You’ve made it from your first date to setting your date and enjoyed everything in between. First off congratulations! Choosing to spend your life together is one of the most important decisions you will make in your life. Now on to planning the big day with the person you love and cherish!
There are many key aspects which, when addressed during wedding planning, will take away some surprises and unexpected financial tension post ceremony. With the average cost of a South Asian wedding steadily increasing, some foresight and planning can alleviate unnecessary stress.
Budget
Budget, like diet, can be an ugly word but it is also one that is absolutely necessary. Between designer wedding gowns, top tier DJs, and elaborate cakes, price tags can increase faster than the public’s disdain for Trump’s foreign policy…but I digress. Once you have a budget in mind it’s easier to allocate funds to different items. Where the funds come from varies from family to family so unless the bride and groom have full financial freedom to have the wedding of their dreams, a sit down with your parents may be in order in regards to what they are willing/able to help pay for.
As a side note, whilst visiting various wedding blogs for fashion inspiration for the 2017 wedding season, I noticed several suggestions for couples (or their parents) to take out short term collateral loans as a means to pay for a wedding. Please take this with a grain of salt, and consult an independent financial advisor before undertaking large amounts of debt to finance a wedding.
Prioritize
While a full bar stocked with premium liquor may be of utmost importance to some couples, it may make no sense to others. Some couples may spend a pretty penny on lighting setups, by contrast I’ve personally been asked by a bride to ensure her reception doesn’t “look like a Las Vegas nightclub at any point”. It’s wise to come to a happy medium with your partner as to what you are willing to spend money on, and where you can save.
Hire a wedding planner
If you’re unsure about what you want and how much you want to spend on what, hiring a wedding planner may be the single best decision you make. The planner would have industry knowledge and insight into trends, vendors and price points and likely will help you get the best value for your budget. From a time point of view, it may be fun doing certain wedding tasks (like cake tasting) and boring to do other ones (like booking transportation) so why not relieve some of the stress and hand those tasks over to a pro.
Discussing different aspects of wedding planning, and how those plans are going to be paid for, is essential before you get to the fun things like cake tasting and outfit trials. It may be an uncomfortable discussion up front, but it will save you much aggravation in the long run. Best of luck to you in your planning…I usually say “to a good financial future” but to you my dear brides and grooms, I say “to a happy married life”.
Bharathi Sandhu works with Raymond James Ltd. The views of the author do not necessarily reflect those of Raymond James Ltd. Information is from sources believed reliable but cannot be guaranteed. This is provided for information only. We recommend that clients seek independent advice from a professional advisor on tax-related matters. Securities offered through Raymond James Ltd., member of the Canadian Investor Protection Fund. Insurance services offered through Raymond James Financial Planning Ltd., not a member of the Canadian Investor Protection Fund
