10 Crazy-Easy Steps To Create A Wedding Budget
Planning a wedding is sweet and exciting… until you start creating the budget. A survey revealed that Australian couples spend an average of $36,000 on their weddings. 82% of them needed to tap into their savings account to cover the expenses. How much you spend on your wedding is totally up to you and your partner. But to make sure you don’t go overboard, you must set a budget and stick to it. The good news is creating a wedding budget is easier than you think.
Planning a wedding is sweet and exciting… until you start creating the budget.
A survey revealed that Australian couples spend an average of $36,000 on their weddings. 82% of them needed to tap into their savings account to cover the expenses.
How much you spend on your wedding is totally up to you and your partner. But to make sure you don’t go overboard, you must set a budget and stick to it.
The good news is creating a wedding budget is easier than you think.
Here are 10 crazy-easy ways to pull off a budget that can make your dream wedding come true… without breaking your bank!
Start By Determining The Kind Of Wedding You Want
Themed weddings are the trend these days. Starting with a concept makes things a lot easier, not to mention more memorable.
Also, the type of wedding you want will dictate how much you have to spend.
Do you prefer a church wedding? How about a destination wedding? If yes, where?
Once you’ve pictured your ideal wedding ceremony, it’s way easier to set a realistic budget.
Know Your Priorities
You can’t have everything you want for your wedding without sacrificing your wallet. But, you can balance it out by knowing your priorities.
Make sure you and your partner are on the same (financial) page. Talk about your savings goals, spending habits, and how you can achieve a healthy compromise.
Don’t forget to take into account your wedding “must-haves”. Most couples won’t cut the live band, others won’t skimp on the photoshoot. List the things that you “wouldn’t miss in your big day otherwise you will regret for the rest of your life” and prioritize them when you set the budget.
Declare Maximum Spend
How much should you spend on your wedding?
There are many factors to consider, such as the venue, number of guests, wedding rings, dress, food, decorations, and activities.
You need not pressure yourself to set $36,000-budget or match what your friends have spent on their weddings.
Every wedding is different, so is the budget.
When researching on a wedding budget, check how much vendors charge in your area (or where you plan to have your wedding).
When creating a wedding budget, you and your partner should agree on realistic spending limits. Some expenses may turn out higher than what you expected. If that’s the case, work out to lower the costs of other items in your list.
For example, if you overspent on the venue, check if you can lower down the cost of your wedding dress or the invitations. It’s always a “plus” and “minus” thing when you’re trying to stick to your budget. But it’s worth the extra effort in the end.
Break Down The Budget By Category
Now that you’ve put a number to it (and a limit), it’s time to break down your budget.
There are no exact rules on allocating funds for a wedding. But it’s helpful if you know which components usually take a huge chunk in your budget. These are:
- Reception venue
- Engagement ring
- Reception band
- Photography
- Flowers and decor
Say, you allocated 75% of your budget in the reception venue. Great. But how much of this figure goes to what?
To answer this, you have to itemize your expenses.
- Wedding Party: This will cover things like bar service, food, venue rental, and equipment rental. Talk to at least three vendors in your area to compare prices.
- Wedding Rings: Expect more variability in the prices of engagement and weddings rings. To find the perfect ring, keep in mind the 4 Cs – colour, clarity, carat and cut. Give more weight on the cut though.
- Flowers and Decor: Weddings are incomplete without flowers. But they can be very expensive. Verify with your wedding reception vendor if these are already included in the package so you won’t end up double-spending. Also, local, in-season flowers are the way to go and if you’re using an external supplier don’t forget to include flower delivery costs into your wedding budget as well.
Create A Rough Guest List
The number of guests plays a considerable role in any wedding budget. Don’t forget to create a rough guest list before you decide on the venue and other details.
Be realistic about the number of guests to avoid stress and regrets later on.
Also, think about guest count vs. experience.
At this time of the pandemic, it doesn’t make sense to organise a large gathering. You can save a lot if you will limit your guests. At the same time, you can focus on bringing a uniquely beautiful experience for them.
Book Your Priority Vendors First
You want to reserve your venue ASAP especially if you are getting married in a big city. Booking in advance will not only guarantee you a spot, but it can also save you money. Most hotels and reception venues will allow you to book a year or two in advanced.
Bring It All Together With A Plan
Now that you’ve determined the significant components of your wedding budget, it’s time to start planning your wedding.
You’ll find how the process gets so much easier this time because you already have all the nitty-gritty details covered.
Lastly, don’t forget to have fun. Creating a wedding budget can be stressful. Take a break. Smile. Have some coffee.
Make plan B and C, just in case things don’t work out well on plan A.
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