So much goes into a wedding and you know wedding season starts next month. Those of you planning may be interested in this article.
- Who's footing the bill? Talk about it with your respective families, then you can ask them to commit to a specific dollar amount. Or if you like, it may be easier to ask each set of parents to finance a particular aspect of the wedding (such as the ceremony, honeymoon, or catering) instead of just committing to a dollar amount. Maybe you are paying for it all yourself, or just contributing. Add it all up and make your budget.
- How much do you need? The average cost for a 150-person wedding is about $25,000 (higher in urban areas). Look at this basic breakdown of what you can expect to pay: Reception: 48%-50% Ceremony: 2%-3% Attire: 8%-10% Flowers: 8%-10% Entertainment/Music: 8%-10% Photography/wedding cameras/Videography: 10%-12% Stationery: 2%-3% Wedding Rings: 2%-3% Parking/Transportation: 2%-3% Gifts: 2%-3% Miscellaneous: 8% . Of course, you should also have 5% of your budget for a "just-in-case" fund. Budget your honeymoon in there, too, if you are the ones paying for it. If you're paying for your honeymoon yourselves, remember to budget for that as well.
- How much should you save? The best thing to do is start saving 20% of your monthly income from the time you get engaged to the actual wedding has to be paid for.
- How do you save? You can limit your spending on small stuff like going out to eat or renting movies. Other things that are luxuries can be cut, too. You should also check into CD's or money market accounts to save the most money. Just check the fine print to avoid penalties.
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