5 Financial Tips for Planning a Wedding

View More

After you select your wedding date, it’s time to create your wedding budget. This should include an overall amount you’re willing to spend on things related to your wedding. Be sure to budget for your vendors, save the date and wedding invitations, your officiant, and any bridesmaid or groomsmen gifts.

1. Create a wedding budget

READ More     

While this list is just a sample of what to include, consider reviewing a full wedding planning checklist. It’s ideal to shop around for services to find prices that will fit comfortably into your budget.

1. Create a wedding budget

READ More     

You’ll likely have many transactions occurring before your big day arrives. To help reduce unwanted stress and tension, consider opening a joint checking account to help keep track of wedding-related expenses. Instead of paying for things out of different accounts, designate one account that you both have access to as a wedding fund account.

2. Open a joint checking account to help manage costs

READ More     

This can make it easier to track when and how much has been spent. Additionally, this makes it an ideal way to review past transactions or double check how much has been spent.

2. Open a joint checking account to help manage costs

READ More     

Although it might be tempting to dip into your emergency savings and your retirement savings to help fund costs, it’s often not ideal. An emergency can arise at any time, and you’ll want to ensure you have the proper finances in place to cover that emergency. 

3. Refrain from using emergency and retirement savings to cover costs

READ More     

Additionally, taking money out of your retirement savings can delay when you will be able to retire and reduce the amount of money you’ve already saved. Instead, determine an amount that you can comfortably contribute to each of these until all of your wedding costs have been paid.

3. Refrain from using emergency and retirement savings to cover costs

READ More     

Your wedding will be one of many large expenses you might incur once you are together. Consider meeting with a financial advisor who can help you create a plan on how to pay for your wedding. 

4. Meet with a financial advisor

READ More     

Once you have that relationship built, it’ll be easier for them to help you plan for other large expenses too, like obtaining a mortgage loan for a new home, buying a new car, or even fine-tuning your retirement plan and savings strategy.

4. Meet with a financial advisor

READ More     

As you begin your life as a couple, consider having a discussion about your finances. Determine what major expenses you should be saving for and how much you expect to save each paycheck. Create a budget that includes shared and individual financial responsibility to help you stay on track with your finances. 

5. Discuss your finances

READ More     

Additionally, if you’re taking a honeymoon after your wedding, consider how that will be paid for and adjust your savings strategy if necessary.

5. Discuss your finances

READ More     

Learn more about how to organize a dream wedding and not go crazy

wedding.amerikanki.com