How To Do Smart Budget Planning For Weddings
If you are the father of more than one daughter then you may have several weddings in your future
. With these events comes the need to budget so that you will not have to spend all of our retirement by the time your last daughter gets married.
You will want the weddings of your daughters to be wonderful times. You will not want to have to be biting your nails about the finances the entire time. In order for this to be possible, you will need to learn how to do smart budget planning. This will take saving, organization, and communication.
If you have not already started saving for your daughter's weddings then today is a good time to start. Even if they never get married, at least you will be ready, and when you are gone you can pass those savings on to them. There is no set amount you should save from the start. It will likely depend on when it is and what your daughter likes. The best idea is to just have a direct deposit of a certain amount for each girl each month. You will be saving without even noticing that it is going anywhere.
Organization is another important part of budget planning for a wedding. Allocation will help you as you plan. As the father of the bride, your biggest concern with finances will be the wedding dress, caterers/rental, photography, and decorations. There will be other costs, but those are the main areas for which you will be responsible. As a daughter's wedding draws close, you will want to go to the savings account and see how much money is there.
Of the three areas, the most money will need to be allocated to the caterers, which should include any rental fees for the hall being used or rental equipment for the reception. The second most expensive area will be the photography. It will probably be twenty five percent of the budget. The next two budgeting areas will depend on your daughter's style. If she likes things simple then you might only end up paying out a thousand dollars for the dress and a thousand for the decorations. You should plan on fifty percent of the budget going to catering and all things involved with renting, twenty five percent going to photography, and plan on the other two areas filling up the last twenty five percent of the budget.
Once you allocate the areas that you will be paying for, it is essential to sit down with at least your daughter if not your future son-in-law as well. Communication is so important when it comes to weddings. At this meeting make sure that his parents are all set with what is expected of them, and explain what your plan is and what the budget is. From there, your daughter will likely tell you if the amount you have saved is realistic or if they might need to bring in more.
by: Anders Abadie
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