Money & Love: 5 Financial Considerations For Your Wedding Day
Planning a wedding is exciting - and can be very expensive! Here are 5 things to keep in mind BEFORE planning your big day!
Congratulations, you’re engaged! Getting ready to plan your wedding is such an exciting - and at times overwhelming - experience. But before you get caught up in the wedding day fantasties, here are five financial considerations to keep in mind BEFORE you start planning!
1) Get “the talk” done and out of the way
And no, we don’t mean the birds and the bees. Before you can start planning your wedding, you MUST put together a budget - and you should have a good idea of what that budget looks like before you start writing cheques. While there is certainly no expectation that parents or grandparents will help you pay for the wedding, it’s a good idea to sit down with anyone who has expressed interest in helping and really talk numbers.
While this will likely be an awkward conversation for most to initiate, it is vitally important to have a good understanding of what everyone is contributing - and not be surprised when it comes time to pay the bill. Another option is to have relatives contribute to a specific component of the wedding - like the dress or the bar tab - but just remember to make sure everyone is on the same page!
2) Have a soft and hard budget
It’s easy to get swept up in planning a wedding - suddenly the table cloths, chairs, and carpet absolutely MUST match - and before you know it, you’ve blown half your budget on a single component of the wedding.
Do yourself a favour a plan for a bit of budget creep or surprises (like your mom inviting 20 of her closest friends) - but make sure you have a hard budget that you absolutely CAN NOT go over. Having a soft and hard budget will give you some breathing room as you start to see your day come together.
Just remember: starting your married life in a pile of debt for one day isn’t exactly setting you up for success.
3) Remember the Deposits!
When planning your day it’s easy to think you have a ton of time to save - but keep in mind that many vendors will require a 50% deposit upon booking.
Translation: you need at least 50% of your overall budget together before you start planning!
4) Your Wedding Party Have Their Own Lives!
Make sure you talk to your wedding party about expectations before you start ordering dresses that no one can afford. If you’re willing to pay for hair, makeup, outfits and hotels - by all means, pick the dress!
But if you expect your bridesmaids to pay for their dresses, hair and make-up, or your groomsmen to pay for hotels and suits, make sure you sit down with each of them one-on-one and have a frank discussion about their budget and expectations.
5) The “Little Things” Can have a big impact on your budget
The little things might not even make it as a line item on your budget - but they definitely should. While a hundred dollars here and there might not seem like much, it can add up really fast. For example, if your dress budget is $2,000.00 and you buy a $2,000.00 dress - you are already over budget! Between alterations, your veil, shoes, and other accessories, you can easily double your budget with “the little things”.
Bonus: If you buy your dress second hand or off the rack, don’t forget to take into consideration alterations, cleaning, and storage costs!
Brian has been the President of Four Point Financial for nearly 13 years. You can find Brian at 50 Coreslab Dr. in Flamborough, or visit his website here!
Mutual Funds and Segregated Funds provided by the Fund Companies are offered through Worldsource Financial Management Inc. Other Products and Services are offered through Four Point Financial Inc.