Financial PlanningBudgeting Tips For Weddings

February 24, 2022by Bailey Wealth Services

Weddings are expensive. No kidding, right? And no matter who’s footing the bill, few of us can write a blank check when the big day comes.

Being able to pay for all your desired wedding amenities requires careful planning, which means careful budgeting. And when it comes to making a budget for a wedding, there are a few important rules to keep in mind.

 

Who pays what 

As a first step, determine who will be contributing to the wedding costs. If it’s just you and your spouse-to-be, move to the next step. However, if your parents and in-laws-to-be are contributing, gather all parties together (stiff drinks in hand) and speak candidly about how much each party is willing to contribute.

Gather all sources of third-party contributions, add them all together, and voila! That’s the total financial assistance that you’ll be receiving.

 

How much can you afford 

If you’ll be looking for that third-party assistance to cover your entire wedding cost, move to the next step. However, if you and your spouse-to-be also expect to contribute, it’s time to calculate what you can reasonably afford, in light of your personal circumstances.

Look at your annual income and determine how much the two of you can save before your wedding. Next, add any savings that you can draw on. Add everything together – your contributions, your parents’ contributions – and you’ve got the maximum amount that you can spend for the big day.

 

By the numbers

Now that you’ve got your total budget, figure out your guest count. This will help you figure out how large of a venue you’ll need for your wedding. It will also help you figure out the size of the cake that you’ll need, the number of wedding favors, and the number of table and chair rentals, among other items.

 

Big ticket items

Discuss with your fiancé any must-have, big ticket items (for instance, an open bar, doughnut wall, band, etc.). These items will come off the top of your budget, leaving you with a remainder that will pay for your other costs.

 

Measure, twice, cut once

Next, carefully go over all costs associated with the venues that you’re considering. Are there per-person food and drink minimums? Setup charges? Mandatory tips?

The more meticulous you are during this step, the lower the chance that you’ll experience sticker shock as your wedding gets closer.

 

Off-season bargains

If you’re quickly depleting your budget and you haven’t even gotten to the catering bill, consider factors that can save you expenses. In particular, the time of year that you’re tying the knot often impacts costs. If you’re getting married in mid­-June, prices tend to be higher than in November or December.

 

Excel-ing at budgeting

With all your costs assembled, incorporate them into a spreadsheet and crunch your numbers. Are you over-budget? If so, look at your list and find areas to trim costs (i.e., a DJ rather than a band, fewer appetizers passed during cocktail hour, etc.).

Other ways to trim costs include looking to friends for professional services (i.e., bartending, photography) and of course, reducing the number of guests.

There are other tactics you can employ, too. Consider negotiating with your caterer and the venue manager to see whether you can secure lower rates.

 

I Do!

Planning a wedding can be incredibly challenging, and whatever you can do to reduce financial stresses will go a long way to help you and your fiancé get the most enjoyment out of the experience.

 

 

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal.  This material was prepared by LPL Financial, LLC. Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. To the extent you are receiving investment advice from a separately registered independent investment advisor that is not an LPL affiliate, please note LPL makes no representation with respect to such entity. Securities and insurance offered through LPL or its affiliates are: 

Not Insured by FDIC/NCUA or Any Other Government Agency | Not Bank/Credit Union Guaranteed | Not Bank/Credit Union Deposits or Obligations | May Lose Value | Not Insured by FDIC/NCUA or Any Other Government Agency.

TMC-21703-1120

Tracking # 1-05153389

https://i0.wp.com/baileywealth.org/wp-content/uploads/2021/05/bailey-wealth-3.png?fit=300%2C46&ssl=1
1604 Hewitt Ave., Suite 704 Everett, WA 98201

Follow us:

Securities and advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.

The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: AK, AZ, CO, ID, IL, IN, MO, MT, NM, NV, OR, SC, TX, VA, WA.

Copyright © Bailey Wealth Services 2021

Holly Farrar

Client Services Associate

As director of First Impressions, I strive to make sure our clients have a comfortable and meaningful experience while providing remarkable customer service at the highest standards. I enjoy going to local Everett events and festivities while spending time with friends and family. I love to read, especially dystopian novels.  I am involved in volunteering opportunities within the community including grocery shopping for homebound people, coffee trailer and first responder appreciation.

Education and Biography

Training

Holly Studied Business and Management at Sno-Isle Business and Management & Everett Community College. She has over 20 years of customer service and administrative experience.

