By Oscar Collins
Your wedding is a once-in-a-lifetime event, and your instincts scream, “spare no expense.” However, reality sets in quickly. You don’t want to start your new life with regret over how you spent your money.
How much you should save for your big day depends on multiple factors, but here are three considerations when making your budget.
If you can drop over $200,000 on a wedding gown, you’re probably not worried about pinching too many pennies. However, most mere mortals must weigh the opportunity cost of splurging on designer labels and rare champagnes.
For example, the money you spend renting your city’s hottest venue for your reception could also go toward restoring your marital home. Deciding to host at home could free up funds to paint those lugubrious cabinets a light and airy shade that act as an open invitation to afternoon tea in your kitchen.
You might not be able to afford a fairy tale package complete with a castle for your wedding. However, you should indulge in a few parts of your dream or risk living with regret.
Sit down with your partner and write a list of must-haves. Consult professional advice on how much of your budget to allocate for various things without feeling beholden to it. If you always wanted a dress like Cinderella’s or the must-have DJ from your favorite club, splurge a little on those items while cutting corners elsewhere.
Look for creative ways to pad your budget. For example, if you don’t already have a side hustle, consider starting a dog-walking business or babysitting for extra wedding cash.
Think twice before taking on debt to pay for your expenses. Although 74% of couples do, it burdens you with bills right out of the starting gate. Money woes play a significant role in many divorces — consider whether using credit is worth the potential future headaches.
Deciding how much to budget for your big day is a highly personal decision. Consider the tips above to save the perfect amount.