Financial management is the most crucial and important phase when you are planning a wedding. If not properly allocated, don't be surprised if your money will be drained away. Publisher and COO Weddingku Reza Paramita said wedding is actually cheap. What makes it expensive is prestige and lifestyle. It doesn’t seem natural if your finance go bankrupt just because of the wedding.
According to Reza Paramita, budget for wedding can be cheap, if you have no problem with the basic wedding concept. Because the most important thing from wedding is two become one, and legal according to your religion and government. If you only prioritize those two things, the budget you need is no more than Rp. 1 million. However, if you spend a lot of money, it’s because of lifestyle, that is why it’s called the 'wedding party'.
Agree with Reza, financial planner and Co-Founder of Zap Finance Prita H. Ghozie, said that lifestyle is the most influential in a wedding. Because according to lifestyle, a wedding that should be simple, instead becomes complicated. Starting from pre-wedding session, the wedding, and even the after wedding party. So it costs a lot.
If you still want to hold a wedding party, there are still ways so you won’t make your finance bankrupt. Here are the tips.
1. Make a Choice
Prita suggested, you should make a choice before planning a wedding reception. This choice is made if your financial condition is not sufficient to meet all your wedding needs, especially for ritual event. There are certain traditional cultures which have a lot of series, but it’s also difficult to leave one or several series.
If you are stuck in this situation, you have two choices. Be honest to your family and prospective in-laws that your budget is not enough, or postpone your wedding until your money can be sufficient.
2. Make Priority
Reza said, a wedding usually requires 30 vendors. A lot of vendor needs will make more expenses if you don’t prioritize it. The 30 vendors usually include decoration, photography, catering, and more. Prioritize the most important according to you and your partner, whether clothes, catering, or others.
Prita said, if you really prioritize one vendor and spend a lot, then reduce the budget for other vendors as a consequence. For example, if you prioritize catering, instead, you can choose simple decoration or exclude pre-wedding photo session.
3. Allocate Funds
You can use this method when you recognize your income, by finding the type of income, such as daily, weekly, or monthly. After that, you can determine what percentage of funds allocated from salaries for wedding, Reza suggested.
Prita suggests, you can set aside 10-20% of the funds you have for a wedding. In addition, you can also use the method of value-base budgeting, where you can set aside 50% of your income for the party. However, you need to sacrifice your lifestyle until the wedding party budgets are met.
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