Talking about money can be tough. When it’s your wedding day, you’d probably love nothing better than an unlimited budget to indulge in every luxury. But since no budget is truly unlimited, you and your partner will need to chat about the amount of money you can spend, and how to divide that money up among the different purchases you’ll need to make. Here’s how to have an honest wedding budget talk with your partner.
Know the Facts
Where is the money coming from? Are your parents paying for the entire wedding, and if so, what is their proposed budget? Are you and your partner contributing a significant amount, or do you have to pay for everything yourselves? If you’re not sure how much money you’re receiving from parents, confirm those figures first, before you have your budget discussion.
Explore Your Finances
If you and your partner will be contributing significantly to wedding costs, chat about your individual incomes and what your joint income looks like. If you haven’t delved into each other’s finances before, this is an opportunity to be honest about monthly expenses, debts, and other financial responsibilities. Determine how much each of you can set aside for wedding expenses every month.
Get Some Professional Guidance
Not everyone is adept at handling money well and wisely. If you suspect that your partner fits into this category, you may want to take the guiding hand in the process. You could also visit a financial counselor together or take a couple’s course on budgeting and joint finances. Money issues are a top reason for marital stress, so it’s important to get on the same page about budgeting and sharing the responsibility of life’s expenses.
Recognize the Stress
Both of you are no doubt under some stress, whether it’s related to the wedding, family issues, career events, health problems, or other factors. If the two of you find yourselves fighting about the wedding budget, take a step back and look at the stressors in your lives. Find some ways to alleviate or cope with the stress; have dinner, take a walk, enjoy a hobby together, or do something new. When you’re feeling less stressed about life in general, you’ll be able to talk more calmly and reasonably about the wedding budget.
Couples often find that their wedding priorities differ. One partner wants to spend the bulk of the money on food and drinks, while scaling back on the venue and flowers. The other may view the venue as the most important and largest expense, and prefer a simpler menu instead. Check online for some sample breakdowns of wedding budgets to get an idea what percentage couples usually spend in each category.
Include a Buffer
As you discuss the wedding budget, be sure to use specific numbers. Don’t generalize or use “hopeful” numbers— if anything, estimate on the low side when it comes to what you can spend. Assume that some extra costs will arise, and build in a sizable financial buffer to account for those surcharges and last-minute expenses.
Once you have the budget settled, it’s time to go ahead and tour venues so you can reserve your location for the wedding. For tours, pricing, and available packages, contact Nanina’s in the Park as soon as possible to secure a place on our event calendar.