Budget Advice for Stress-Free Wedding Planning
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While your wedding may be one of the happiest days of your life, the days and months leading up to the special day can be some of the most stressful. Planning a wedding is something many have been dreaming of doing for years but the reality of it can be daunting, leaving you sweating and scrambling over details great and small. This is especially true when it comes to your wedding budget.
Creating a wedding budget is crucial to ensuring your wedding is both memorable and financially manageable. Once the ceremony finally arrives, it is a lot easier to enjoy your big day and the months beyond with your new spouse when you haven’t spiraled into debt to get there. To get started on planning a budget-friendly wedding, here are some useful tips.
Determine your total budget
The first step is deciding on a realistic and affordable figure. Couples should take a hard look at their finances and be realistic about their spending capabilities. It’s important to think about your life together beyond the big day - spending a large chunk of your joint savings or taking on credit card debt might delay your ability for future expenses down the road such as buying a home, starting a family, or creating an emergency fund. Tradition used to dictate that both sides of the family would contribute to wedding expenses but those conventions have evolved. After learning what your parents will (or will not) pay for, compare your savings with contributions from your loved ones to determine a maximum spending limit.
Break down your budget by category
Another major part of budgeting will be to consider your priorities. Decide which aspects of your wedding are most important to you, such as the venue, dress or entertainment. Allocate more funds to certain areas while trimming the costs in others. One helpful strategy would be to break your desires out into two categories: ‘must haves’ and ‘nice to haves.’
While every wedding is different, some useful rules of thumb can be applied to most planning processes. For one, make sure to set aside the largest amount of money for the venue and catering, as those are usually the most costly purchases. Your guest count will also be a factor in relation to those two categories as adding even ten more people could raise the cost of your wedding anywhere between $1000 to $3000 more.
After that, photography, attire, decor, entertainment and stationery will all be expenses to factor in and costs can vary wildly depending on a couple’s tastes and the size of the wedding party. It’s difficult to have it all, but there are usually ways to find cuts for the categories that are less important to you so your priorities can really shine.
Track your spending
Wedding purchases can add up quickly. Stay in control of your budget by tracking every wedding-related purchase you make, no matter how small it seems.
Spreadsheets or budget apps, such as YNAB (You Need a Budget) or Rocket Money, can help you keep track of your expenses and stay within budget. It is also important to update these tools regularly to avoid surprises later on.
If you struggle with budgeting, start by at least saving your receipts. So long as you have proof of your purchases, you can continue to reference and track your expenses as needed, even if you get a late start .
Plan for hidden costs
Before you finalize your budget, consider the additional fees you may have to account for later on. Gratuities and service fees can add up quickly, so make sure to factor them into your budget. Some often unforeseen expenses include postage for wedding invitations, marriage license and legal fees, and gratuities for your various wedding day vendors.Other situations, such as your reception running long, extra photos from your photographer or last-minute cancellations can all cost an additional fee. Plan for your wedding to cost more than you initially might imagine so there is room for error and additional expense.
