You're finally engaged and excited to share the news with everyone! I don't blame you because this is such an exciting time in your lives. In all of the excitement and joys of deciding what type of wedding you would like, the very first thing you and your finance need to establish is your wedding budget.
You will both need to sit down with both sets of parents and decide who is willing and able to pay for what and how much they are willing to allocate to your wedding. There are the traditional roles parents play when it comes to paying for wedding items, but I"ll blog more on that topic later this week! You and your fiance can also decide how much you are willing to allocate to your wedding.
In addition to seeing who will contribute, how much and to which aspects of the wedding (your parents will pay for the ceremony and reception venue while your soon-to-be hubby's parents want to contribute to the food and alcohol,) you can also use this formula:
(# of months you have before the wedding) X (amount you can put aside each month) X (your parents' contribution and any other savings) - (5 percent (set aside for cost overruns))= Your budget!
So, let's say that you are 13 months from your wedding date, you are able to set aside $300 each month ($3900), your parents are going to contribute $15,000, and you allot for cost overruns. Your wedding budget would be roughly around $17,900.
You need to make sure everyone is comfortable with what they are able and willing to contribute. This will definitely keep things from feeling awkward and keep things in perspective as you begin your planning process.