budget

Being engaged is really exciting, and the last thing you may want to think about is your wedding budget. While setting your budget may not be the most exciting item on your to-do list, it’s an important first step. Knowing how much you want to spend can help you focus on what's most important to you, and help you narrow down which wedding venues and vendors are right for you.

To make things a little easier, here are some tips on setting a wedding budget:

  1. Determine Who's Contributing

While it might be awkward, it's important to set expectations early on. Will you, as a couple, be paying for everything? Will parents or other family members be contributing to a portion of the wedding, or a specific event, like a rehearsal dinner? Make sure everyone is on the same page before you start. This may also be a good time to find out if there are expectations for how the money is spent. For example, if parents are paying for the rehearsal dinner they may wish to choose the restaurant.

2. Finalize Your Numbers

Once you know who is chipping in and how much they’ll be adding to the budget, it’s time to finalize your totals. There are two sums you should consider: the Total Budget, and the Guest List Size. 

  • Total Budget: To determine your total wedding budget, add together how much each person is contributing. It sounds simple, but there are a few mistakes that some couples make during this stage:  Assuming that family and/or friends can or will contribute without discussing it with them first.  Factoring in lines of credit, such as credit cards or loans, rather than creating a budget based on readily available funds like cash, savings, and income.  

  • Guest List Size: There’s a per-head expense for each guest you invite. This means that the bigger the guest list, the more you can expect the wedding to cost. More guests mean more table rentals, linens, more flowers, favors, serving staff…  Although you will want to share your special day, you will need to consider how many people you want to invite early in the planning process. 

     

    3. Do Your Research

After you have finalized your total budget and guest list size, we recommend researching typical costs for weddings in your area to figure out how much you should expect to spend.  The average cost of a wedding is over $30K, but typical costs vary widely depending on the location and the size of the guest list. Remember, beautiful weddings are planned on budgets of all sizes every year, so don’t get discouraged if prices are more than you initially expected.  Flexible, affordable vendors like us are out there to help!

4. Prioritize Your Spending

Your research in Step 3 should give you a sense of what to expect and will help you set your priorities for your wedding. Sit down with your partner to talk through your respective visions for the day and what details are most important to you both. For example, if a packed dance floor is one of your goals, consider setting aside a larger portion of your budget for a great live band or DJ. Keep your vision in mind as you plan and use it as a guide when deciding when to splurge and when to save.

To set your priorities, we recommend you and your partner answer the questions below, individually at first, then take some time to sit down and discuss why you chose your answers.

  • What is my ideal engagement length (1 year, 6 months, etc.)?

  • What is my ideal wedding size?

  • What is my ideal wedding location (city, state, country)?

  • What time of year do I want to get married?

  • What is my ideal ceremony and/or reception environment (indoor, beach, church, etc.)?

  • What is my ideal wedding dress code (black tie, casual, cocktail, etc.)?

  • What is my ideal wedding budget?

  • What is my ideal wedding vibe (laid-back, formal, intimate, etc.)?

  • What is my ideal wedding theme or style (glam, boho, rustic, etc.)?

  • What are three things I want my wedding to include (lots of dancing, great food, tons of flowers, etc.)?

  • How do I want my guests to feel at the wedding (entertained, loved, excited, etc.)?

  • What details do I want to prioritize for the biggest portions of the wedding budget?

  • What details, if any, am I interested in DIYing?

  • Who would be my ideal pick to officiate the wedding?

  • Would I prefer an open or cash bar (or something else)?

  • Are there any other things I envision at our wedding?"

    5. Dig a little deeper

There are a lot of costs, both obvious and hidden, that you'll have to consider before nailing down where your wedding budget. For example, wedding cakes may also have a cutting fee, which may not be part of the cost of the cake itself. Wedding venues may not disclose setup or breakdown charges when discussing hourly rates. Educate yourself about 'hidden' costs and make sure that vendors disclose the total cost when getting quotes, you'll have fewer surprises and be able to stick closer to your bottom line.

6. Do The Math

After completing all 5 steps above, it's time to do a final reality check: Does your budget breakdown match the actual cost of your ideal wedding?  Tweak and make adjustments as needed.  Once your estimated budget and your ideal wedding align, create a spreadsheet and allot a certain dollar amount to each aspect of the event. We recommend using Google Sheets so that you can easily share your spreadsheet with your fiancé, parents, and anyone else who is contributing or helping you stay on budget.

PSA: Please Don't Go Into Debt To Say "I Do”

We want your wedding to be beautiful. All of your vendors do.  We also want you to be able to afford to live your Happily Ever After.  If you can't afford it, chances are you don't need it.  And trust us when we say, you can totally have a champagne wedding on a beer budget.  You just need to get a bit creative and focus on the feeling of the event rather than the price tag.

  • Sensible Spending Tip 1: Start putting aside some savings as soon as you get engaged.

  • Sensible Spending Tip 2: Use your credit cards responsibly. It's tempting to rack up credit card points during wedding planning, but try to pay off the balance immediately so that you don't accrue interest!

  • Sensible Spending Tip 3: Open up a separate wedding checking account so it's easy to see exactly where the money is going.