(Closed) what percentage of your income is your budget

posted 10 years ago in Money
  • poll: What percentage of your combined income is your budget?
    10% or less : (17 votes)
    30 %
    25% or less : (23 votes)
    40 %
    50% or less : (15 votes)
    26 %
    100% or less : (2 votes)
    4 %
    more than 100% : (0 votes)
  • Post # 3
    Member
    122 posts
    Blushing bee
    • Wedding: June 2009

    Great post. 

    I feel the same way sometimes, scrimping vs. spending too much.

    At the end of the day, I don’t want our day to impede our future plans.  We refuse to pay for this one day for several years into the future so it was important for us to do something that we could save to pay for and not accure debt going forward.

    Post # 4
    Member
    133 posts
    Blushing bee

    It makes a big difference if you mean pre-tax or take home pay. We are in our early 30s and have had a chance to complete grad school and build our careers a bit, so for us it’s roughly 5%. This is strategic because we were clear we wanted only close family and friends and we had other things to do with our savings beyond the wedding (house downpayment, travel, saving for a kid/ maternity leave, retirement).

     If we had planned this wedding when we were 25 and making far less money, it would have been 50%!

     One observation is that as my friends have gotten older, the weddings have had a smaller number of guests. I think couples who get married in their early twenties often have their parents paying for most/ all of it and lots of pressure to invite friends/ co-workers and neighbors of the parents. Once you’re in your thirties, a huge wedding is significantly less appealing (why does my mother’s neighbor’s sister need to witness my vows?) and you are thinking ahead to other priorities like having kids, buying a house, eventually retiring that have to be balanced with a wedding.

    Post # 6
    Member
    5822 posts
    Bee Keeper

    I think like Sakoro says, as you get older, you make more money, and your wedding seems to be smaller (and less gawdy).  Or maybe it’s just that as we’re older we don’t need the fanciest or largest or whatever, so we’re able to “edit” our own idea of what a wedding should be.

    Post # 7
    Member
    133 posts
    Blushing bee

    I don’t know what the difference is when you’re in your early/mid-30s versus early/mid-20s. By that time, you’ve witnessed your friends’ weddings and probably realized that the bigger the wedding, the more drama and stress that can occur. Also, you’ve attended a variety of weddings and probably have a better idea of likes and dislikes. But I think also as you get older and more confident in your ability to make adult decisions, you are better at standing up to parents, in-laws and pushy vendors. Also, there is a big difference when you’re spending your own money versus somebody else’s money.

    Of course these are huge generalizations and there are plenty of young brides who have no problem sticking up to pushy parents and vendors. And there are some older brides who want the big, over-the-top wedding and more power to them 😉

    Post # 8
    Member
    124 posts
    Blushing bee
    • Wedding: March 2010

    My fiance is still in college so we only have one income right now, but neither of us wants a really fancy wedding so we’re sitting quite happily at under 25%.

    Post # 9
    Member
    1246 posts
    Bumble bee
    • Wedding: June 2009

    If we were paying for it, it would be 66% of our annual after-tax income. Luckily…we’re not.

    Post # 10
    Member
    1238 posts
    Bumble bee
    • Wedding: August 2008

    Um… I don’t know how many of the people who voted are actually paying for everything themselves, but if they are WOW! Seriously, 50% of your income?  How do you do it? 

    I just don’t understand spending money that isn’t actually yours (I’m not talking about money from parents, I’m talking about Credit Card and other debt) on something that in reality shouldn’t cost much at all.  Unless you can afford to pay the debt off quickly, that interest is going to be horrible.  I don’t mean to offend anyone; it is just something I don’t understand.  I, personally, just could not justify it.

     

    Post # 11
    Member
    286 posts
    Helper bee
    • Wedding: October 2007

    Calioteach – when you’re making $200k, spending $50k-$100k might be easily affordable.  Same thing if you are living at home, have no real bills, make $20k, and have a $5k-$10k wedding.

    Post # 12
    Member
    18 posts
    Newbee

    For me it will probably be about 35% of our combined, pre-tax income. One thing to consider (this is the case for me) is that I will have been saving for a few years, so it’s not like it’s coming from one year’s salary. 

    Post # 13
    Member
    2889 posts
    Sugar bee

    I recently went back to school so we are also on one income and end up with about 25% of his pre-tax income, however, I have a decent amount saved from when I was working and he is planning on putting a large amounf of his bonus this year and next towards the budget so we feel pretty confident that we can afford to go ahead with our plans without going into debt and while still saving for other things in life such as a house. As of now, we are planning to pay for the whole thing on our own.

    Post # 14
    Member
    2204 posts
    Buzzing bee
    • Wedding: June 2009

    I’m living at home to save money until the wedding and mine is about 40%, including parental contribuations.  We are spending almost half the amount of money on the honeymoon than we are on the wedding, because that was really important to us…so we are skimping a little to keep things under budget

    Post # 15
    Member
    1246 posts
    Bumble bee
    • Wedding: June 2009

    Well, it’s easy to spend the equivalent of 50% of your income when you’re both grad students. ; )

    The topic ‘what percentage of your income is your budget’ is closed to new replies.

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