Planning a Wedding - Financial Tips to Ease Your Budget

While a wedding is a joyous occasion that both brides- and grooms-to-be eagerly anticipate, the financial aspects of planning and hosting a large, complex event can be completely overwhelming. Getting to the big day without breaking the bank might seem like an impossible task, but with a few smart steps before, during and after the ceremony, you'll ensure your bank account will remain as strong as your love for each other.  

Tip 1: Strive to come in under-budget

Set a budget and stick to it - or better yet, come in below it. Start out the wedding-planning process with a set budget for all major expenses such as food, music, wedding attire, flowers and the cake. But don't forget about all the little expenses that can add up too. For example, tips for services that the DJ, drivers, hairstylist and bartenders provide can add up to hundreds or even thousands of dollars. Remembering all the details and giving yourself a little financial wiggle room should something be overlooked is a wise decision.  

Tip 2: Wedding insurance equals peace of mind

Insurance for a wedding? It's something many have not heard of until planning a wedding, but it should be a priority because it protects your investment should something unexpected occur. According to WedSafe Wedding Insurance, a leading insurance program dedicated exclusively to weddings, there are two types of wedding insurance to consider:

• First, cancellation/postponement insurance can offer financial reimbursement for unexpected events that force cancellation or postponement, such as an illness, military deportation or sudden unemployment. It also brings peace of mind during economic uncertainty when many vendors suddenly go out of business. For example, it's unfortunate but far from rare for a wedding venue or photographer to go out of business and not return the deposit to the now unhappy couple. This can amount to thousands of dollars. With cancellation and postponement insurance, the wedding host has financial protection against lost deposits from no-show or bankrupt vendors. Real wedding mishaps can occur, and wedding insurance offers protection.
  
  
• Second, liability insurance can provide protection if an injury occurs or property is damaged and responsibility for the incident is placed on the host as legally liable. For example, someone slips on a spill and breaks their hip, or perhaps someone has a few too many cocktails and gets into a car accident. Many venues today require that the host purchase coverage. 

 
Tip 3: Get all fees in writing

Staying organized when planning a wedding can be complicated, but keeping track of all those long contracts can come in handy should there be discrepancies regarding extra fees come payment time. Didn't know the reception site was charging you a cake-cutting fee? Reference your contracts and if there are any issues, you can address it with the vendor. Forgotten fees can accumulate fast, and by getting everything in writing and staying organized, you'll be sure you don't get burned.

 Tip 4: Plan ahead and pay bills on time

Once your big day arrives, all your bills should be paid in full. Check contracts and be sure to understand payment agreements so that you don't get hit with any late fees. For many couples, credit cards will be used to streamline the payment process, but don't forget when your monthly payment is due and strive to pay it in full. This is especially important for couples leaving for extended periods of time for a honeymoon - you'd hate to come back to a pile of late fees because you didn't plan ahead on payments that may be due when you're gone.