How to Financially Prepare for a Wedding

Planning a wedding can be both magical and stressful for couples and their families. One way to reduce stress is to plan the budget and expenses ahead of time, which provides reassurance and control over financial decisions.

We talked with Casey Pittman, a professional wedding planner originally from Central Illinois. As owner of The Moment by Casey in Oklahoma, she provided her perspective on the importance of making financial decisions together and gave examples of her experiences collaborating with couples to orchestrate their dream weddings. We also talked with Millie White, a Regional Deposit Manager at First Mid. Millie is currently planning her own wedding and offered valuable insights from the banking and financial side of wedding preparations.

Q&A with Casey

1) What is the typical budget your clients work with?

One of the first steps in wedding planning is setting a realistic budget and clearly understanding your financial limits. Most clients start with budgets around $15,000 to $20,000. We discuss must-have items and adjust to fit their comfort zone. It's crucial to prioritize what matters most to you as a couple.

2) What costs are top-of-mind for clients when planning a wedding?

Clients prioritize the venue, guest count, and food, which dictate other expenses like rentals and vendors (i.e., caterers, photographers, videographers, music, etc.). It's essential to finalize your venue early to avoid last-minute surprises.

3) What are some often overlooked costs people neglect?
Rentals, florals, and vendor tips are commonly overlooked. Clients underestimate floral costs and forget to budget for vendor gratuities, which can add up quickly and should be factored into their budgets.

4) What is your advice for couples with tight budgets?
Creativity is key. To prioritize what's most important, consider weekday weddings to save on venue costs or reduce guest counts and floral expenses.

5) What is your best tip for wedding clients regarding financial planning?
Stay true to yourselves as a couple. Incorporate personal touches and spend where it matters most to you.

Q&A with Millie

1) What are some helpful tips for starting to plan a wedding?

Set a clear budget and savings plan early. Consider a buffer of around 10% in your budget for unexpected expenses and prioritize spending based on your values. Whether it's the food, venue, or entertainment, allocating your budget to your priorities ensures you make the most of your wedding day without overspending. Keeping track of expenses in a spreadsheet or other online budgeting template can also be helpful.

2) Which accounts at First Mid would suit short-term wedding planning?

Our Money Market account offers higher interest rates than a standard savings account along with flexibility, making it ideal for saving effectively while managing wedding expenses.

3) Couples now consider their financial future alongside their special day. Should some of the wedding funds go to other important expenses?

Decide on priorities together and ensure you're on the same page. These decisions can depend on the couple's stage of life. Discuss whether to allocate more to the wedding, honeymoon, or other long-term goals like buying a home, having children, or paying off student debt.

4) How can parents be involved in wedding planning from a financial standpoint?

Family dynamics, cultural beliefs, and financial situations will significantly influence this. If a couple wants financial help, they should ask parents early in the budgeting process if they can contribute. No one should be expected to contribute, but if they do, it's important to get a clear figure early to plan accordingly. If parents contribute, they should have some say in the planning, including input on guest lists and priorities. It's important to know what their expectations are before accepting their contribution.

5) Do you have any tips for budgeting for the couple's rings?

Budget separately for an engagement ring and wedding bands. When deciding on rings, consider affordability and savings goals. Use financial tools like Money Market accounts to save gradually and earn interest, ensuring these expenses fit comfortably within your wedding budget.

Ultimately, couples should make decisions that reflect their values, personalities, and financial situation. Planning thoughtfully and communicating openly about finances can create a memorable and more enjoyable day within your means.

When you're ready to start planning and budgeting for your special day, consult your local First Mid banker. They can assist in navigating financial decisions and setting up accounts suited to your goals. Find the First Mid location nearest you in Illinois, Missouri, Texas, or Wisconsin here.

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