Your wedding budget: do you really need a contingency?
When it comes to your wedding budget, it certainly pays to be prepared. In fact, budget planning is one of the very first tasks you should take on as an engaged couple.
There is, however, certainly a knack to planning a budget that you and your bride- or groom-to-be can realistically work with. Here are our top tips for doing just that:
If thinking of a total number is hard for you to do, we suggest breaking it down into pieces. How much do you want to spend per plate? What is your budget for each additional vendor? How much do you want to spend on décor? Creating a budget spreadsheet is extremely beneficial.
Whether you’ve established that you have a big or smaller budget to play with, setting money aside as a contingency is vital. Here we explore why!
There may be more unexpected costs than you think
It’s no secret that the cost of the average UK wedding certainly adds up but what about the costs that you don’t plan for? Even the most carefully curated wedding budget should leave room for additional, unexpected expenses.
There are many costs couples simply forget to budget for. These include gifts for the wedding party, insurance, postage for save the dates and invitations, dress alterations, food and drink for wedding vendors (i.e. photographer, videographer, DJ or band etc.), corkage fees, tips, wedding night and night before accommodation, beauty trials, and wedding dress cleaning.
Prevent unwanted cutbacks in other areas
With a contingency fund, you won’t have to eat into the funds set aside for other wedding day essentials. With this in mind, you can minimise cutbacks in certain areas and truly enjoy the wedding day of your dreams.
Plan ahead for success both on and after your big day
Whatever your budget, we recommend setting aside up to 15% of it to cover any additional, unexpected expenses that may crop up at any stage of the wedding planning process.
The good news is if you don’t dip into your contingency, you’ll have more money to dedicate to honeymoon planning or setting up a home as newlyweds if you haven’t done so already.
Build a contingency fund without the stress
There’s no getting away from it – saving an extra 15% to build your own ‘just in case’ fund isn’t going to be easy, especially in the midst of a cost of living crisis. With a bit of creative thinking, however, you can build a sizable contingency fund without putting a burden on your finances.
Concentrate on making savings on those wedding essentials to effectively build a contingency fund. Simply, set aside the money you save when coming in under budget in a separate savings account to accumulate a contingency fund that you can fall back on.
Start saving and build that all-important wedding contingency fund today by exploring our different wedding options.They’ll help you save money and give you less to think about for a stress-free wedding planning experience.
