Do You Have a Wedding Financial Plan?

Team MONEYME|13 October 2020| 3-minute read

A wedding financial plan includes the absolute total cost that you’re prepared to spend on your wedding. Whether you’re planning an epic big day or a small gathering in your home, having a wedding financial plan will help you contain costs comfortably without compromising on the details that will make your most important day memorable and enjoyable.

So, how do you start your wedding planning?

Set your budget

First things first! Frame how much you’re willing to pay for your dream wedding. You may want to offset some costs in some places where you’re happy to compromise and secure the things that you absolutely don’t want to compromise on, such as your wedding dress or the number of guests you can accommodate.

When you have chosen a total cost – the absolute ceiling for the entire event – you can start building your financial plan.

It’s also good to include a contingency amount that will be there in case something unforeseen happens. Remember: plan for the worse and expect the best!

Choose the right wedding venue

Do your research and look at the costs you are likely to pay for the kind of venue that you want.

A church wedding, for example, will include the costs for the church and any other services or extras you wish to take place throughout the ceremony. A beach wedding is most likely cheaper, but you may need to speak with the local council before you start handing out invitations.

Some public spaces will request details of how many people will be attending and may even request that you purchase public liability insurance.

Don’t forget the smaller expenses

List everything from the cost of the catering and wedding photographer to the cost of parking or for providing disposable cameras on the table for reception guests to mark the occasion on your behalf.

No matter how big or how small, any expense related to your wedding should be included to ensure that you’re staying on budget and that you can plan for your finances after the big event has taken place.

Should we go all out for our wedding?

To ensure that your wedding is as enjoyable as possible, you’ll want to plan the perfect event and the perfect celebration for afterwards like a honeymoon to your favourite places.

But you also don’t want to wipe all of your precious savings out in one fell swoop. The wedding is important but the future you and your partner are designing together is forever. If you’re reluctant to dip too heavily into your savings – or you don’t want to dip into your savings at all – then you have some options available.

Penny pinching might not sound like a lot of fun, but limiting your wedding plans to cheap and cheerful could help to set up the rest of your married life.

However, this is the most important day of your life and this will mean making sure that it’s the most enjoyable event, so the question then becomes: How to plan the perfect wedding and still be financially stable as you step into married life?

Smart financial options for your wedding

Credit providers MONEYME offers wedding loans to help couples ensure they plan for and enjoy the most important day of their life in style and in comfort. Personal loans from MONEYME are available for up to $50,000, with flexible terms and zero early exit fees.

If you’re not sure whether a personal loan is the best way to cover your wedding expenses the MONEYME Freestyle virtual credit card, available for balances of up to $20,000, might be the way forward instead. You can use your Freestyle account to pay for things like venue hire, caterers, videographers and photographers upfront and then slowly repay the costs over time.

Good luck with the wedding prep!

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