The following is a good formula for determining the budget: Devlin states, “Total wedding budget = number of months until wedding x realistic monthly savings + contributions and existing savings”
Consider how long you have to save for the wedding and whether you might be able to get financial assistance from friends and family when looking at the overall budget.
For instance, assuming you have not yet set aside anything for your wedding, you would need to save $3,000 per month to reach your goal if you have an overall budget of $30,000 and 10 months until you plan to get married. But if your parents give you $10,000 as a gift before you get married, you only need $2,000 a month.
Consider whether it is feasible when calculating savings contributions on a monthly or weekly basis.
If you are unable to consistently reach that savings number, you have two choices: Reduce the wedding’s size to cut costs and the amount you need to save, or think about delaying it to give yourself more time to save. Even though the second option might not be ideal, it might be the best one if you don’t want to compromise your overall wedding vision.
