Mostly because, sadly money doesn't grow in trees...
And money is an aspect of a wedding that no one really wants to talk about or deal with.
But a wedding budget can be very helpful in not only helping to eliminate some of the associated stresses with planning a wedding, but also lets you see and understand many aspects of your wedding day. As wedding experts, we feel that a key component in getting married is creating a budget, a basic guideline for how and where you choose to spend your hard-earned income. There are lots of tools out there to help you create a plan and of course we are happy to help you too!
And money is an aspect of a wedding that no one really wants to talk about or deal with.
But a wedding budget can be very helpful in not only helping to eliminate some of the associated stresses with planning a wedding, but also lets you see and understand many aspects of your wedding day. As wedding experts, we feel that a key component in getting married is creating a budget, a basic guideline for how and where you choose to spend your hard-earned income. There are lots of tools out there to help you create a plan and of course we are happy to help you too!
As you get started in budgeting here are a few things that you should keep in mind-
1. Determine your overall budget: Start by setting a realistic budget for your wedding. Consider your financial situation, savings, and potential contributions from family members if applicable. And always add and extra 15-20% for unexpected expenses. Even if you don’t use it, you can apply it to your honeymoon funds!
2. Prioritize your expenses: Identify the most important aspects of your wedding and allocate funds accordingly. Common priority areas include venue, catering, photography/videography, attire, and entertainment. And create a list of must haves, things that you feel make or break your wedding day. Some couples have photos as their must haves, some food or even fresh flowers. Knowing what is important to you, will help create a budget that keeps that a priority.
3. Break down, but don’t have a break down! Make a list of categories such as venue, decorations, attire, food, beverages, invitations, photography, entertainment, etc. Assign a percentage or monetary value to each category based on your priorities. Be aware that this may change as you progress in your wedding adventure.
4. Shop around, gather information, along with pricing: Reach out to vendors to gather quotes and understand current market prices. This will help you identify areas where you can save or splurge based on your budget.
5. Put it to paper, or computer, or phone app. Having something to track what you spend is key to keeping your budget under control. Excel is great and there lots of budgeting tools out there that work great too. We also have a great budget excel sheet for you to use that we can work together on to customize it to your needs.
6. Be flexible: Adjust your budget as you proceed. It's common for unexpected costs to arise, so be prepared to reallocate funds if needed.
7. Look for cost-saving opportunities: Explore ways to save money without compromising the quality of your wedding. This could include DIY decorations, considering off-peak wedding dates or weekdays, or opting for a smaller guest list,. Lets talk about how best we can work together in creating the wedding you want without breaking the bank.
8. Plan for contingencies: Set aside a small portion of your budget as a contingency fund to cover any unexpected expenses or last-minute additions. This is where that 15-20% comes in.
9. Keep track of payments: Maintain a record of all payments made and their respective due dates to ensure you stay on top of your financial commitments.
10. Regularly review and adjust: Regularly review your budget and make adjustments as necessary. This will help you stay within your financial limits and maintain control over your expenses.
Remember, a wedding budget is a personal decision, and it's important to prioritize elements that are meaningful to you and your partner. And these are all just guidelines, as each wedding or special event requires different budgets to accommodate your wants and needs.
Let's talk more about how we can help you in this aspect of your wedding adventure!