So you’re engaged, Congratulations! If you haven’t already, it’s time to start wedding planning!
Who am I kidding?!? You’ve already got a Pinterest board, a dozen Facebook shares and a stack on magazine pages flagged with dresses, hairstyles, table centrepieces etc.
But do you have any idea what those things actually cost? If you’re like me, probably more than you’re expecting.
As with life, going about it without a budget is not a good idea. Things can QUICKLY get out of hand. Here are some tricks to making & sticking to a Wedding Budget.
Research
Before you start your budget, you need to know what kind of wedding you are going to have. The reality is, some “types” of weddings are more costly than others. If you want country chic backyard wedding, it CAN (but not always!) be more budget friendly than a black-tie gala at a ritzy country club. Winter is cheaper than summer for pretty much EVERYTHING.
Your research should also include some basic quotes from vendors that you are most interested in. Don’t go crazy with quotes. Just stick to 1 or 2 from your top choices in each category – venue, caterer, photographer, florist, DJ/music/entertainment. These are some of the biggest expense you will encounter and you should have a sense of costs before establishing a firm number.
The Big Picture
Before you can start making any real concrete plans & decisions for your wedding, you need to come up with your Big Picture Number. This is the MAXIMUM amount that you are going to spend on your wedding – if you can do it for less, you go girl (or guy)! The research you’ve already done should help give you an idea of what things cost.
Be reasonable when deciding on your Big Picture Number. If you can’t afford a $50,000 wedding, don’t make that your budget. Likewise, don’t set a budget of $5000 if you know there is no way you can stick to that either!
Your budget should be based off what your current financial situation is like. What can you afford? How much money can you budget toward the wedding each month? Is anyone helping you? I know it can be an uncomfortable discussion, but knowing how much your family members are able to contribute ahead of time can really help with your budget planning.
Break It Down
You’ve got your Big Picture Number, now you need to break it down and divvy it up into an Estimated Budget.
There are the obvious big expenses, but there are also dozens and dozens of little things that will come up and add up. Start by writing down the big expense that you can think of right now. When you’ve written everything you can think of, add 2 more to the list – Others (aka Things I Haven’t Thought Of Yet) and Contingency. Contingency is VERY important. Its going to be your “slush fund” in case of last minute things you forgot about, alterations that cost more than planned, the 10 extra RSVP that’s you weren’t expecting – WHATEVER. Something is going to come up and you’re going to need money to pay for it. Ideally, you should allow 5-10% of your entire budget to Contingency. And if you don’t need it – hey extra money for the honeymoon!
Use the quotes you got during your research to start estimating how much of your budget is going to be allocated where. Really think about what is going to be most important to you. Is having a gorgeous venue top priority? Then you may have to skimp on the Entertainment. Or is your heart set on a gourmet plated meal? Your flowers budget may take a hit. Weigh your options and go with what you (and your Fiance of course!) deem to be what you want for your day.
Write It Down
This may be obvious but budgeting in your head is pointless. Honestly. Don’t do it.
Write out your budget, or do it on the computer, and keep it handy. This will help keep you on track with your spending.
Keep It Updated
Once you’ve got your Estimated Budget down, keeping it updated is going to be key to helping you stick to it! Any time you buy something or book a vendor for the wedding, write it down. Who you booked (or what you bought), the total cost, any deposits put down and the balance owing.
Still not sure where to start? CLICK HERE to download our Basic Wedding Budget Planner. It lays out some of the essential pieces of your wedding day and leaves you room to add some of your own items. If there is enough interest, I will share my personal Detailed Wedding Budget Planner. 🙂
