There is a high likelihood that you’ll be getting married (if you haven’t already). Although the percentage of married people is declining, it’s still well over 50%. The rate of marriages is 7.5 per 1,000 total population, according to the CDC. Given that, you better prep yourself for a wedding.
While the cost of a wedding can run anywhere from $18 (lowest cost of a marriage license, depending on state) to million$$, it would be smart to plan out a budget. If you know you’re getting Elvis at a drive-through, then maybe budgeting isn’t such a big deal. But if you have $6,000 photographers and $5,000 dresses in mind, then planning a budget should be at the top of the list (unless you or your family have a vault like Scrooge McDuck and swim laps in your money daily, of course).
The Knot offers a quick checklist of Budgeting 101.
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1. Who’s Paying?- Talk with your families about who will pay for what. Figure out what everyone is willing to contribute and add it up. This will be a good starting point for you to figure out your range.
2.How Much Do You Actually Need?- The average cost for a 150-person wedding is about $25,000 (higher in urban areas). More percentages after the jump.
3.How Much Can You Save?- The more you can budget out of your funds for the wedding, the better off you are to meeting your wedding budget goal. Aim for about 20%
The article is much more detailed, and even includes follow on articles on how to keep your budget and different ways to save money for your wedding.
So get a rough game plan going..that ball and chain might clamp onto your ankle any second. Love and marriage..like a horse and carriage. or something.
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