2013 Stick to it! – Wedding Budgets

wedding cakeCongratulations on your recent engagement! Ok, maybe you didn’t get engaged but you might know someone who did. According to TheKnot.com, the most popular month to get engaged is December (16%) and the average cost of a wedding is just over $27,000.  Wouldn’t it be great to have the wedding day you want and stay on budget? The smart couple can have their cake-pops and eat them too with a well thought out budget plan for the special day.

Your first wedding planning to-do is setting a wedding budget. Estimate how much money you can and want to save over the length of your engagement. Since most engagements last 12-16 months, couples should have plenty of time to create a realistic savings goal. From the invites to the reception, it will help to breakdown the wedding into sub-categories and create a budget for each of them. Start by creating a basic wedding checklist:

Ceremony

Reception

Attire

Photography

Invites/Stationery

Flowers

Cake/Bakery

Look for a wedding budget checklist and planning worksheets online or create your own. Make it as simple to complex as you desire. Once you have a checklist or worksheet set, begin to research and get quotes from at least three places/businesses in each of the categories to find an average cost. Use those numbers as a guide to help figure an overall budget. The many wedding expos and events that take place this time of year would be great resources. There are a handful of vendors in almost, if not all, of the categories.

Unison has a great financial tool to help you organize your wedding budget and stick to it!  We cordially invite you to open a sub-share savings account. Sub-share accounts will allow you to categorize each aspect of your wedding. Under your main savings you can add up to 11 sub-accounts and name them to correspond with your wedding categories. The convenience of It’sMe247 online banking will allow you to effortlessly transfer money between savings, sub-shares and your checking account. Add CU*Easy Pay bill pay to your checking for a super quick way to pay your wedding vendors.

An unexpected circumstance or expense may occur along the way, affecting your wedding savings goal. If assuming some debt for the big day is inevitable, shop for the best low rate credit card or loan. Add up how much money you have saved for the wedding and how much you have left to pay. Calculate what you will be able to set aside for post-wedding bills each month. Unison’s Visa® Platinum Credit Card low-interest rate will help keep your payments manageable. There is no annual or balance transfer fee and you can make payments or track purchases online from your It’sMe247 account. Other options are to take out a personal loan or Unison’s kwik cash line of credit. Find more info about kwik cash under the “Borrowing” tab on our website.  

Making a budget for your wedding, and sticking to it, will let you enjoy your special event without suffering from a financial hangover the day after.  

Thank you for choosing Unison to help you realize your financial potential in 2013!

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