Specialisms

Holly’s focus is to create meaningful connections between our clients and our office. She schedules appointments, answers calls, processes transactions, preparing paperwork to maintain accounts as well as opening new accounts, and transfers.

Albert Ballesteros

With over 25 years of customer service working in the Financial Industry and the State of Washington, Albert is a welcome addition to the service team. He helps with opening new accounts and servicing current accounts. You have probably received appointment reminders from him. He also works with the marketing team in planning monthly letters to clients, planning special events and creating the weekly newsletters.
In his spare time, he volunteers at Northshore Christian Church, having completed two mission trips to the Philippines and has a passion for singing. He enjoys playing and watching most sports but is especially an avid fan of the Everett Silvertips.

Education and Biography

TRAINING

Albert attended Honolulu Community College where he obtained his AA in Liberal Arts.

SPECIALISMS

Albert joined Bailey Wealth Services in 2022. His focus is to provide support to both prospective and existing customers with exceptional customer service. He is very personable and brings professionalism to his role.

Wes Burroughs

One of the things I enjoy most about what I do is educating clients on what is available to them as an investor. Our clients know where they’re at financially and where they are going because we make breaking down the complexities of a constantly changing world a top priority. Outside of work, I love spending time with my wife, Blyn, and playing with our daughter, Sophia. I also enjoy running and hosting game night with friends.

Education and Biography

TRAINING
Wes attended Liberty University where he obtained his BA in Philosophy.

SPECIALISMS
Wes joined Bailey Wealth Services in 2021. His focus is helping families maintain and grow the wealth they already have. Wes enjoys working with our valued clients to facilitate financial relationships by providing solutions, solving problems, and helping them manage their financial lives.

A. Sean Bailey, CFP®

My mission is to assist families as they strive to acquire, accumulate and retain wealth in a tax efficient manner so they may live in retirement with confidence and dignity. When I’m not engaged in professional activities, you can find me on a mountain top with my wife, Kim, and our two children, Eleanor and Oscar.

Education and Biography

TRAINING
Sean received his Bachelor’s Degree in Business Administration, Finance Concentration, from the University of Washington.

SPECIALISMS
Sean Bailey has been in the financial services industry for 30 years. He specializes in developing comprehensive financial, estate and retirement planning strategies for clients nearing and in retirement. Sean is a Registered Principal and Investment Advisor with LPL Financial. He is a CERTIFIED FINANCIAL PLANNER™ Practitioner. Sean is also a member of the Financial Planning Association and Ed Slott’s Elite IRA Advisor Group.

Ed Slott’s Elite IRA Advisor Group is not affiliated with Bailey Wealth Services or LPL Financial.

Sonya Jones

I endeavor to provide excellent service to our clients and organizing processes and procedures to ensure our office runs smoothly. When not working, I enjoy spending time with my fiancé, Erik, and our two boys, Lukas and Archer along with our dog Pixie. I love cooking for them and experimenting with different recipes and techniques, including treats for Pixie. Our favorite family activity is taking road trips, especially to California to visit family and friends.

Education and Biography

TRAINING

 

Sonya received her BA in Art at California State University, Chico and has over 25 years of administrative and customer service experience in the financial services and accounting industries.

 

SPECIALISMS

 

Sonya’s focus is to help clients reach their financial goals by assisting them with their various transactions and paperwork to service and maintain their accounts. This includes opening new accounts and initiating transfers from and to financial institutions. Sonya is constantly looking for new ways to improve our processes to ensure we work efficiently and in a manner that creatives positive experiences for our clients.

Sonya Jones

I endeavor to provide excellent service to our clients and organizing processes and procedures to ensure our office runs smoothly. When not working, I enjoy spending time with my fiancé, Erik, and our two boys, Lukas and Archer along with our dog Pixie. I love cooking for them and experimenting with different recipes and techniques, including treats for Pixie. Our favorite family activity is taking road trips, especially to California to visit family and friends.

Education and Biography

TRAINING
Sonya received her BA in Art at California State University, Chico and has over 25 years of administrative and customer service experience in the financial services and accounting industries.

SPECIALISMS
Sonya’s focus is to help clients reach their financial goals by assisting them with their various transactions and paperwork to service and maintain their accounts. This includes opening new accounts and initiating transfers from and to financial institutions. Sonya is constantly looking for new ways to improve our processes to ensure we work efficiently and in a manner that creatives positive experiences for our clients.