The average cost for a wedding in the U.S. last year was $19,000. And that didn't include the honeymoon. Add in travel and lodging expenses for that honeymoon on the beach, and that number quickly rises.
Ask anyone who has planned a wedding and they're sure to tell you that weddings can be overwhelming and stressful. You want to avoid adding to that stress by blowing through your money and finding yourself unable to pay for important details. Or worse, going into debt.
Your first step is to learn how to budget for a wedding. If you're not sure where to start, read on for all our top tips and tricks.
1. Know Your Final Number
Your first and most important step in your wedding planning is to figure out the dollar amount you can afford to spend on your wedding. This should include everything, from your dress and hair to food, linens, venue, and transportation.
If you and your fiancé have been saving for this occasion, then this can be as simple as checking the account where you've been stashing all your contributions. But more often than not, it's more complicated than that.
Your parents may be paying for the bulk of everything, but you still need to have a conversation about how much they're willing to spend. And you may need to decide how much you and your soon-to-be-spouse are willing to pitch in as well.
If you neglect to have this very specific, and sometimes uncomfortable, conversation, with your loved ones, you may find cost spiraling out of control. Weddings are a big business and expensive. Avoid going into debt for your wedding by knowing how much you can afford to spend and sticking to your budget no matter what.
2. Decide Your Non-Negotiables
While many wedding planners and websites will recommend a certain percentage of your budget for different wedding costs. But that may not be the best approach. After all, each wedding, bride, and situation is unique. Your wedding should be a true reflection of your and your fiancé.
Instead, sit down early in your engagement and honestly discuss your expectations and preferences. This will create a starting point for all your financial decisions moving forward.
Is there a certain venue that one of you had your heart set on? Account for the price. Does one of you have a large extended family that will expect to be invited? Make sure you plan for a larger venue and food budget as a result. Also, discuss your plans with a celebrant to ensure your ceremony aligns with your vision.
No matter what you decide, make sure you get the big-ticket items arranged first: the date, venue, and guest list. The other details can then be shifts as needed.
3. Track Every Penny
One of the biggest failures when learning how to plan a wedding is forgetting to track every single purchase, deposit, and expenditure. Create a shared spreadsheet and make sure you account for everything.
If you don't, you may end up mistifyed as to where your money went and how you're going to pay for the remaining financial obligations.
This is where hiring a wedding planner can be helpful as well. They can do the hard work of helping keep you on budget while creating an unforgettable and special wedding day. They can also take some of the stress and responsibilities off your shoulders to help you enjoy being engaged!
4. Decide on Financial Responsibilities
If there are many different parties involved in paying for wedding expenses, make sure to have an early conversation as to who is going to assume the responsibilities for each piece.
You can follow the traditional approach, but nowadays couples have much more flexibility and freedom. Just be sure you know who's paying for what so there are no surprises later.
5. Save and Compromise Where You Can
Make sure that you find ways to save where you can. Maybe that's on the florals by choosing in-season buds. Or perhaps you select your dream venue, but an off-season date for a price reduction.
And take into account your partner's wishes. If they don't have strong feelings about centerpieces, that may be an opportunity to get creative and make something yourself.
6. Set Aside a Contingency Fund
Set at least 10% of your wedding budget aside as an "emergency fund." This may be due to an unexpected and last-minute change, or perhaps the final cost was higher than you were quoted. Consider tips, fees, and last-minute details that you haven't even thought of yet!
Regardless, having some cushion will provide you with peace of mind. And if you don't end up needing it, you can use it to splurge on something on your honeymoon!
7. Make Choices That Reflect Your Budget
When it comes to planning a wedding, make sure your choices are in line with what you can afford. If your budget is $100,000, then you probably can afford the expensive designer shoes and Rolls Royce.
But if you're like most of the population, you're going to need to make hard decisions and sacrifices in order to stick to your final budget. Don't spend half your money on a dress and find that you can't afford a cake.
Instead, your choices should reflect what you're able to afford. And yes, you can glam it up and make everything look amazing without blowing the bank or finding yourself paying off debt years down the line.
Budget for a Wedding Made Easy
Your wedding day should be one of the best and most joyous celebrations in your life. Don't let money stress, worry, and anxiety take away from that! Instead, learning how to budget for a wedding will help you achieve your dream wedding without going overboard.
If you're ready to start wedding planning, or perhaps you're right in the midst of it, be sure to put into practice our top wedding budget tips. And check out the other post on your blog to help you with all your beauty and fashion questions.
