DON’T LET MONEY COME BETWEEN YOU!
TO SOME PEOPLE, BUDGETING/SAVING HAS NEGATIVE CONNOTATIONS
OF “PENNY-PINCHING”
AND SACRIFICING. IF YOU’RE ONE OF THEM,
TRY THINKING OF IT AS A “SPENDING PLAN”
INSTEAD
Nevertheless, keep in mind the biggest reason for budgeting failures is unrealistic expectations and
whilst it is admirable to try and accomplish great things, you need to set
goals that are challenging, yet realistic.
Your budget is the recipe to successfully financing your wedding; your savings
are the ingredients and your wedding costs are the quantities to use. Keep it
simple by customising it to your individual and mutual wants and needs; don’t
be pressured to conform by each other or, by convention. You may not get the
recipe right first time; most probably compromises will be necessary. The last
thing you want is conflict or resentment so it’s important to sit down and talk
calmly and rationally. The right recipe will make it easier to stay committed to
and motivated by, your savings plan and budget.
To determine how much you can afford to save, firstly, look at recent bank
statements and note the regular and  fixed payments: mortgage or rent, car
payments, insurance, utility bills and debts. Doing some research may help find
you better deals.
Secondly, look to see where the rest of your money goes. Jot down how much you
spend on things like groceries, subscriptions, entertainment. etc. Sometimes
just making a few adjustments to your spending habits can significantly improve
your saving opportunities. For example, instead of that meal out each week, now
and again ask friends to dinner at your home, they are sure to return the
invitation.
Once your budget is agreed, remember to set up a joint wedding savings account
and arrange with your bank(s) to make regular deposits or, organise on-line
banking so you can do this weekly/monthly for yourselves.
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It lets you control your money instead of your money controlling you
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It will keep you going in the right direction
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It alerts you to the possible need to re-focus on spending or savings
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It gives you a common goal and reduces arguments about money
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It can keep you out of debt
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It helps you sleep better without worrying about how you are going to make ends
meet
To work out how much you can afford to spend on your wedding and start your savings plan, click here
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