How to Create a Wedding Budget - Guidance from a Wedding Planner + Tips & Tricks
Congratulations on your recent engagement! 🎉
As you bask in the joy and excitement of this new chapter, it's natural to be swept up in Wedding Instagram/Pinterest with visions of romantic ceremonies, dreamy details, and floral overload. While planning a wedding includes very fun elements, there's a foundational step that deserves your immediate attention: crafting your wedding budget.
As newly engaged couples, establishing a realistic budget is one of the most crucial initial tasks you'll undertake. It sets the tone for your planning journey, ensuring that your dreams align with your financial realities.
In this guide, we'll explore the significance of creating a wedding budget and provide practical insights to help you navigate this essential step with confidence and clarity.
LET’S TALK MONEY
Before diving into numbers and spreadsheets, it's essential to sit down with your partner for an open and honest conversation about your financial situation. It’s not the most romantic topic, but getting ahead of your wedding finances before putting a deposit on that surprise fireworks display will ensure your budget doesn't fizzle out before the big day.
Discussing your current savings, income, debts, and future financial goals will help both of you understand the scope of your wedding budget. Remember, a wedding is just the beginning of your shared life together; it's essential to start this journey on a transparent and collaborative note.
SET YOUR TOP THREE PRIORITIES
With countless options and possibilities, it's easy to get carried away and overspend. Setting your top three priorities will help you stay focused and allocate your budget effectively.
Sit down with your partner and discuss the aspects of your wedding that matter most to both of you. Whether it be booking your dream photographer, investing in a 4 course meal or ensuring you have support throughout the process with a wedding planner, deciding on the elements that mean the most to you, will help you determine what aspects of your wedding can be negotiated.
Photographer: https://weddings.arianadelmundo.com/
CREATE YOUR BUDGET
You will want to have an actual budget to keep track of everything. Whether it be an electronic spreadsheet or a physical version on paper - make sure you have a record.
The first section of your budget should include all of the vendors/details for your wedding. This includes venue rental, catering, attire, photography, planner/coordination, DJ/band, decorations, invitations, etc.
Next, you should have a section for the estimated price of these items and an actual price for what you end up paying. I also recommend having a section for how much you have paid so far, and the balance of what is due.
All of my clients receive a detailed budget with additional sections and automations to ensure your budget stays up to date and organized. Learn more about my services here!
ALLOCATIONS
Based on your total budget, allocate funds to each category. Be realistic and prioritize essential aspects of your wedding. It's okay to allocate a larger portion of your budget to areas that are most important to you and your partner.
Your Venue, Catering and Alcohol will always be your biggest allocation. I recommend using around 50% of your budget towards this.
Photography/Videography should be around 8-10% of your budget. Florals and Attire are typically similar.
A DJ will be around 3-4% of your budget. Hair & Makeup services will be similar.
Stationery and Decor will be around 4-5% of your budget. Transportation will be similar.
These are just estimates of what is typically seen with weddings, everything can be tailored to what is important for your wedding day.
TIPS & TRICKS
Contingency Fund - Always set aside a portion of your budget for unexpected expenses. A contingency fund will ensure that you're prepared for any last-minute changes or additional costs.
Off Season Dates - Opting for an off-peak wedding date or day of the week can often result in cost savings. Venues and vendors may offer discounts for weddings held during less popular times.
Be Picky with your Guest Count - Be mindful of your guest list size as it directly impacts catering, venue size, and other related expenses. Consider prioritizing close family and friends to keep costs in check.
By implementing these tips, your wedding budget doesn't have to be a topic you're dreading to discuss! However, if you’re looking for budget support, reach out today to find out how a wedding planner can help to ease your wedding stress! Set up your complimentary consultation here!