Now that everyone is happily celebrating your soon to be wedding, the next step is to set the initial budget. There is no way for you to know how much the dress will cost, how much the reception hall will be or what amount to set aside for flowers. Yet, you may need to cap the wedding at some level right now. For most couples this is the amount of money available to them.
Here are some things to think about:
- The average Canadian wedding can range from $35,000 to $50,000.
- You can cut costs along the way to have a glamorous wedding for less.
- Do not assume that your parents are paying for the wedding. Many parents simply cannot afford the cost of a wedding in these difficult times.
- Set a budget at the low end. Know what the high end is, too.
Going into debt is something that many couples end up doing right from the start. The problem is, if you max out your credit cards on your wedding planning, there is little for a down payment on a home or that fabulous honeymoon you are thinking. Therefore, keep the short-term goals of wedding on your mind, while still realizing the important of long-term financial goals.
Tip: Consider seeking out financial planning classes for you both, now. That way, you can start your married life one-step ahead of the game.