Your wedding budget: how to plan and prioritize
One question I get most often is “how do I plan my wedding budget when I don’t know what things cost?” Fair. Creating a well thought out wedding budget is challenging when you don’t have a planner because simply put: you just don’t know what things cost. So often, it takes reaching out to all key vendors and gauging prices. This comes with a lot of work, as vendors will ask many questions essential to giving you an accurate quote. Having a firm budget, though, is essential to ensure you can bring your dream wedding to life without breaking the bank. In this post, we'll guide you through the process of setting a wedding budget, helping you prioritize your expenses and make the most of your money.
Start by determining your wedding budget, without really knowing anything just yet. Discuss with your partner and any other contributing parties to decide on a realistic amount that you're comfortable spending. Consider factors such as your savings, any financial contributions from family members, and any loans or credit you're willing to utilize. This total budget will serve as a baseline for all your wedding expenses.
Identify your priorities: Sit down with your partner and make a list of your top priorities for the wedding. Discuss what items are most important to you, such as the venue, food + beverage, entertainment, design, photography, and videography. By identifying your priorities, you can allocate a larger portion of your budget to these elements while being more flexible with others (and there are many others).
Research and estimate costs: Do some research to get a sense of the average costs associated with each element of your wedding. Utilize online resources and consult with wedding vendors to gather accurate estimates.
Breakdown your expenses: Create a comprehensive list of all the wedding expenses you anticipate. This should include categories such as venue, catering, attire, decor + design, florals, photography, stationery + signage, transportation, and any other items specific to your wedding. Be thorough and leave room for unexpected or miscellaneous expenses.
Create a spreadsheet or budgeting tool: Keeping track of your wedding budget is vital to ensure you stay on target. Use a spreadsheet (google spreadsheet is simple but just fine) or a dedicated budgeting tool to monitor your expenses, record payments, and track any outstanding balances. This will help you stay organized, identify any deviations from the budget, and make informed decisions moving forward.
Allocate percentage of budget: Once you have your estimated costs and priorities, allocate a percentage of your budget to each category in the spreadsheet. Be flexible and adjust the percentages as needed to match your priorities.
Prioritize saving: If your total budget falls short of what you initially anticipated, consider implementing strategies to save money. Look for areas where you can cut costs without compromising your vision. This could involve do it yourself projects, opting for seasonal flowers, or adjusting the guest list. Get creative here! Prioritize saving without sacrificing the overall experience.
Keep a contingency fund: Weddings can often come with unexpected costs, so it's essential to keep a contingency fund. Set aside a small percentage (around 5-10%) of your total budget specifically for unexpected expenses or forgotten items. This will provide peace of mind, allowing you to handle any unanticipated costs. And if you have that leftover at the end, fabulous!
Continuously review and adjust: Throughout the wedding planning process, review your budget regularly. Keep track of your expenditures, adjust any changes in priorities, and make necessary adjustments. Stay mindful of your budget, but also be open to minor adjustments.
The gist of it all: be prepared, do your research, focus on your priorities, don’t overspend if you can’t, and remember: you’re marrying the person you love. At the end of the day, you can’t put a price on that.
Happy budgeting!