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Balancing Your
Budget
When deciding the
total cost of your wedding it is important that you and
your fiancé acknowledge a realistic amount of funds
that you will be able to contribute in order to start
planning your master budget.
After some discussion you can then start
to calculate additional means of money, perhaps from your
parents, other relatives, or a close family friend. It
would be a good idea to prepare a saving plan for you
and your fiancé to follow. Start preparing this
from as early as the engagement date to roughly the final
month before the wedding. This will help you to decide
how much money you will have saved for your wedding and
then your honeymoon. Put away funds to certain areas of
the wedding, these should be based of the degree of importance
to you. For instance if your dress were more important
then balloons it would be better to allocate more money
towards your dress. To help you and your fiancé
to stay on budget, after your final decision you should
record the final cost and continue to do so through out
your preparations.
After completing your budget you may find
that you have gone over your set limit in a certain area.
If this does occur you may want to cut your budget back
in another area. It is important to remember when calculating
your budget to include any PST, GST or gratuities in all
pricing that occurs.
In many circumstances couples today come to
agreements with family members regarding expenditures.
That member may pay for the guests whom they invite or
perhaps the family of the groom may pay for liquor. It
wouldn't be unusual for a close family friend to suggest
paying for the limousine as a wedding gift.
While we're discussing money it is also important for
the couple to discuss and start planning "newlywed
finances". This involves where and how these financial
records should be contained. The two of you need to take
the time to determine short and long term goals that you
both have. A short-term goal for instance would be an
appliance or furnishing, long term could be a car or a
vacation. It would be a good idea to also maintain an
emergency fund for unexpected circumstances. Six months
prior to the wedding you should keep track of your separate
incomes and expenses this will help you to divide future
expenses and determine how much money you will have. |
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