Whether you love talking about money or not, establishing a wedding budget is perhaps the strongest way to start planning your big day. Did you know that according to The Knot, the average cost of a wedding by state ranges from $20,000 to $78,000? With thousands of dollars at stake, thinking thoroughly through your budget from the beginning will help guide all of your future decisions from where to have it to how many guests you’ll invite.
Creating a Wedding Budget and Sticking To It
To begin, figure out what you envision for your wedding overall – will it be an intimate, destination wedding or a large, black-tie affair? The possibilities are endless! Then, determine how much money you’d like to spend on your wedding overall to make that happen. One factor to consider is who all will be contributing to the costs. In the past, the bride’s parents were responsible to pay for the wedding. That might be the case for you but maybe the bill will be taken care of by you and your partner, either side’s parents, grandparents, etc. Will these contributions cover just the wedding or the rehearsal dinner, brunch, or other events too? Another factor to keep in mind is the location since costs certainly vary by state, country, and destination.
With an overarching number for expenses determined, create a spreadsheet where you can itemize all of the individual costs you’ll have for your wedding. Here, a wedding planner can help. They’ll know the typical costs in your area, about how much of your budget should be allocated for each expense, and they can suggest the best vendors who also fit your budget for what you’re trying to achieve. They’ll also be able to help you manage your budget and track payments during the entire process.
Additionally, figure out what your icing on the cake is or, what your most important priorities are. Are you head over heels determined to have a designer dress? Is your heart set on having beautiful photos? On the flip side, think about what’s not as important to you. Be sure to shift your budget to have more to spend on your hot ticket items and little less on the items that aren’t priorities.
With your budget in place, you will be well on your way to having the wedding of your dreams with a strategic plan that doesn’t break the bank!