Thursday, 12 April 2012

Steps Taken in Drafting a Wedding Budget

By Alexa Ondra

After the fairly dust has settled and the fact that you’re engaged to the most wonderful person in the world, there is now need to sit down to set some financial parameters and form a wedding budget.

There are ten most common steps when forming a budget and these include:

Step 1: Have a real long chat with your partner. Discuss what kind of wedding you both want, your dreams, visions, indoor or outdoor, laid back, buffet among others.

Step 2: Make a list of what you’ll need. Each wedding is different but if you want a standard wedding, get the budget from friends who have been there, or wedding meeting minutes to see the list. You don’t have to follow it though, feel free to create your own traditions.

Step 3: Priotise this list. What means the most to you? Is the cake more important to you than music? Select what you want to be handled first.

Step 4: If you’re not fully funding your own wedding and introduction ceremony, meet with friends and or Key friends to get a picture of what they are willing to contribute. Be nice even if they are not contributing financially.

Step 5: Analyse your own finances. How much do you have available or how much can you make available in the near future without going broke? Bear in mind that average Ugandan wedding costs sh15m and above.

Step 6: Come up with a cash plan to raise what you need whether on a personal note or from friends.

Step 7: Start vendor window shopping. Compare prices and do a full background check using other couple’s experiences.

Step 8: Go back to the drawing board; compare estimated costs versus real costs found and adjust accordingly or re-plan.

Step 9: Appoint a finance manager specifically for the wedding incase you are poor at financial management. It has to be a trustworthy person with a knack for accounts.

Step 10: Review your budget after purchases every two days to make sure you’re on track.

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