It might be completely daunting to start planning a wedding. While many people have given considerable effort to the details of how their perfect wedding would be planned, the majority of people haven’t given the budget much thought.
It may be difficult to decide how big to make your budget target once you start thinking about guest lists, settings, and photographers—especially if you’ve never had to do any of this before. In general, you can calculate your wedding budget using the formula below: Increase your annual post-tax income by 40%. This gives you a figure based on a two-year period beginning with your engagement and ending with your wedding, with a monthly savings of 20%. Then, any financial support from relatives can be offered on top. The goal is to first establish how much you can afford to save from now until the time of your wedding before thinking about what you want to buy with the money. It may be helpful to learn how other couples manage their wedding money when you first begin planning, especially if you’re wondering whether (or how much) parents should contribute to a wedding. According to Brides’ annual poll, 27% of couples paid for their own wedding expenses, and up to 70% of couples received partial or complete financial support. The numbers do fluctuate, and each family’s situation will dictate who pays for what. The traditions surrounding marriage and wedding ceremonies have changed significantly even in the last 50 years. Although it used to be traditional for the bride’s parents to pay for a low-key ceremony and celebration for their daughter, lives have significantly altered. Couples today are more likely to be older and to have maintained full-time employment for longer stretches. They now have their own funds to contribute to the cost of their wedding.
