Marriage Gold

Money is the subject that married couples argue about the most. Is it surprising that the very same subject can cause stress before the wedding? Weddings are pricy affairs and costs can spiral quickly unless a couple plans in advance. Once a budget is drawn up, it is also equally important that both parties adhere to their agreements.

Yes, making a budget isn’t as fun as other aspects of wedding planning, but it doesn’t have to be that bad. Planning the wedding without a budget however, is almost guaranteed to put a couple in serious debt. How should a couple approach the task? Open two-way communication is a must for planning a wedding, which is excellent practice for the rest of the marriage.

Couple need to be honest in their desires for the special day. While brides often assume that men don’t really care, that isn’t always the case. A marriage is a big change for a man too, and he also has his family to take into account when plans are made.

Once the excitement of the engagement wears off, go somewhere quiet and talk about what’s important to each of you in regards to your wedding day. Listening to your partner’s opinion is as important as talking so be sure to do both. Then, make a list of what you both want (to arrive in a horse-drawn carriage, lobster, renaissance theme, color scheme, etc.) and what are absolute necessities (photographer and videographer, caterer, flowers, rings, etc…). You’re going to use this information when it’s time to allocate your budget.

Number crunching is the next step once the tentative list of items is drawn up. First, the total amount that is currently available to spend (for example, in savings accounts, stocks/bonds, real estate, trust funds), and how much needs to be saved from each person’s income, and how much help with expenses can be realistically expected from others. If the wedding date is a bit distant, it may be prudent to open a higher-interest bearing account to allow additional interest to be earned.

Don’t make unrealistic estimates based on what others might cover in planning your costs. Whatever is contributed by friends or family should be accepted graciously. It would be immature to become angry or disappointed if the amount isn’t what you hoped it would be.

When you know where the money’s coming from and how much is coming, you’ll know how much you’ll be able to spend. Now make another list of all wedding-related expenses and allocate a dollar amount or the percentage you’re willing to spend next to each item. This will help when you’re actually contracting for these services. Remember that if you exceed your budgeted amount in one category, you’ll have to scale back another so your budget will stay balanced. Because budgeting is so very important for most couples, you’ll find that wedding budget worksheets, software and other tools are available everywhere, so go find one and start using it right now!

Tags: Marriage

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