BRIDAL MONEY BONANZA

savings

Here at PF, we know that weddings can be an expensive business. So, we’ve put together a two-part Bridal Money Bonanza to help answer all your wedding budget queries, including some you may not even have known you had!

Designed to help every bride on any budget, this is our gift to you.

Don’t mention it. You’re welcome ????

BRIDAL MONEY BONANZA PART 1

The dollars for your dream day

Some couples save for years for their ‘perfect wedding.’ Others decide they don’t want to wait and are happy to forego some of the fanfare in order to tie the knot without breaking the bank.

First step is to identify the type of wedding you want and assess whether your budget figures match up. Consider factors including:

  • how long before your big day?
  • how much can you (realistically) save between now and then?
  • who else will be contributing and how much?

Once you have calculated your total wedding bank balance, it’s time to start deciding how that total sum will be best spent.

The Top 3 Priority Method

A popular way to decide where to spend your wedding dollars is the Top 3 Priority Method. This will help you and your partner to assess what is really important to you both about your big day.

Using this method, you and your partner separately choose the three most important elements of your ideal wedding (besides each other). This could be anything from the dress to the dancing, the bouquets to the bonbonnieres.

Now you compare and combine results to provide a list of essential elements or ‘non-negotiables’ that funds can be focused on. Everything else is open to compromise.

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BRIDE PRICE VS. BRIDE DOWRY

“A bride price is the opposite of a dowry. A bride price (aka bride wealth or bride token) is paid by the groom to the bride's parents or family at the time of the marriage. “

A dowry is money or property brought into the marriage by the bride. The dowry is usually provided by the bride's parents to her husband’s family. It is the tradition of the bridal dowry that evolved to see the bride’s family paying the majority of wedding costs.

Dream dress on a budget

While you may have found the perfect gown that fits, flatters and suits your style, you need to consider if the price tag is a realistic to your individual wedding budget. Blowing out your budget on the Cinderella fantasy is an unnecessary source of stress in the lead up to your wedding.

It’s important to remember that many designer dresses can be replicated for a fraction of the price. So, if you’ve settled on a design you love, shop around and see where you can save – giving you your dream dress to suit your budget.

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Wedding budget breakdown

Whether your wedding budget is $5000 or $50,000 certain elements of your celebrations will require a bigger chunk of cash than others. We’ve compiled this quick reference, so you can see where and how you’ll need to allocate your funds:

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Clear communication is the key to solve wedding budget disputes

Many parents choose to contribute financially to their child’s wedding; however, it is important to be clear about your expectations and their limitations.

Some parents offer a set amount, to be spent by the happy couple as they see fit. Others opt to finance a specific service or component of the wedding i.e. the band, the alcohol, the reception. In these cases, it’s important to decide on an agreed ballpark amount so that neither party is shocked when the bill comes in.

Getting all contributions in writing and mapping them out on a spreadsheet may sound unnecessary, but it can definitely solve the issue of monetary misunderstandings and eliminate unnecessary stress before your big day.

“Parents of the bride and groom collectively contribute about $19,000 to the wedding, or about two-thirds of the total cost, according to WeddingWire. The bride's parents give an average $12,000, and the groom's, $7,000. Just 1 in 10 couples pays for the wedding entirely on their own, according to TheKnot.com.” Source: cnbc.com

Beat the wedding budget blues

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Team PF. X

PS. Keep your eyes peeled for Part 2 of our Bridal Money Bonanza next week!