With all the hype surrounding the royal wedding, you may be thinking about your own wedding. You might be wondering what your dream wedding might look like, or more importantly, if your checkbook can handle it.
We’ve compiled a checklist to make sure that your perfect wedding doesn’t break the bank.
- Open kimono. Make sure you and your partner know each other’s financial status. This includes all debt, monthly budgets and what their future financial plans may be. This is the time to be 100% honest. Not only will you need to know what the financial plan for the wedding will be, but you may be combining financials in the near future, if you haven’t already. This calls for total and complete candor as difficult as it may be.
- Compare financial goals. There is a chance that you and your partner may not be on the same page when it comes to your future financial goals. Maybe you want the big wedding with your family and friends, but your partner wants a small wedding and take a special trip. If you find yourselves on opposite pages, find compromise.
- Create a spending plan. Be brutally realistic about what you can afford. Chances are, you won’t be able to afford everything you want. Work with your partner on your weekly expenses and set a realistic goal that you can start saving towards. Make sure it’s an achievable goal. Don’t feel like you have to rush to get married after you get engaged, wait and save up until you can afford the wedding you want.
- Start saving! Make sure you and your partner set aside a little bit each month to put towards your wedding. It’s important that you both work to contribute towards the goal and that you stick to it. You can keep each other accountable or play little savings games together. The app Qapital is a fun app that helps you save money by allowing you to set rules to follow.
- Stick to your budget! Once you have enough saved and you start planning your wedding, it’s important to stick within your parameters. Discrediting a budget can put a huge strain on a relationship and leave you wondering if you’ll be able to afford your monthly bills when the wedding is over. Start your new marriage debt free with no money problems.
- Keep open communication about money with your partner. For the rest of your lives you’ll need to have open and honest communication about the money you have and what you’re going to do with it, and that starts now. If you struggle to talk about money so openly, express that to your partner and work through it together. Starting with open communication on difficult topics like finances, will lead to a much healthier relationship in the long run.
- Know when to stop. When it’s all said and done, think about what you will remember from the day. Are the small details really worth sacrificing over. What is most important is that you spend the special day with those closest to you.
Download our Ten Financial Marriage Vows to make sure you have your marriage on the right financials track after the alter!