How to Create a Wedding Budget

The first recorded marriage started as early as 2350 B.C., and as we can see, the institution of marriage has only increased in popularity over the years. Although marriage originally acted as an alliance between families for economic liaisons, in many cultures, it is now an act of solidifying and celebrating love. It is a celebration that every newly engaged couple deserves but doesn’t always get to have due to the intimidating expense, which here at Exclusive Planning and Management, we refuse to accept! We believe in providing dream weddings on a budget, so we have provided our top tips for doing so in this blog. Grab your notebook and let’s get budgeting!

START SAVING

The moment you get engaged, create a separate wedding bank account, and start saving. If you and your partner can each put $500 a month into that account, in a year, you’ll have $12,000 saved; that’s a lot of money! This is also a fantastic way to stay out of debt. Although weddings are lovely, you should not go into serious debt over them.

FIGURE OUT WHO IS CONTRIBUTING + SET YOUR BUDGET

Traditionally, the bride’s family often covered the cost of the wedding but in recent times, that is no longer the case. Providing money for a wedding budget is often a family affair. Although it’s good to be prepared for the possibility of you and your financé covering the cost, there is no harm in sitting down and having a respectful conversation with your closest family members to see if they’re able to provide for the wedding budget. Often, they want to help, even if it's small. Mom may want to cover florals, dad may want to cover food, and grandma may want to cover the dress. Every dollar gifted will make it that much easier to stay within your personal budget.

Once you have figured out who in your family is contributing, you can figure out what you and your financé can contribute. In ideal circumstances, you, and your partner each have three months of living expenses set aside in savings; subtract those emergency funds plus family contributions from your total balance in the bank and that is the amount that you could invest in your wedding budget.

DETERMINE THE TYPE OF WEDDING YOU WANT

It’s important to decide early on if you want an indoor wedding or outdoor wedding and how many guests you can fit in each location. Each guest headcount also directly connects to your budget. Generally speaking, the more people attending, the more money spent. Even if your guest list is non-negotiable, different venue locations come with different costs.

ESTIMATE YOUR GUEST COUNT

As mentioned above, the cost of a wedding is heavily influenced by the guest count. The number of guests attending impacts the venue space, as well as the food and alcohol amount – two of the largest wedding expenses. When evaluating this, look at it as a per-person cost. Not only will each guest impact the food and alcohol, but they will also impact the invitations, rental items like chairs and plates, wedding favors, and even cake costs. I know it can be difficult to resist the urge to invite everyone you know from work, college, and high school, but at the end of the day, if you have all the people there that you love and interact with often, you’ll be so happy! Happiness + less money spent is a win.

CHOOSE YOUR NON-NEGOTIABLES

Decide on what items are a must-have. The items that your wedding will be a tragedy without. Sounds dramatic but it’s perfectly reasonable. If getting married under an extravagant floral arch is your dream, budget for that first. Budgeting for non-negotiables right away will prevent you from feeling the disappointment of not being able to afford them later.

DO YOUR RESEARCH + PREPARE FOR SURPRISES

You would be baffled to know about the number of hidden costs there are. In wedding planning, there are often extra fees. For example, you will not just pay for the cake alone, you will also pay a cutting fee. You’ll pay the venue fee and perhaps the setup and breakdown fees as well. These examples are “hidden fees,” but we cannot forget other fees such as...

• Invites/stationary

• Stamps for your invites and respond cards

• Custom cocktail napkins

• Personalized thank you cards

• Wedding favors

• Rehearsal dinner

• Officiant fees

• Ceremony

• Venue

• Catering

• Alcohol

• Bartenders

• Photography/videography

• Transportation

• Flowers

• Rentals

• Music

• Wedding dress/tuxedo rentals

• Hairstyling/makeup

• Bridal party/groomsmen gifts

• Wedding planner

... And many more! Do your research. Call around. Do not be embarrassed to ask a hundred questions before you read contracts and hire vendors. I would also set aside a budget for surprise fees. With knowledge and preparation, you’ll be able to stay within your budget.

FIND WAYS TO SAVE

If your spending seems to be going over budget, find ways to save that money in the following ways:

• Book your wedding during off-peak season

• Use fewer vendors

• Change the venue

• Say no to upgrades

• Edit the guest list

• Self-Address your invitations

• Provide yourselves with lots of time to make changes

• Order your paper items yourself or try to do as much as you can digitally to eliminate paper goods and stamps all together

• Host the ceremony and reception at the same place

• Eliminate live music or a band

• Eliminate wedding favors

• Eliminate custom cocktail napkins

TRACK YOUR SPENDING + DO THE MATH

An organized budget is the best budget! Create an excel or google spreadsheet with three columns: Estimated, modified, and actual fee. Researched fees will go under estimated, direct quotes from the desired vendors will go under modified, and the final amount you pay them will go under actual. Record everything, even the smallest fees because they add up quickly. Also, check to see if the 15 to 20 percent service gratuity fee and any taxes applicable are included in the final cost. If not, create a column for tips too. Tracking your budget and seeing it with your eyes is a fantastic way to stay within budget.

We covered incredibly valuable tips in this blog, but we understand that planning a budget can still feel overwhelming. At Exclusive Planning and Management, we are here to answer any questions you have. I can guide you through the entire process of planning a wedding budget plus much more. You can have your dream wedding and stay within budget. Also check out my Instagram page @sandynissou for the latest wedding tips, tricks, and trends!

Interested in looking further into how we can help with your wedding planning? Send us an email to see how we can help make your dream day come to life!