Americans are spending more on weddings each year. In 2012, the average wedding cost $28,427, up from $27,021 in 2011. This CNN article linked here has an average list of spending by item that goes toward planning a wedding. Try comparing these costs to your own budget and shop around to help give you a frame of reference during the planning process. HelloWallet is here to help you keep track of your spending and make sure that you are able to spend within your means.
Start with planning a budget of what you have saved and what you plan to spend. Be sure to add this savings to your HelloWallet account so that we know what you’re working with. Add items to your Spending Guidance Wish List in the order that you plan to purchase them. For example, if you know you need to put down a deposit for the venue before you purchase your invitations, you can re-order your list based on priority. Your Spending Guidance will evaluate your current savings and make sure that you still have money set aside for an emergency in case something happens. View the recommended amounts to have saved before making any purchases so that you know how your savings balances will be affected by your spending. HelloWallet will help make sure that the joy of being a newlywed isn’t clouded by any debt.
To keep track of your spending over time, think about creating a custom category for wedding purchases. This way, each month you can keep track of how much you’re spending by viewing your Trends by category.
One of our Community Managers, Andrea, has found success in tracking her wedding plans over the past year using her HelloWallet account. Since she and her fiance share their finances and their HelloWallet account, this was a great way for them to keep track of their spending during the planning process.
Let us know how your wedding planning goes and how we can help you save and spend smartly in the future.