In the whirlwind of wedding planning, it’s easy to lose track of expenses. If you don’t keep an eye, you can go out of budget. This is not ideal as it will take money away from other areas.
If you set up a comprehensive system as soon as you have your wedding financial plan, you can avoid overspending. Here’s what you do:
It typically works best if one person makes all wedding payments and manages expenditure. This should be the partner who’s most organised and responsible with finances. This way, there will be less chance of confusion, accounts getting paid twice or not at all, and similar errors.
You will still need to work with your partner regarding your wedding funds. It would be best if you made any money decisions together. By doing so, there won't be unpleasant surprises down the line. It’s also great practice for how you’ll work together on your finances in your marriage.
There are several cash flow directions you’ll need to watch. You can do this by creating an Excel spreadsheet or using HAPPLY’s budget tool features. As this will be part of your HAPPLY wedding website, it’ll all be in one place. We highly recommend this - it makes matters so much easier.
Whatever you choose to do, make sure you track all wedding finances in one space.
Whether it’s money contributed by family, loans, or a monthly stipend from your salary, you need to keep track of it. It also helps to project what your future wedding income will be as you build-up to the big day, so you have an idea of the whole.
Contributions may fluctuate from time to time. So, keeping the full budget in mind helps you plan.
Aim to capture expenses paid, those due to be paid, and those that will be owed further in the future. Track each payment while considering your entire budget.
Update your budget spreadsheet following each payment, so you know where you stand. You will probably find you need to make adjustments along the way. This is fine, so long as you keep track, you’ll know if your budget’s becoming stretched.
Many wedding suppliers ask for a deposit and then a final settlement later. You need to record this, so you don’t think you have more money left over than you do. Creating an ‘outstanding’ column in your budget spreadsheet is crucial. It’s best to also write in the date final payments are due.
Opening a joint or shared account that is just for wedding matters helps streamline the process and keep tabs. It’s much easier to manage if the wedding fund is detached from your regular account. Even if you have opened a joint account already, starting a separate one for wedding affairs is still a savvy move.
If you decide against a ‘wedding only’ account, you will have to be vigilant about checking your bank statements. This can be time-consuming, and it’s easy to lose control.
The same goes for the card you use for wedding payments. If you use the same card for every purchase, expenses are a breeze to keep a handle on. Expense recon can quickly get away from you if you’re paying from various cards and accounts.
If you need to use another card, make sure to add this to your wedding incidentals spreadsheet, so you don’t forget and go out of budget.
As you’ve probably picked up, the top tip here is the ‘power of one’. Use one bank account, one card, one spreadsheet, and one person to process all transactions. By doing this, you will save so much time and effort.
Now, go and organise your wedding finance system before you do another thing!
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