Wedding Planning and Budgeting

 In Blog



reparing for a wedding can be one of the most exciting times in a person’s life. It is the start of a new and exciting chapter. Of course, for many of us, as soon as the excitement of it all kicks in, your wheels probably start turning and the planning begins. And as they say with planning: “The devil is in the details.” Yes, there are so many details to consider; the venue, food and catering, a wedding dress/suit, bridal party, photographer and videographer, etc. It is no wonder why so many people are overwhelmed by various aspects of planning what may be one of the biggest events in one’s life!

During the excitement of it all, quite often it is costs, deadlines, and overall budgeting that fall low on the priority list – at least, initially. And that is understandable because this event is so personal and not financial. It originates from our hearts, not our heads. But, because we want this event to go well, let’s take a breath by putting on a practical hat to help ensure that our heartfelt vision is achieved.

So, let’s get to work on some practical preparation. There are so many things that can be forgotten in preparation for your wedding because there are so many factors to consider. Therefore, creating your very own “to-do” list may ease some pressure and make the creative journey enjoyable.

My husband and I are recent newlyweds and found it incredibly helpful to take time, early in our wedding planning process to set a price point that we were both comfortable with. For us, this was a top priority. We took this opportunity to work together as a team and set realistic goals that wouldn’t leave us feeling uneasy. We also agreed that while our wedding day would be a significant and amazing day, marking the start of a new chapter, it would only be one day – and we didn’t want to break the bank over it. So, my advice is, grab yourselves a binder and calculator to start prioritizing and organizing sooner rather than later.

For us, once we decided on a budget that we both agreed upon, we determined how to best handle all of the tasks at hand. We delegated who would do what; including parents, family members, and bridal party. We found that staying organized and setting deadlines was the best way to tackle our projects. We created a calendar and outlined all of our important dates with details included. For example: “Payment #1 due 6/20”, “Payment #2 due 9/1”, “Call the caterer at 5pm”. This way, when it came time to pay our balance or touch base with a vendor – the amount or action item wasn’t a surprise. This strategy helped alleviate a great deal of stress for us, not to mention the various vendors we hired were incredibly grateful for our organization!

Additionally, setting deadlines not only helped us accomplish our tasks on time but it also helped us stay on budget; which from conversations with friends, family and vendors, many people find to be one of the most challenging aspects of the planning process.

As we neared our wedding day, we were able to go into the weekend with little worry about loose ends and enjoy the special time. And in the end, seeing all of our hard work come together was extremely rewarding. For me, it was even more satisfying to know that we set realistic goals together, and were able to stick to our plan. Of course, no plan is flawless and the same goes for our wedding planning. We had to adjust course at times. But knowing we could easily do a status check on timing and budget helped support changes as the process unfolded.

At Vahanian & Associates, we have supported many of our clients as they’ve helped their own children plan weddings. If you feel my story and overview could help a couple or anyone that you know to plan their own special day, don’t hesitate to pass it on.

Vahanian & Associates (“Vahanian”) created this presentation for its website. Any other distribution of this presentation is strictly prohibited. While the content presented is believed to be factual and up to date, it is based on information obtained from a variety of sources. Vahanian believes this information is reliable, however, it has not necessarily been independently verified. Vahanian does not guarantee the complete accuracy of all data in this blog post, and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of Vahanian as of the date of publication and are subject to change. This blog post does not constitute personalized advice from Vahanian or its affiliated investment professionals, or a solicitation to execute specific securities transactions. Vahanian is not a law firm and does not intend for any content to be construed as legal advice. Readers should not use any of this content as the sole basis for any investment, financial planning, tax, legal or other decisions. Rather, Vahanian recommends that readers consult Vahanian and their other professional advisers (including their lawyers and accountants) and consider independent due diligence before implementing any of the options directly or indirectly referenced in this blog post.

Past performance does not guarantee future results. All investment strategies have the potential for profit or loss, and different investments and types of investments involve varying degrees of risk. There can be no assurance that the future performance of any specific investment or investment strategy, including those undertaken or recommended by Vahanian, will be profitable or equal any historical performance level. Any index performance data directly or indirectly referenced in this blog post is based on data from the respective copyright holders, trademark holders, or publication/distribution right owners of each index. The indexes do not reflect the deduction of transaction fees, custodial charges, or management fees, which would decrease historical performance results. Indexes are unmanaged, and investors cannot invest directly in an index.