Congratulations on getting engaged! You are about to embark on an epic journey and step into a new chapter in life. Planning a wedding is an exiting and joyous time, but it can also be overwhelming, especially when it comes to setting a budget. Your wedding budget is a crucial aspect of the planning process as it determines how much you can allocate to each element of your celebration. While it may seem like a daunting task, with careful consideration and thoughtful decision making, you can set a realistic and manageable wedding budget. In this blog, we will guide you through the process of deciding on your wedding budget, ensuring that you can create the wedding of your dreams without breaking the bank.
DETERMINE YOUR OVERALL FINANCIAL SITUATION
Before diving into the specifics, take a comprehensive look at your overall financial situation. Consider your income, savings, and any other financial commitments you may have. It’s essential to be realistic about what you can comfortably afford to spend without compromising your financial stability.
ESTABLISH YOUR PRIORITIES
Sit down with your partner and discuss your wedding priorities and elements you and your partner cannot do without. Then make a second list of things that are not required, buy you would like to have. Refer to these lists if you find yourself looking for expenses to cut or reallocate.
RESEARCH AVERAGE COSTS
Do some research to understand the average costs associated with weddings in your area. this will provide a realistic starting point for estimating the expenses you may incur. Here is our recommended division of costs:
50% RECEPTION VENUE
Half of your wedding budget belongs to the reception venue. However, bear in mind that this percentage also includes catering services, cake, and rentals. Pay attention to additional venue related expenses, such as insurance, parking, and registration fees.
10% FLOWERS AND DÉCOR
Be mindful of the décor and various adornments – they set the perfect scenery for you to celebrate your love. Decorations and flowers deserve great planning but also a generous investment. Setting aside 10% for these elements would be enough to realize your dream aesthetic.
10% PHOTOGRAPHY + VIDEOGRAPHY
This is an investment in your memories. These professionals will document your event most beautifully, so ensure that you set aside 10% of your budget to invest in the best vendors that you can find. If you wish to invest less, consider that you might end up with an inexperienced photographer and not like the photos.
Set aside about 10% pf your wedding budget to look your best! Naturally, you want to look exceptional and breathtaking – after all, it’s your day to shine!
Most guests will remember your wedding by how great the reception party was. This means you need great entertainment – a band, a DJ, or a mix of both! That being said, the estimated amount to set aside from your wedding budget would be 10 percent. Trust us – it will be totally worth it.
5% INVITATION + STATIONERY
Unless you opt for an elopement, you will need to invite your loved ones to your wedding. In addition to save-the-dates and invitations, you will need other stationery details. These include a menu, seating chart, table numbers, name cards, “thank you” cards, and all other elements that will bring your wedding theme together.
5% CEREMONY AND OFFICIANT
The ceremony will be the most important part of your special day. The cost of officiants are relatively low, however it is one of the most important choices that you’ll make.
WATCH OUT FOR SPECIAL FEES
While planning your budget, don’t forget to account for additional factors that may affect the final cost. Like most contracts, wedding contracts have additional fees. Taxes, service fees, late charges, delivery costs and tips are just a few to consider. Consider setting aside a contingency fund for unexpected expenses.
TRACK, REVIEW AND REASSESS EXPENSES
Throughout the wedding planning process, regularly review and reassess your budget. Keep track of your actual expenses and compare them to your initial estimates. This will help you stay on top of your spending and make any necessary adjustments as you progress.
Deciding on your wedding budget requires careful thought, research, and open communication with your partner. By determining your overall financial situation, establishing priorities, researching average costs, and creating a comprehensive, realistic budget, you can develop a realistic plan for your special day. Remember, the most important aspect of your wedding is the love and commitment you share, and with proper budgeting, you can create a beautiful celebration that fits within your means. Happy planning!