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WalletPrep worksheet · Life events

How to make a wedding budget you can actually afford

Name ____________________ Date __________

Key ideas

  1. Your savings set the total. Add what you have, what you can save each month until the date, and confirmed family gifts. That is the budget.
  2. Guest count drives most of the cost. Food, drinks, rentals and venue size grow with each guest. Cutting 20 guests can save more than any single swap.
  3. Keep a 10% buffer. Fees, tips, alterations and last-minute items show up late. Hold back 10% of the total so they don't hit a credit card.

Vocabulary

Form W-4
The form you give your employer to set how much federal income tax is withheld from each paycheck.
Emergency fund
Cash set aside only for surprises like a job loss, a car repair or a medical bill. A common goal is 3 to 6 months of essential costs.
Sinking fund
Money you set aside a little at a time for a known future cost, like car insurance, holidays or a new laptop.
Tax withholding
Income tax your employer takes out of each paycheck and sends to the IRS for you, as a prepayment of your yearly tax.
High-yield savings account
A savings account that pays a much higher interest rate than a typical bank savings account, often offered by online banks.

Work it out

Priya and Sam are getting married in 16 months. They have $3,000 saved, want about 90 guests, and agree food and photos matter most.

  1. Venue and food
  2. Photos and music
  3. Clothes and rings
  4. Flowers and other
  5. 10% buffer
  6. Wedding budget
  7. Already saved
  8. Still to save
  9. Months to the date

Check yourself

  1. A couple has $4,000 saved and a $16,000 budget, with 12 months to go. How much must they save each month?

    • A. $1,000
    • B. $1,333
    • C. $1,250
    • D. $800

  2. Which change usually cuts a wedding budget the most?

    • A. Cheaper invitations
    • B. Fewer guests
    • C. Skipping favors
    • D. A shorter playlist

  3. Why pay a vendor deposit with a credit card you'll pay off in full?

    • A. It earns the vendor more
    • B. Deposits on cards are always refundable
    • C. It gives you dispute rights if something goes wrong
    • D. It raises your credit limit

Your turn

Each of you write down your savings, what you can save each month, and your top three wedding priorities. Compare lists, agree on a total, and open a separate savings account with an automatic monthly transfer.

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Answer key

How to make a wedding budget you can actually afford

Work it out

  1. Venue and food$7,500
  2. Photos and music$2,500
  3. Clothes and rings$1,500
  4. Flowers and other$2,000
  5. 10% buffer$1,500
  6. Wedding budget= $15,000
  7. Already saved− $3,000
  8. Still to save= $12,000
  9. Months to the date1 yr 4 mo
  1. Their categories add up to $13,500, and a 10% buffer of the $15,000 total adds $1,500.
  2. They have $3,000 saved, so they need $15,000 − $3,000 = $12,000 more.
  3. Over 16 months that is $12,000 ÷ 16 = $750 a month, or $375 each, moved automatically into a separate wedding account.

Check yourself

  1. A. $1,000 $16,000 − $4,000 = $12,000 left. $12,000 ÷ 12 = $1,000 a month.
  2. B. Fewer guests Food, drinks, rentals and venue size all scale with the guest count, so fewer guests lowers several categories at once.
  3. C. It gives you dispute rights if something goes wrong Federal law lets you dispute billing errors with your card issuer, and you may have more rights over quality problems under state law. Cash and wires are hard to recover.