that works.
Wedding planners can be an invaluable help when you’re planning your wedding, but you may decide you can do it on your own.
Some benefits of having a wedding planner include having someone assist you with organizing and coordinating everything. They can also help with negotiations, securing ‘extra’s with venues, and finding you the best options for details like photography, catering, and videography.
If you do go the DIY route, Megan Gillikin suggests selecting someone you trust to coordinate things during the wedding so you and your loved ones can savor the special day.
To come up with your wedding budget, here are some typical ones to review:
You two may look at this list and be geared up to tackle them one by one or you want to skip most of it and keep things simple.
Either is okay.
Your wedding is your wedding. Don’t feel like you have to keep up with popular or what your friends are doing.
The list is simply there for you two to yay or nay or put a pin on it to discuss the details later.
We’re just trying to get a ballpark figure so you can then create a wedding budget and fund.
Now that you have a goal to shoot towards, you can now start working together to build your wedding fund.
This not only helps keep your wedding debt free (a huge win for your marriage!), but it’s a building block towards becoming a team with your finances and lives.
One of the most effective and easiest ways to build your wedding fund is by setting up automatic transfers each month or paycheck into your savings.
By treating your savings like a bill you’re more likely to stick to your goal and it'll lighten your mental load as you’re probably busy taking care of your wedding planning as well as your regular day to day routine.
Some couples have found it helpful to have one central savings account to keep their money in while others may choose to each tuck away money while keeping one spreadsheet to track everything.
When you have a dedicated savings account, especially one with a competitive rate like many of Coastal’s accounts offer, it’s easier to track and you can earn some money on top of your savings. Double win!
I hope you two have a wonderful wedding and more importantly, a long and happy marriage.
Weddings are definitely personal affairs, so I’d love to hear your take - how did you save up for your special day? What details really mattered to you?
Elle Martinez is the creator of Couple Money, a personal finance podcast and site focused on helping couples get on the same page, dump their debt faster, start building wealth together.