3 Easy, Free Ways to Keep Their Wedding on BudgetAug 30, 2017
Weddings are an expensive endeavour. Even things like chair covers and the cake cutting service can cost extra. If you’re a parent helping cover those costs, making a budget can help you keep your finances in good health.
Going into some debt seems to be an accepted part of wedding planning for many couples or wedding-funders. Some are left relying on gifts of money from wedding guests to cover the costs of the big day.
But debt is no little thing — it can quickly become overwhelming as costs add up or circumstances change that affect your ability to make payments. Credit card debt is a real burden for many families in Canada.
How can you avoid extra debt? Start by budgeting thoroughly. Here’s how.
Set a realistic budget
If staying out of debt is a goal, you’ll likely need to save before you spend. Here’s a good tool to help you determine how much you have to save, or for how long, to avoid debt.
You’ll also benefit from doing some thorough research into costs. Besides chair covers, there are a lot of hidden costs in weddings that add up. Be honest with yourself about what you can afford so that you can stay on budget.
Is your budget tight? Instead of making a blanket commitment to “help pay for the wedding,” offer to pay for a specific thing that fits into your budget.
Offering to cover the costs of their ideal venue, or to pay for their honeymoon, can help them offset costs and achieve one of their wedding dreams without putting you at risk financially.
Today’s weddings come in many sizes and styles. The good news for the budget is that creativity can be your financial friend. The Financial Consumer Agency of Canada has a thorough wedding budget list that can be a springboard for brainstorming wants and costs.
Get creative. What is necessary or really desired for the wedding? What would you like to tackle yourselves or do non-traditionally to save money? Can you put a less-expensive personal touch on the event?
Make the budget accessible
You might know how much you’re able to spend, but the couple might not. That can make for a lot of misunderstanding, and overspending.
To avoid disappointment and debt, consider sharing your budget. Anyone who is involved in planning the wedding, and who might be making financial commitments in your absence (like booking a venue or committing to flower arrangements) should know your financial limits.
Mint has an online budgeting tool that also has an app. That means that you and the other wedding planners can see the budget on-the-go and determine what expenses fit, and which don’t.
A busted budget doesn’t have to be your reality. Remember, as parents of the bride or groom, your personal budget is as important as the wedding budget. Chances are, you’ll enjoy your son’s or daughter’s celebration even more if you can avoid the stress of additional debt.
Are you budgeting for an upcoming wedding? Tell us about it. #DebtSolutions #Weddings