Budgets! Budgets! Budgets! This is the real deal because no wedding can hold without at least a dime leaving your pockets. So you are engaged, now its the time for you to get to work with drafting a budget.
Why do you need to define your budget?
1) Because it helps you allocate resources appropriately without over spending on the less important things
2) It helps you make more strategic decisions towards your wedding plans
3) It helps you prioritize
4) It brings you from dream land to reality…haahaa just kidding but yeah its true in a way.
What steps do you need to take in drafting your budget then?
First, you’ll need to list out all the sponsors for your wedding.
If you are one of the sponsors, you’ll need to assess your savings. How much do and your fiance you have in the bank right now? Write it down.
Next, do you have a regular income? If you do how much is it? Sum it from now till your last income before your wedding day.
Who else is a sponsor?
Do you have support from family, friends etc. if you do, how much would it likely be? Its important at this point that you are able to know how much your family would be supporting you with. It won’t be a crime to ask because you want to be sure of what you are getting.
Now you can estimate the cash available. Next, you’ll need to split your presumed cash in 3 places. Keep one as cash for your life after the wedding, keep one in a special account opened for your wedding expenses and keep the last one in your head…lol. I mean assume you never got that cash. Why? Because people that promised you may never give you, your regular salary may not come as expected or you may have other needs that are not wedding related.
So after you’ve done that, know your figures. How much do you now have for your wedding? This is 1/3 of your total available + expected cash put together and this becomes your WEDDING BUDGET.
You’ll need to create a budget allocation around your wedding budget. If you need help with this, you can request for free consultation with Storypage Events. We will be happy to help out – don’t worry, its totally free of charge.
I’ll be talking about budget allocation in my next post!
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