Every couple looks forward to that special day where they are united by a wedding ceremony. As we all know weddings can be heavy on your finances. From the ceremonies to the dress wear and to everything else included in traditional weddings, the cost can be high.

Regardless of whether your budget is $1000 or a $100,000 it is important that you start to budget for your big day to save you headaches later down the road. With insightful planning you can enjoy your wedding stress free. Here are some tips on budgeting and how you can use to effectively when getting married.

Always Ask Questions:

No questions are “stupid” when it comes to your finances. Traditions vary from person to person, but it is key to figure out who will pay for what. Yes, it may be a difficult question to ask but it is important to find the answer to this question.

Speak with your own people including your partner, family, and you are in laws to see who will cover what. The best advice would be to speak to everyone individually instead of having them all in a room together or sometimes conversations can get complicated.

If your immediate family is helping, you should ask them how much money they will be spending because then it will give you a clear idea of your expenses.

Here are some key questions to ask yourself:

What will the guest list size be? This will be a huge factor that will determine how much you spend because food and drinks traditionally take up the biggest amount in terms of expenses. Figure out if it is cost by head for food and drinks or if there any other payment options for that part. Planning a guest list effectively will help you keep things below your budget.

What will the setting be like? Now days there are tons of wedding options. Whether it is in the city, out in the country, or a destination type wedding – all will come with their own cost. For example, a wedding in the city compared to the suburbs will be more expensive because city venues usually come with a higher price tag.

What day and time? The time of year, especially here in Canada, matters when it comes to weighing the expenses for your wedding. Summertime is usually a bit more expensive compared to the winter months because there is so much more to do. An evening reception may cost more than say an afternoon reception just because of the timing and people also tend to eat and drink less during the afternoon compared to the evening.

Spread Out Your Expenses:

Figure out how much you want to spend between your needs and wants so that both your expectations are set beforehand.

Your budget should reflect the total spent on the things you truly want. A quick idea here is that your wedding plan can look something like this: Reception (45%), Ceremony (3%), Attire (10%), Flowers (7%), Entertainment (10%), Photography/Videography (10%), Wedding Cards (2%), Rings (3%), Transportation (3%), Gifts (2%), and Miscellaneous (5%)

These numbers will vary due to different factors of course. For example, if you choose to have a destination wedding, will you be taking care of your guests’ staying cost or will they be taking care of it?

At the end you should put 5% of your wedding money away just in case of an emergency. Thinking of taking a honeymoon right after? Include a budget for that as well. Sometimes couples will choose to take their honeymoon later so that they have sufficient time to recover the money they spent during their wedding.

Do not Lose Track of Spending:

We can get carried away when spending money for a big event. Before you know it you’ve lost track and your finances don’t look so good. To ensure that all expenses are put forth towards what it should be you can follow these steps:

Develop a system – With the technology we have nowadays you can easily download an app or even use basic phone apps to track your expenses. Keep track by recording the amount you are spending and always have site of the total you are looking to spend.

Find out the hidden costs – Your wedding is running late; will your venue charge you for the extra time? Do you have to pay for special edits? Is there extra cost for certain drinks?  Questions like these are important so that you do not run into any extra bills.

The fact is you will probably go over your budget: Leave some breathing room! Budgets for large events like wedding tend to go over as it is. To avoid any negative repercussions, plan your budget with some breathing room for extra expenses. This will allow you some spare money at the end.

Seek Consultation:

If you are facing debt during the time of your wedding it may be good to get some professional help from a credit professional here at GTA Credit Solutions. It can end up being the best move before spending big on an event such as a wedding. Get your finances organized and then make enjoy creating the lifelong memory of a wedding stress free!