Prep smart for that big day

You’ve set a date. Your friends and family know. You’ve started talking about venues and guest lists. It’s going to be the happiest day of your life...then you see your bank account.

A wedding is a joyous occasion, but preparing for one can be stressful. You have to pick the right photographer and cake, all the while making sure that both families are happy as can be.

But at the end of it all, you’ll be marrying that special person you love. Wouldn’t it be great to not fall into substantial debt on your first day as a married couple?

One hundred things need to be done before the wedding. The last thing you want to do is talk about finances.

There’s a lot to keep in mind, when totaling the cost of the ceremony and reception:

Where and when are you going to get married? (Not only are certain places cheaper, but certain days of the week are, too).
Will you plan the wedding yourself, or hire professional help?
Are you receiving any financial help from family members?
How many people are you inviting? (How many people will your family invite on top of that number?)
How elaborate is the wedding going to be? Will there be live music or a DJ? A special kind of food? Your future-spouse’s favorite flower?
How are you going to set up the registry?

Couples sometimes shy away from the subject of money entirely, because it often causes arguments. But it’s something that you and your partner have to get used to talking about, if you are planning to have a future together.

When it comes to the wedding, neglecting to pay attention to accumulating costs during wedding planning can lead to some shocking bills, after the honeymoon. But you can avoid overspending on your big day, through open communication with your partner about finances, and a solid plan.

Before you go down the aisle, make sure you draw up a budget.

As unromantic as finances might seem, debt is even less romantic. That’s why no couple getting married should walk down the aisle without first establishing an attainable budget and sticking to it.

David Bach, one of the world’s most prominent financial experts, gives simple advice for creating a budget. Just take your budget and divide it by the number of months that you need to save. That is your wedding budget.

But, again, you don’t need to blow your future finances on just one day. A wedding budget gives you:

A clear goal, as well as peace of mind after you’ve tied the knot;
Open communication and collaboration with your spouse-to-be; and
Money left over that can be invested into a future home, or children.

Tips on saving money for your big day

Decide where to splurge, and where to save: Break down your budget according to what the money is going towards (photographer, menu, entertainment, etc.) and figure out what requires the most--and least--amount of money.
Create a separate wedding account: It’s a good idea to open a separate account devoted to wedding funds, in order to track it and keep it separate from your other savings.
Invest the gifted money from the wedding: Rather than spending it all or tucking it away, invest your gifted money wisely. Speak with the financial experts at JMMB; we offer a great Bridal Registry for just this purpose. Who knows, this can grow to be the deposit on your new house!
Cut back on monthly and “trickle” expenses: You can find extra money by simply cutting back on monthly fees, or small, spontaneous purchases.
Choose the date wisely: Certain dates and times of year may be more expensive than others.
Don’t feel confined to traditions that may go beyond your budget: If you don’t want floral arrangements or a wedding cake, save money and find alternatives that feel more comfortable to you.
Don’t be afraid to negotiate: Research vendors and shop around. You may find someone who is willing to work with you and give you a good deal.
Talk to our experts: We’re here to help. Reaching your wedding planning goal starts with a plan. We can help you set that plan in motion.

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