Overview
The Get Married event is a Fixed Cost event, which means the budgeted amount will be added as a one-off cash outflow in the year that the event has been added to.
Event Options
Budget
You can use the slider to select how much you're planning to spend on your wedding or input a number in the field above the slider if you want to budget outside the default range for the Get Married event (2k-100k)
Inflation
You can select to Adjust for Inflation which will result in the number inserted into the model being increased at inflation (based on the default rate for your plan which can be configured from the scenario settings sheet).
Why you probably want to Adjust for Inflation (and when you might not)
When planning for a future expense, it’s important to remember that prices go up over time - that’s inflation.
Say your friends are spending $50,000 on their weddings today, and you’re planning yours to be similar in three years. If prices rise by 2.5% per year, that same wedding could cost $53,844 by the time you book it.
To make sure your plan reflects what you’ll actually need, Canwi lets you adjust for inflation automatically so that your expenses make sense in the future.
How Inflation Affects Future Costs
Year | Value in Today's Dollars | Adjusted for Inflation (2.5% per year) |
Today | $50,000 | $50,000 |
1 Year | $50,000 | $51,250 |
2 Years | $50,000 | $52,531 |
3 Years | $50,000 | $53,844 |
When you might not want to Adjust for Inflation
There are times when planning for inflation isn’t necessary.
For example, if you’re planning your wedding in three years but you’ve already set a firm budget of $50,000 and know you’ll make it work within that amount, then inflation doesn’t really matter - you’ll just adjust your choices to fit within the budget, whether that means picking a different venue, reducing guest numbers, or cutting back on extras.
If that’s the case, you can toggle "Adjust for Inflation" off and skip inflation adjustments.