The ultimate wedding guide
A wedding is often referred to as the greatest day in one’s life. Therefore, it is important that everything plays, which requires lots of planning. Read here and get good advice for a memorable, personal and financially thought-out wedding – without stress from engagement to the wedding night.
Your wedding is an important day
Three basic tips for planning a good wedding are to put in a well thought out budget, think differently and simply and plan well in advance.
The big day requires lots of planning, both in relation to bridal wear, dinner, guests etc.
Put a thoughtful wedding budget
Although one can do much to cut costs, it is inevitable that a wedding with guests will cost some money. Wedding planning must be a pleasure, but it can take a part of the joy if one has to worry about planning as well as every expense in the planning.
It is therefore a good idea to set a framework for how much you want to spend on the wedding right from the start.
How much money you want to spend should depend partly on the type of party you want to keep, how many guests you want to invite and how much you want to stand for yourself, and partly how much your savings, income and future income is.
In other words, the wedding budget – just like any other budget – must be a balance between expenditure and revenue. You do not have to arrange a more expensive wedding than you can pay, but conversely, it is a shame to hold a very small party because you have not had the opportunity to save – so loans for wedding can be an option.
In 2016, Danish couples used an average of DKK 52,606 for their wedding, according to Gallup. For churches, the average wedding budget was DKK 75,071. For many, it is probably more than you have just been in the account.
When you find out how much money you will spend on the wedding, you need to make a financing plan. It consists of six basic questions:
- 1. Expenses: How much will you spend?
- 2. Savings: How much do you have right now?
- 3. Time for savings: How long is the wedding?
- 4. Possibility of savings: How much can you put aside each month?
- 5. Help and contribution: Do you have the opportunity to get help from family or friends?
- 6. Loans: How much can and will you borrow?
An important part of the budget is accepting that you can’t get it all. Although each part of a wedding may seem affordable financially, it will be a lot of money in the end. The trick is to choose what is most important to you within your financial framework.
In the following example we show a financing plan for a wedding of DKK 80,000.
Also read How to put a budget
Look through your accounts. How much do you have and how much do you want to spend on the wedding? Keep in mind that emptying your accounts is never a good idea.
Even though you have a wedding ahead, unexpected expenses can still arise if the dishwasher breaks down or one of you breaks a tooth. So make sure you have a little profit and then see how much you can earmark the wedding. In our calculation example, we imagine having a savings of a total of DKK 20,000.
Once you have set the date of the wedding, you also know how long you have to save. Remember that you will need a portion of the money in the days before the wedding. Therefore, count on the month before the party itself to be your last savings month.
In our calculation example, we imagine that there are eight months for the wedding, so we have seven months to save.
Now, consider how much you can set aside for the wedding. Of course, you do not like distress, but it is a good idea to tighten everyday consumption slightly in order to save.
Saving is always more fun while looking forward to the party than paying off a large loan after the party. We imagine that we can set aside a total of DKK 4,000 a month.
Possibility of savings: 7 x 4.000 = 28,000 kr.
Together with the existing savings of DKK 20,000, it will be DKK 48,000. We are therefore missing DKK 32,000 to only celebrate a wedding for DKK 80,000.
Also read It is time to get a savings
Help and loans for weddings
Some are fortunate to be able to get funding for their wedding either in the form of parent or grandparent contributions, or in the form of cheap or interest-free wedding or family loans. It is very different if you have the opportunity and desire to use it.
Some families have a tradition that parents help financially, others have a bad time accepting money donations or getting into debt to their family. In our example, we do not include the possibility of help. This item is therefore 0 kr.
The last DKK 32,000 can therefore be financed either by reducing costs or by borrowing for the wedding. For example, you can reduce expenses and keep a cheaper wedding by asking friends to spend part of the party instead of giving gifts. If you agree to hold on to your financial framework, you can instead borrow them 32,000 kr.
Necessary transport It is also important to plan transport to and from the wedding, whether you get a friend to drive or whether you want to spend money on renting a limousine.
The price of a loan varies both in terms of loan amount and maturity – and in relation to your and your future spouse’s financial situation. It is therefore difficult to determine in advance what it will cost to borrow 32,000 kr.
Based on average private financial conditions, a loan through Anthony Adverse.dk estimated at DKK 1,674 per month for a loan amount of DKK 35,000 for two years or DKK 3,209 per month for one year.
At Anthony Adverse.dk you can try and see estimated loan offers on different amounts. The final price of the loan and the size of the loan size are always individual and determined on the basis of a credit rating of the borrower.
Unless you are looking forward to getting a higher income after the wedding, do not take a loan with a benefit greater than what you were able to save in the months leading up to the wedding. In our calculation example, the pain threshold is therefore 4,000 kr.
- 1. Expenses: DKK 80,000
- 2. Savings: SEK 20,000
- 3. Time for savings: 7 months
- 4. Possibility of savings: DKK 4,000 per. month
- 5. Help and contributions: DKK 0
- 6. Loans: SEK 32,000.