Are you about to overspend your wedding budget? Or have you already gone there? Time to regroup and get back on track!
Some people think that having a wedding budget is limiting. That it means that you are limiting how much money you can spend on your wedding, therefore limiting your wedding itself. I’m here to tell you right now that wedding budgets are not limiting. They are freeing. A wedding budget is not the boss of you. Rather, it’s a tool that lets you know how far is too far with your wedding. And, it’s a living, breathing, entity. One that can be modified if needed.
Most of the time, people do not have the issue with “underspending” their wedding budget. Rarely is there a Google search about how to spend more on one’s wedding. It’s much more common to overspend your wedding budget. If this is the case for you, it’s time to get real, regroup, and start to strategize how to get back on track.
What To Do If You Overspend Your Wedding Budget
This post is going to tell you exactly what to do if you overspend your wedding budget. Remember, this is the kind of thing that is “fixable”. Overspending a budget does not mean that you messed up, or did anything wrong. The key now is to contain the spending, and then start to counteract it. This is something that almost anyone planning a wedding can do, if they are willing to work at it. More on all this later.
Let’s get into it!
LAY EVERY EXPENSE OUT THERE
First things first. If you think you’re overspending your wedding budget, it’s time to face what’s going on.
This starts with actually having a budget, of course. Chances are you had at least a high level amount to spend on your wedding in your mind. You may have even had a detailed spreadsheet or tool to determine your wedding budget. In either case, maybe you’re at the point where you realize that the amount you thought you could spend is exceeded, or about to be exceeded if you continue going down the track you’re headed.
It’s time to get real.
Start by listing out every single expense your wedding is facing. Note what’s already been spent. What’s been committed to in contracts. What’s going to come later on. List it all. And then list how much money you have to spend on your wedding through your income, your partner’s income, your savings, and any family contributions. Compare the two amounts. If they are out of alignment, you may see that you’re going to overspend your wedding budget and it’s time to form a different plan.
BE HONEST WITH YOUR PARTNER ABOUT THE SITUATION
If you find that your wedding spending is not matching up with your wedding budget, it’s time to talk to your partner.
Be super honest here. Yes, this may spark a conflict. This is okay. You’re about to be married to this person. Be real with them. Let them know that the two of you need to work together to remedy the situation. Overspending on your wedding means that you are taking resources away from other things. Look at what that means for your future with your partner. Discuss what’s possible, and be totally truthful about it all. Talk to your partner about the part you both played in overspending, and how you can team up moving forward to prevent any further issues.
DOUBLECHECK YOUR NUMBERS WITH YOUR PARTNER
Once you’ve had “the talk” with your partner, it’s time to doublecheck all your numbers. Together.
On one hand, looking at the numbers with your partner means that they will be informed about what you’re seeing. On the other hand, they may be able to help you understand a few things. Perhaps they will even share good news about the cost of certain things, or have extra money for the budget that you weren’t aware of. The point here is for the two of you to get on the same page with the budget so you can both be totally in the know.
LOOK AT WHAT SPENDING YOU CAN REDUCE, GOING FORWARD
Alright, it’s all out there. Your numbers are reviewed, your partner is with you, and it’s time to take action.
The first major action that you can do is to work on containing the issue. The easiest way to do this is to see what’s not committed to, or what hasn’t already been spent, and start to make reductions. Is there anything that you can cut out of your wedding that you were planning to spend money on? Perhaps you skip paying for guest transportation, a hotel room, or wedding favors. Can you spend less on other things? Maybe you choose a more basic catering plan, or go with wine and beer over a full bar.
Get creative with every single line item. You may surprise yourself with what you can reduce.
BRAINSTORM WAYS TO COME UP WITH MORE MONEY
Alright, time to get a bigger shovel. So to speak, of course.
If you can’t reduce what you’re going to spend on your wedding any more, you can start to counteract with a bigger budget. Are there ways to come up with more money to spend on your wedding? For example, can you or your partner work overtime at your jobs, temporarily? Do you have any family that will help you pay for some items? Can you sell anything? Cut expenses in other areas of your life? Remember to be strategic about this.
Some resources about “how to come up with more money” include this post on side hustles, this one on selling items, and a post on asking family to help pay for your wedding. Get creative in this category. You never know what you can come up with!
AVOID DEBT AT ALL COSTS – SERIOUSLY
I’ve said it before, and I’ll say it again. Avoid debt to pay for your wedding. There’s a whole blog post about it.
Long story short, debt does not set your marriage up for success. It’s stressful to be in debt. Even if it’s a zero percent interest rate. Even if you get travel perks along with the debt. It’s still a risk. And risk does not feel good. Not at all. Do not rely on debt to pay for your wedding. It’s better to have a smaller wedding than one that you can’t pay for.
DON’T DIP INTO YOUR EMERGENCY FUND, RETIREMENT ACCOUNTS, OR ANY MONEY EARMARKED FOR SOMETHING NON-NEGOTIABLE
Another way to avoid coming up with more money for your wedding is to dip into your emergency fund, retirement account, or any money earmarked for something non-negotiable.
Yes, in some of these cases, the money might just be right there. Perhaps you have an emergency fund, or your quarterly taxes, sitting in a bank account. It may be calling your name for use on your wedding. Don’t listen to it. Leave it right where it is. Your wedding is not an emergency. It’s not a reason to use your tax money, or money that you need to use for essential items for it’s purposes. Just don’t.
TALK TO YOUR VENDORS ABOUT PAYMENTS, OPTIONS, AND TIMELINES
Once you’ve vetted what you’re dealing with, what you have, and what you can change, with your partner, it’s time to start looping in other people who can help you strategize.
If you are dealing with a cash flow issue, where certain payments are due before you get paid or come up with the full amount, talk to your vendors. See if some deadlines can be adjusted. Also talk to them about reducing their services, or coming up with some sort of strategy with you. Be very kind in these conversations. Your vendors are working professionals, and they need proper payment. However, they may have some wiggle room or things they can compromise on with you.
It’s okay to just ask the question, in a respectful and polite way.
DON’T FREAK OUT – YOU’VE GOT THIS
Last tip! Don’t freak out. You’ve got this.
Money, or lack thereof, can be a huge stressor. And, when you’re not paying attention to how much is going out, or is committed, it can be a slap in the face when reality hits. Remember that you have options. You can adjust. You can work. No, not every option is easy. But neither is marriage. Work with your partner, and stay calm. It will all be okay. Promise.
THOUGHTS ON WHAT TO DO IF YOU OVERSPEND YOUR WEDDING BUDGET
Friends, if you overspend your wedding budget you have some actions to take. Remember to work with your partner on this. Now is not the time to hide things. Come up with proactive ways to contain and counteract the situation. Be realistic about your wedding, and avoid making huge money mistakes like going into debt or taking from your other funds for your wedding. As mentioned above, you’ve got this! Happy wedding planning.
More About Wedding Budgets From Hummingbird Wedding Advice
Eight Strategies To Agree With Your Fiancé On Your Wedding Budget
More Budget Saving Tips To Avoid
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