How to Create a Wedding Budget - 4 Simple Steps
For many engaged couples, the excitement of planning their wedding can feel overshadowed by one important factor.. money.
However, don’t let this five letter word scare you.
There is an easy way to create and prioritize any wedding budget that will allow you to have the wedding of your dreams!
1. Set your Wedding Budget
To start creating your wedding budget, you will first need to choose a realistic number that works for both you and your partner’s financial goals.
Make sure you keep in mind all of your current monetary responsibilities such as utilities, car payments, phone bills, subscriptions, mortgage/rent, etc.
Also keep in mind any extra money you are able to utilize. For example, friends or family offering to help with costs, a portion of your savings, stocks/bonds, etc.
2. Breakdown Your Wedding Budget
Once you’ve created a budget that works for you, it is time to create your wedding budget breakdown.
The wedding budget breakdown is an important tool because it will work as your guide for the rest of your planning process!
The breakdown below is a popular and general starting reference. It is important though to remember that every couple will have unique wants and needs for their wedding day, so these numbers will need to be adjusted to yours.
45% Reception - Venue Fees, Catering, Bar and Drinks, Cake Cutting Fee, Site Rentals, Band/DJ
10% Event Planner - Also Consider Day of Coordinator
10% Photographer/Videographer - Also Consider Engagement Shoot and Albums
10% Attire - Wedding Dress, Alterations, Accessories, Hair, Makeup, Shoes, Tux/Suits
10% Flowers/Decor - Bouquets, Boutonnieres, Lighting, Decor Purchases or Rentals
5% Ceremony - Venue Fees, Officiant Fee/Donation, Marriage License, Ceremony Music
5% Stationery - Invitations, Save the Dates, Postage, Name Cards, Menus, Programs
5% Other - Rings, Tips, Favors, Parking, Transportation, Unseen Expenses
TIP: Sending digital save the dates and invitations can save you a lot of money - Read more about it here!
3. Consider Your Wedding Priorities
Every couple has their own idea of the perfect wedding day.
When creating your wedding budget it is important to think about what experiences are most important to you and prioritize those expenses into your budget accordingly.
Keep in mind that you are not obligate to include anything into your wedding that you find unnecessary or that you and your partner are not comfortable with (such as traditions, input from family or friends, etc.).
For example, using the budget breakdown above, if it is important to you to get your hair and makeup done really nice on your wedding day and that is one of your top priorities, then adjust your budget by allocating more money to the attire category and lower one that is not as important to you.
By dong this, you have more money to spend on the things that are most important to you and will be able to get the most out of your wedding budget.
4. Track All Spending
Making a detailed budget will help make your dream wedding significantly easier; nevertheless, it can fall short of helpful if you don’t keep track of your spending to make sure that you are sticking to your plan.
It is crucial to track not only your estimated costs, but your actual costs as well.
For example, your wedding venue may be priced at $5,000, however, with taxes and fees included the actual cost will be higher.
Three easy ways to track your wedding spending include creating a spreadsheet using Google Docs or Excel, opening a separate bank account, and being sure to ask your vendors about all fees and taxes upfront.
EXAMPLE of a $15,000 Wedding Budget
For this example. the couple’s top priorities are their hair, makeup, clothes, and photography.
You can see how the couple budgeted less money to the other categories in order to spend more on their attire category, really allowing them to achieve their wedding goals.
