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How to Budget for a Wedding with Advanced Planning Wedding budgets can quickly spiral out of control, but with advanced planning, you can host your dream wedding. Learn how to budget for a wedding today. How to budget for a wedding Bank of America Budgeting for your child's wedding day Weddings are expensive, and helping to pay can be stressful. These simple steps can ease the stress of budgeting for your child's wedding. Preparing for the big day It is common today for couples to pay for their own weddings, but if you're a parent who plans to contribute to your child's wedding day, here are some steps you can take to ease the budget stress and balance wedding dreams with realities. 1. Understand the big picture Wedding costs have been increasing since the economic downturn of 2008. In 2014, the cost of an average wedding reached a record high of $31,213, according to Those costs may be daunting, but some advance planning can ease the pressure, so when your son or daughter says, "I'm getting married!" you can enjoy the experience without worrying about money. 2. Start with a conversation Once your child becomes engaged, have an honest conversation with the couple about how to budget for the wedding. Discuss their expectations and give them a more specific idea of what you can contribute. Decide if you will be paying for specific expenses or offering a lump sum for the couple to use as they wish. Also check in with any other family members who may be contributing to the wedding budget and agree on a preliminary amount of money you think is appropriate. Make sure your kids know about your plans. That way there won't be any misunderstandings. 3. Decide where to save Assuming the big day is no more than a few years away, consider vehicles that will protect your savings while providing some growth potential. For example, money market accounts tend to earn higher-interest rates than regular savings accounts. And Bank of America Preferred Rewards members may have access to a Rewards Money Market Savings account interest rate booster. Or choose a CD. Certificates of deposit generally offer a higher rate of interest in exchange for your agreement to keep your funds on deposit for a set period of time. 4. Help set a budget Offer to help the couple make a wedding budget. Explain that setting a limit on how much can be spent on each item will keep the costs from creeping beyond what you and they can afford - and help them prioritize what's important. 5. Look for ways to save You can hold a beautiful, memorable wedding and still find places to save. For example, renting a venue for any day other than Saturday is often less expensive. The same goes for finding venues outside of metropolitan areas. The average cost of a wedding in Manhattan in 2014 was $76,328; in Utah: $15,257, according to 6. Resist risking retirement savings Resist the urge to dip into your retirement savings to help your son or daughter pay for their wedding. Not only will you incur potential early withdrawal penalties, but you'll also lose out on the interest and earnings that money could accrue. An occasion to celebrate Planning and budgeting for a wedding in the family can allow you to celebrate this joyous occasion without worrying about your bank account balance. Take the time now to think about how you'll contribute, and then move forward with confidence. how to budget for a wedding, how to budget a wedding, budgeting for a wedding, how to make a wedding budget, how to set a wedding budget

Budgeting for your child's wedding day