How to create a wedding budget when planning for your big day
Weddings can be the most important day of your life but also the most expensive! To ensure that we get the best out of our big day whilst staying within our means we need to create a budget we can stick to. To help you do this, there are a number of tools that can be used. One of them is the Wally app.
Wally allows you to manage different savings categories based on your goals, so you can achieve specific financial goals such as saving for a wedding. Wally will help you manage your wedding budget by showing you savings forecasts, how much you have spent and how much you have left to reach your goal. It will also give you insights into your spending behaviour to help you see where you are going wrong and how to correct it.
In the course of planning there are some factors that need to be considered, these include:
Discussing the type of wedding that you want to have, and agree on a realistic amount of money that you can afford to spend for the occasion. The amount agreed on should be affordable, don’t set a figure that will force you to borrow heavily. There will be life after the wedding; and you’ll need money to finance other activities which will come after your big day. Above all you don’t want to start your life together with debt, this stresses the need of coming up with an agreeable but realistic figure.
Once you’ve agreed on a budget, start allocating cost to items. Here you decide on what percentage of the budget goes towards which activity. In an ideal situation, half of the budget will go towards the reception. Make sure that everything has been covered while trying as much as possible to remain within the agreed-upon figure.
The beauty of the Wally app is that it will alert you when you are close to your goal as well as when you are moving further away from it. If you want to save your money and ensure that you don’t overspend on a single item, as well as the whole activity, stick to the plan.
Weddings can be expensive; one mistake will see the cost shoot to levels which can put you into debt. Using Wally to create a wedding budget makes you stay within the stipulated means, use the app and you will have a day to remember without harming your finances.
Disclaimer: The above information is general in nature and not intended to be financial advice. You should consider seeking professional advice before following any suggestions in this blog/website.