Nine Benefits of a Wedding Budget

Let’s talk about the benefits of a wedding budget.

Usually when a do a “benefits” post, I go over the positives and negatives of a particular subject. Not in this post. This is because there really are no negatives to having a wedding budget, other than it does take a little time and maintenance to properly use one. That said, that investment of time and maintenance that you put into your budget will pay you back in dividends, so it’s worth the effort.

The thing about a wedding budget is that it puts you in control. With a budget, you know exactly what’s going on at all times with what your wedding has cost you, and will cost you. The information you need to make informed decisions and prioritize items will be right there for you. It’s a beautiful thing.

This post is going to share with you nine benefits of a wedding budget. If you’re not sure how to create a wedding budget, check out this post. It has detailed step by step instructions to get your budget set up, and tips on how to keep it updated. As always, do what works for you and your wedding. However, I highly suggest you start a rudimentary wedding budget. You never know. You may enjoy it.

Let’s get into it!

1. YOU AND YOUR FIANCE KNOW EXACTLY WHERE YOUR MONEY IS GOING

First benefit of a wedding budget. You’re totally informed.

Have you ever spent money on something and wondered where the money went? I certainly have, and it’s an uneasy feeling. I like to know where every single dollar of my money goes with everyday life, and definitely with my wedding. Weddings can feel like a never ending spend cycle. Not knowing where your money is going, and what the biggest line items are, can leave you so uninformed you end up spending too much in the long run. A simple tracking system, like a wedding budget, solves that issue.

2. A WEDDING BUDGET CAN MAKE YOU CAN FEEL CONFIDENT SPLURGING, IF THERE’S MONEY IN THE BUDGET

Think of a wedding budget like an allowance.

You have a set amount of money to spend. And, within that amount you have certain non-negotiables, and some options. Once you account for your non-negotiables, like your outfit, some food, and venue fees, you have freedoms to make choices. Knowing how much money is left in your budget can give you permission to splurge on your top priorities, whatever they may be. It will alleviate any guilt you may feel about “overspending” on flowers, or shoes, because you know you can afford it. No apologies because you had the money right there, in your budget.

3. PRIORITIZING AND DECISION MAKING SHOULD BECOME EASIER

Because a wedding budget gives you information, prioritizing and making decisions should become easier for you.

This is because at least one unknown about making your decisions will go away when you have a wedding budget. It’s the unknown about if you can afford a certain item. Understanding that you will already have funds allocated to what you have to spend will empower you to spend freely and wisely on the items that are left over.

4. YOU’LL BE BETTER EQUIPPED TO AVOID DEBT

Avoiding debt is one of the biggest benefits of a wedding budget.

Seriously.

At best, debt is annoying. At worst, it can destroy your marriage and your life in general. Wedding budgets help you know what you can spend your money on, and how much money you have to work with. They put you in control so you don’t have to rely on debt if you “go in the hole”.

By the way, if you want to know more about avoiding debt to pay for your wedding, check out this post.

5. MONEY THAT YOU HAVE EARMARKED FOR OTHER THINGS WON’T BE USED FOR YOUR WEDDING

Are you already kind of organized with your money? Do you have certain funds set aside for certain things? If so, awesome.

Let’s keep it that way.

When you have a wedding budget, you’re less likely to dip into your “travel fund” or your “house fund”. You will have a certain amount of money set aside for your actual wedding, meaning you’re less likely to borrow (or steal) from the money you have set aside for other things.

6. A WEDDING BUDGET IS PERFECT PRACTICE FOR BUDGETING WHEN YOU’RE MARRIED

When you create your wedding budget (because, c’mon, you’re totally convinced by now to create one), work with your partner on it.

Doing so will be perfect practice for when you’re married and you budget your money, together. Yes, of course, you may not want to budget with your spouse. You may want to keep your money separate, and to be honest, it’s okay to do what works for you. However, studies have shown that healthy couples who combine finances and work together build wealth more efficiently than those who don’t. Just something to consider.

7. THERE WILL BE MONEY SET ASIDE FOR RISKS, ISSUES, AND UNKNOWNS

When you create your budget, make sure you have a little float in there for risks, issues, and unknowns.

How does this look, exactly? Well, just set aside a line item of about 5% or so of your total budget, and make it a sort of “slush fund”. When you need a little extra for an item, you take from the slush fund. When you come in under on other categories, you give it to the slush fund. This little balancing account puts you in the driver’s seat when costs come up that you weren’t expecting.

8. A WEDDING BUDGET HELPS YOU AVOID WASTING MONEY

Waste will eat away at your budget, and it’s not fun at all.

Another one of the major benefits of a wedding budget is that it helps you avoid waste. By having your entire wedding’s costs laid out in one spot, you can see where the bulk of your money is going to go. Plus, you can see how little things, maybe things you don’t care about, are adding up. This will empower you to cut what you don’t want to pay for, allowing you to spend more on your priorities.

9. YOU’LL FEEL LESS STRESS WHILE PLANNING YOUR WEDDING

Mental health may be one of the best benefits of a wedding budget.

Budgets mean less stress.

Yes, creating a budget can be time consuming. And, maintaining it may not be your jam. However, knowing what is going on, what’s coming, and what the plan is will give you peace. Planning a wedding can be stressful, so help remedy one of the biggest culprits of that stress. Thank me later.

THOUGHTS ON BENEFITS OF A WEDDING BUDGET

Friends, there are so many benefits of a wedding budget. You’ll be in the driver’s seat, you get the opportunity to work with your partner, and planning your wedding will be less stressful. Yes, it can be a little bit of effort to create a wedding budget, but you’ve got all the tools you need to be successful at it. Happy wedding planning!

More On Budgets and Money From Hummingbird Wedding Advice

15 Things To Cut To Save Money On Your Wedding

House Down Payment Registry Programs: Are They Right For You?

The Best Websites For Free Wedding Resources

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