Whether you have thousands of dollars to spend - or hundreds of thousands of dollars, your dream wedding is within reach, as long as you budget wisely. Remember, the best budgets are there to keep you from losing control and guide you - not make you feel stressed or guilty.
If you’re in the early phases of wedding planning and looking for some budgeting tips, we’ve got you covered:
Figure out who’s paying. Perhaps just you and your partner are splitting the fees, or maybe each family is looking to help finance as well. If that’s the case, discuss with your family and your partner’s family, separately, to see what they’re looking to contribute and help shape your budget from there.
Do your research. You’ll need to know what things cost in your area before setting a final budget. Meet with multiple vendors, get printed price lists, and understand the ballpark of what certain services cost. You don’t want to have your budget for photography set at $1,000 only to find out photographers in your area charge upwards of $5,000!
Make a priority list. Figure out which wedding elements are important to you and start prioritizing. Does saying yes to the dress trump your floral arrangement needs? Does photography matter more to you than booking the best band/DJ in town? Whatever it is that you value most, prioritize. Then aim to put 75 percent of your budget towards those things [in case you need to spend a little more here or there].
Uncover hidden costs. Be prepared to explore hidden costs like overtime charges, gratuities, not to mention all the little things like stamps for RSVPs or marriage license fees. Having a good handle on what the extras will cost will help you cover it all - especially where the above ’75 percent’ of budget is concerned.
Be smart. With all the above situated, now it’s time to put all your budgeting and money management tricks to use. Keep all wedding money in a separate account so you can easily track all withdrawals and additions without confusing them with your normal daily funds. If you have credit cards that offer perks [like miles, rewards, or cash back], pay off wedding expenses with your card and reap the benefits! Just don’t forget to pay off your bill each month!
