My fiancee and I just got engaged 2 weeks ago and it seems like the first step in planning a wedding is setting the budget, and we have no idea how much to spend. We talked about it today and narrowed it down to more than $12k and less than $50k, but we'd like to have something much more specific to aim at before moving forward.
Here is our financial situation:1
401ks: Maxed
Housing: Bought a house in May. Still owe >450K. We're not paying PMI. We are putting in an extra $1k a month on the morgage each month so far.
Debt: None other than the house.
Emergency funds: Got em. They won't be included in the savings numbers below.
Savings: Him: 7k. Me: 29k earmarked for a wedding. 24k earmarked for a house downpayment that didnt end up getting spent. I am adding ~$1800 a month to this fund. Total savings right now: $60k.
Our Parents: Willing to help, but not sure how much right now.
So we are in a good situation and feel like we don't have to go super budget on this. We can afford to throw a decent party, but our values are frugal, we'd be horrified at spending 100k on a wedding, and we keep thinking about the compound interest that could be gained for each dollar we spend on the house instead of the wedding. Should we aim for our area average (38k). Should we aim on the low side and just be ok with overages? I'm having trouble finding advice for this situation online. Most of it seems to be "Save as much as you can then spend it all". We don't want to spend our full 60k, so how do we choose a different number?
Submitted October 07, 2019 at 10:03PM by throwaWeddingBudget https://ift.tt/2OsEGUI
