Wedding budgets: 6 tips to keep a lid on costs

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By Moneytips

Is your upcoming wedding draining your bank account and threatening to suck up all your available credit? Have you reached the point of selling advertising space?

It’s easy for wedding costs to spiral as couples can get a spare-no-expense mentality about their special day. How can you control overspending tendencies and stay within a budget? The first order of business is to make one.

Rather than start with the things you want and total up the costs afterward, start with how much money you can afford to spend and work backwards based on what is most important to you. Who is paying, and how much can all those who are paying afford to contribute? If Mom and Dad are footing most of the bill, they should have significant say in the total amount.

Once you have a spending total, drop that by around 5-10 percent to allow for contingencies. Just as building projects usually include an extra spending cushion for the unexpected, you should do the same with your wedding plans. Things always happen at the last minute that require extra funds, and you don’t want to have to spend time immediately before the ceremony shuffling costs around and looking for last-minute ways to save.

Next, prioritize what’s most important to you within the following factors, and shift money from the less important items to the more important ones.

 

[Source:- cbsnews]