What you need to know to create a wedding budget
Getting engaged is such an exciting season. It can be so easy to get swept away when dreaming of your big day while finding the ideas for the style and overall look you're going for. But while dreaming is so fun, your budget may not always allow you to go as elaborate as you want for your wedding. Creating a realistic wedding budget is an essential step in planning the big day. Here’s a step-by-step guide to help you establish a budget that works for you.
1. Determine & Create Your Overall Wedding Budget
Start by deciding how much you can afford to spend on your wedding because everything you do is going to hinge on how much you have to spend overall. Consider contributions from family, savings, and any potential loans. While some people are totally comfortable putting things on credit cards, it doesn't mean that you have to. Establish a budget that works best for you, and build your wedding around that. Google searches can tell you how much to expect to spend on an average wedding in your state, but I can personally tell you that it can vary greatly depending on your location. You can expect to pay more getting married closer to bigger cities, and you can expect to pay less in more rural areas.
2. Break Down the Budget by Category
Allocate your budget into specific categories. Some common categories include:
Venue: Rental fees, set up fees, etc
Decorations: Table linens, signage, centerpieces, & rentals
Catering: Food and beverages.
Attire: Wedding dress, suits, and accessories.
Photography: Photographer and videographer costs.
Entertainment: DJ, band, or other entertainment services.
Officiant: Officiant/MC for the ceremony
Flowers: Bouquets, centerpieces, and other floral arrangements.
Invitations: Printing and postage costs.
Favors: Gifts for guests if you choose to do them
Transportation: Limo, shuttle services, etc.
Overnight Accommodations: Overnight stays close to the venue
3. Research Costs
Look into the average costs for each category in your area and talk to local professionals in your specific area for help with this. This will help you greatly in setting realistic figures for your budget.
4. Prioritize Your Spending
Decide which aspects of the wedding are most important to you and allocate more of your budget to those items. This may include the venue, food, flowers, or entertainment
5. Create a Spreadsheet
Use a spreadsheet to keep track of your budget. Include columns for estimated costs, actual costs, and any deposits paid. This could be typed up or handwritten. The important part is just to keep track of what the estimates and actual costs are to stay on track.
6. Monitor and Adjust Your Budget
As you plan, keep an eye on your spending and adjust your budget as needed. Remember to be flexible and make changes to stay within your overall budget. If you go over in one area that's really important to you, figure out where you can take away in another area that's not as important. This is a great time to put your creativity to use!
7. Set Aside a Contingency Fund
It’s always a good idea to set aside 5-10% of your budget for unexpected expenses that may arise during the planning process.
8. Review and Finalize
Once you have a comprehensive budget, review it with your partner and any contributors to ensure everyone is on the same page before finalizing your plans.
Creating a wedding budget takes time and effort, but it will help you stay organized and stress-free as you plan your special day, and it will help you figure out what you can realistically afford.
Stick to your budget, and remember that the most important part of your wedding is the celebration of your love.
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