Creating a budget after postponing your wedding

Creating a Budget After Postponing your Wedding

March 31, 2021

COVID-19 has thrown a ton of curveballs for many, and this may have resulted in you and your groom or bride-to-be having to postpone your wedding. Although postponing your wedding may be the best decision for you and your guests, it will require careful planning and a re-evaluation of your budget. Follow along for tips on how to set (or reset) your postponed wedding budget!

Calculate a rough estimate

The first step to creating any budget is to determine how much money you’re able to spend and how much your expenses will be. Calculate you and your partner’s monthly income after taxes and any extra income you may have accumulated from side hustles. Next, you’ll want to determine how much money you’re typically spending each month on rent, food, and other expenses, and subtract that from your income. Also, consider where you can cut costs on non-essentials. This will help you determine how much money you and your future spouse have left over to spend on the wedding.

Other factors you’ll want to consider is if others are chipping in for wedding costs and, if so, how much they’ve agreed to pay. This may allow you to invite more guests or decide to splurge on unique wedding favors, and will be important to include in your budget.

Evaluate any postponement fees

Once you’ve gotten a rough figure of how much you’re able to spend on your wedding, you’ll want to make sure your vendors and venue(s) allow for postponement and, if not, what their fee is. Many venues have allowed couples to reschedule their wedding free of charge, but this may not always be possible. If there are several postponement fees, it may be a good idea to have those added in a list to organize your remaining expenses.

After agreeing upon a new date with your venue and vendors (photographer, DJ, etc.), you’ll need to re-secure a contract with them noting the correct date. Once your new date is settled and confirmed, consider utilizing wedding insurance to make sure you’re covered in the case of another postponement or cancellation.

Tally up your remaining wedding expenses and consider other major upcoming expenses

You may have finished up wedding planning long before deciding to postpone your wedding or only had minor expenses left to account for. Whatever the case may be, make sure to add in any outstanding expenses to your list and tally them up. This will help you determine whether the budget you’ve set can be lowered or if you’re exactly where you want to be.

Now that you have an idea of how much you can spend for your wedding it’s a good idea to consider other major expenses you will have in the future. For example, you may be thinking about how much house you and your spouse can afford for your forever home. This major expense is something that shouldn’t be taken lightly and may be a cause for you to lower your wedding budget. Other major life expenses to consider include: if you’re hoping to start a family soon after marrying, new vehicles, or paying down student debt. Calculating how much you’d like to spend on these expenses will likely influence how much you’re willing to spend on your wedding.

Creating a wedding budget with the added roadblocks the pandemic has created is no easy task and should be given careful thought and consideration. But with the right tools and planning, it will be a life-saver in the long run and allow you to have the wedding of your dreams.