I’m going to start off by saying I believe that you can pay for your wedding in cash and avoid debt. For some things debt may be necessary. But not for a wedding.
So. . . how do you pay for your wedding in cash? And how do you decide how much money you have to work with? What exactly is your budget?
Well, there are FOUR major sources of funding you can look into to help you figure it all out.
Four Ways To Pay For Your Wedding In Cash
Let’s list your various funding sources:
1. Your Savings
Do you or your fiancé have money set aside for fun? Not emergencies, but money that you can use for whatever you want? This is the money that you could use for your wedding. The experts recommend that you keep three to six months worth of living expenses aside in case something bad happens. Beyond that, anything extra can go towards your wedding.
2. Family Contributions
For a lot of couples, there will be some monetary help from family.
When you get engaged is the time to ask your family if they want to contribute, and how much money they think they can help with. Some families will give you a check and let you spend it on what you want. Others will commit to certain items like flowers, or the rehearsal dinner.
If you have a grandmother who really wants to buy your dress, make sure you let her know the price range you are looking at. This way, you’ll have an idea of what she’s committing to for your wedding. Your in-laws may want to buy flowers, but once they learn that some florists can cost $5K (or more!), they may have some opinions on just how much they want to give.
3. Future Disposable Income
This is any extra income that you and your finance may make between NOW and WEDDING DAY. Instead of spending it on travel, going out to eat, or non-wedding related optional items, why don’t you save it for the big day?
For the most part, the big ticket items (venue, food, photography, etc.) will be paid in full on or around your wedding day. So, you may have some time to save money ahead of those payments. Make sure you are realistic about how much you can save, though, so you don’t end up short.
4. Extra income
Any money that you can source by taking on side jobs, selling items you don’t need/want, or getting creative with your skills and time, above and beyond your “day job” can help produce extra income.
Figure out if you can make some quick funds fast, to help fund your wedding day. This wouldn’t necessarily be a sustainable income, but all the proceeds can go towards your wedding fund.
Once you have an idea of how much money you have to work with, by adding up the amounts from the sources above, you have your wedding budget.
I HIGHLY suggest that you do your research and price out items so you can stay within your budget. Make sure that you work with your partner to prioritize items. Maybe you can save money on categories that don’t mean that much to you, or splurge in others? More to come on that in a separate post. Until then, happy budgeting!
More From Hummingbird Wedding Advice:
How To Save Money On Your Wedding (Without Cutting Guests)
Ten Wedding Money Saving Tips (For Every Budget)
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