In the post-COVID-19 economy, businesses big and small are facing new challenges in the US and global markets. Volatility, uncertainty, complexity, and ambiguity have become the new norm in many industries, making it vital for companies to prioritize business resilience, particularly when it comes to budgeting, cost savings, and lowering operating leverage. One way to reduce costs in wealthier countries is global expansion. By relocating support functions to lower-cost regions overseas, business leaders can better position their companies to weather any uncertainty that may lie ahead.

What is a family budget?

A family budget is a plan for your household’s incoming and outgoing money over a certain period of time, such as a month or year. For example, you may aim for certain dollar amounts or percentages of monthly income to go toward various expenses, like groceries, as well as saving, investing and paying off debt.

Many people simply spend their income without being intentional about it, she says, but you get to decide how to allocate that money so that it works for you.

“We all have an incredible opportunity to create wealth for ourselves and to create financial freedom, but we have to have a strategy around that,” says Moore, who's also the founder of Modern Money Education, a financial education and coaching firm. “We can’t just wing it.”

Start your family budget with estimates

A family budget is a plan for your household’s incoming and outgoing money over a certain period of time, such as a month or year. For example, you may aim for certain dollar amounts or percentages of monthly income to go toward various expenses, like groceries, as well as saving, investing and paying off debt.

• Venue and Catering: Allocate a significant portion of your budget for the wedding venue and catering, as these are typically the most expensive aspects.

• Attire: Include costs for the bride's dress, groom's attire, bridesmaid dresses, groomsmen attire, and accessories.

• Photography and Videography: Set aside funds for professional photography and videography services to capture memories of your special day.

• Decor and Flowers: Budget for decorations, flowers, centerpieces, and other embellishments to create the desired ambiance.

• Entertainment: Consider expenses for music, DJ or band, as well as any other entertainment options for your guests.

• Stationery and Invitations: Account for printing and mailing costs for save-the-dates, invitations, programs, and thank-you cards.

• Wedding Planner/Coordinator: If hiring a wedding planner or coordinator, factor in their fees.

• Miscellaneous: Plan for unexpected expenses or additional items such as wedding favors, transportation, and accommodations for out-of-town guests.