When you think about wedding budget planning, the words “expensive” and “stressful” may spring to mind, but they don’t have to be. Planning a wedding budget is a challenging task. Your wedding will most likely be the most expensive celebration you’ve ever hosted. To create a budget, you’ll need to add up your funds, keep a detailed spreadsheet so you don’t cross your budget during the planning phase, plan for unforeseen spending, and make accurate adjustments if you do go over. We know it isn’t easy, but investing in the time and effort now means you’ll live happily ever after. According to wedding professional Moritz (more info here) this is how to correctly work out your wedding budget so you may enjoy the wedding of your dreams:”
RECOMENDED WEDDING BUDGET BREAKDOWN:
- 50% percent: venue, food, cake and rental expenses
- 12% percent: wedding photography and videography
- 9% percent: wedding dress, makeup and hair
- 8% percent: wedding decor
- 7% percent: wedding entertainment
- 5% percent: wedding planner and officiant costs
- 3% percent: wedding rings
- 2% percent: wedding stationary
- 2% percent: wedding transportation
- 2% percent: wedding favours for guests
SIX SIMPLE STEPS TO A WEDDING BUDGET:
- Determine Who Is Contributing:
Maybe it is just you and your partner. Perhaps your parents or other family members might like to contribute. Finding out who is willing to contribute to your wedding is an excellent first step in evaluating your entire expenditure. Determine how much each participant is ready to spend or what specific wedding area they would want to handle. (Perhaps your mother has her heart set on purchasing you a wedding gown).
- Join the numbers:
Once you’ve determined how much financial aid you’ll get, concentrate on your own contribution.
- Considering all of your real-life expenditures, how much can you and your fiancé plausibly and comfortably afford to splurge?
- How much can you both possibly save between now and the wedding, depending on your monthly salary?
- How much, if any, money can you safely withdraw from a current savings account?
Calculate your own spending budget based on your responses to the preceding questions. Then, include any extra financial contributions that you are positive will come your way from step 1.
- Estimate the Number of Guests:
You’ll need an approximate guest count now that you’ve established a budget. The number of guests mainly determines the cost of a wedding. The number of guests will decide not just the size of your location but also the number of drinks and food you’ll need to supply.
Looking at your wedding as a “per-person” expense will help you put the expenditures in context. The number of things you’ll have to pay for will be determined by your guest count, which includes invites, table and chair rentals, cake portions, and wedding favours. Being selective about who you invite is the greatest way to start saving money on your wedding right away.
- Select Your Non-Negotiables:
You and your partner are likely to disagree on which wedding accessories are worth spending on. Perhaps your fiancé prefers an open bar, but you’d rather avoid getting your guests intoxicated and instead spend the money on a luxury 5-course meal. In any scenario, you’ll need to answer the following question: What is the single most important wedding item on your list?
Determine, and then budget for those two things right away. Once you’ve determined your top priorities, you can devote a larger portion of your budget to them—which will also help you determine how much money you’ll have leftover for non-essential wedding goods.
- Carry out your research:
Before determining where your wedding budget will finally settle, there are several expenditures to consider, both visible and hidden. For instance, you might not just have to purchase the wedding cake; you may be obliged to pay a cutting charge. You may also have to pay setup and breakdown fees in addition to the venue rental price. In addition, you’ll be asked to tip a swarm of sellers. Are you getting where we’re headed with this?
It’s no surprise that wedding budgets frequently get out of control! So, educate yourself on “hidden” expenditures, and you’ll have fewer shocks and be able to keep closer to your bottom line.
- Finally, do the math:
After you’ve completed all five of the preceding processes, it’s time to undertake the last reality check: Does your budget breakdown correspond to the actual cost of your perfect wedding? Create a spreadsheet and give a specific amount to each part of the event once your anticipated budget and dream wedding are pretty near. We suggest using Google Sheets so that you can quickly share your spreadsheet with your spouse, parents, and anybody else who is contributing or assisting you in staying under your budget.
Yes, deciding on a wedding budget may be difficult. We know you’d rather skip this phase and go right to the cake tasting, but setting and adhering to a budget is most probably the most critical aspect of wedding preparation. Simply follow the steps outlined above, and you will have your happily ever after.