Happy New Year! 
A new year is usually a wonderful time for engaged couples to start their wedding planning and start excitedly counting down the days to the biggest event of their lives. However, the recent financial crisis has put quite a dampener on many young couples’ wedding plans. Weddings are very expensive affairs and in light of the economic downturn, many have preferred to defer their wedding reception or marriage plans until the economic situation has improved.
So if you have breathelessly said “Yes” to his proposal recently, should you consider deferring your wedding? Not necessarily.
Previously, I shared some great wedding budget tips to get you started on the preliminary planning of your wedding. Now, as your wedding plans start looking a little more concrete, read on to learn how you can still plan for a 2009 wedding with a limited budget.
Draw Up A Wedding Budget
Sit down together and draw up a wedding budget. Try to be as realistic as you can and try to cover as many areas of cost as possible. It might help to mentally “walk through” your wedding in your mind to visualise where your expenses are.
When starting your budget, be as bold as you can with what you believe your dream wedding might cost. Try not to be alarmed at the final tally (I was shocked at mine!) as it provides a good overall picture for you to start trimming down your expenses to suit your budget!
Tip: This is often a stressful time for couples as money is a very touchy subject. Often, women have very grand plans for their wedding whilst men are usually less particular and might question the necessity of spending all that money. Do try to find a common agreement and compromise on what the wedding should be like. Ultimately, it will be both your day
Start Saving Together
A wedding is a delicate financial project and like all projects, can have various forms of financing.
Some lucky couples have generous and well-off parents who might offer to fund their entire wedding expenses. Some couples opt for the traditional measure where the groom ends up footing most of the wedding expenses which can be a really hefty financial burden. However, in these times, most couples usually opt to share their wedding expenses.
If you are planning to share your expenses, have a heart-to-heart talk with your fiancé or fiancée on how much you can each contribute to the wedding fund and agree on each partner’s contribution. Consider having a joint account and be disciplined about putting money in every month. You might be surprised at how quickly the money can grow to help you towards your dream wedding.
Tip: Work backwards from your intended wedding date to determine how much you will need to put aside each month to help you reach your intended amount.
Wedding Theme
When planning your wedding, be upfront and honest with your partner about the type of wedding you have always wanted; be it a garden wedding, a grand fairy-tale wedding or a simple and elegant affair with minimal tables. Then discuss together how best you can both meet your expectations whilst keeping to your budget.
Many couples today are opting to do away with the traditional 30-table banquet of strangers in favour of a smaller and more intimate dinner party with close friends and family. This way, you get to spend your special day with those who truly matter to you and have better control over your expenses as smaller wedding dinners will usually cost less.
Tip: With a smaller wedding dinner, you can choose from a whole host of exciting and unique wedding reception venues in elegant settings which will help you create a truly memorable wedding reception.
Planning for Contingencies
Wedding guests sometimes bring with them an ang pow or money gift in the place of gifts to help the newly weds get started in their new life together. Although some money gifts can be anticipated, it is still important to have an amount set aside for contingencies in your budget as a prudent measure as there are expenses which may crop up unexpectedly on your wedding day itself. In some cases, the money you receive during your dinner might fall short of your total expenses, especially in light of the recent worldwide recession where some wedding guests may reduce the amount of their gifts.
Tip: By having some contingencies built into your wedding budget, any additional money that come your way could be a very useful bonus to go towards your first home together or your honeymoon.
It is usually difficult to get excited about money and financial budgeting, especially with the high expenses a wedding demands. In addition, the recent financial crisis does put a lot of pressure on hosting a wedding. Money is also a very sensitive topic, even amongst married couples, so approach this subject with an open mind and right attitude as you start your first important discussion as man and wife towards planning your future
With having the right expectations, financial discipline and planning, you can still afford to have a wedding dinner without breaking the bank.
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