3 Tips for Coming Up with a Wedding Budget
If you are like most people, your wedding will be the largest and most expensive party that you have ever hosted. This means that proper budget planning is paramount to the success of your big day. Unfortunately, devising a budget is no easy feat. Depending on the state of your personal finances, this could be a challenging endeavor that requires a lot of creativity. Here are three tips to get you started when coming up with a wedding budget.
Take a Cash Inventory
Before you delve into the budget planning, you need to take an inventory of all of the money that you have to spend on this event. For most couples, this means taking an inventory from the following sources.
- Your Monthly Income – In today’s modern age, many couples pay for the bulk of the wedding on their own. Your monthly income will largely dictate what you are able to afford. When creating your wedding budget, be sure to account for other financial goals that you may have. If saving money for a downpayment on a new house is more important, your wedding budget should reflect that goal. Only you can decide what is important to you in this season of life.
- Your Savings – If you are lucky, you and your fiance have already set aside money for the wedding and honeymoon. Before you start figuring out how much you can spend on each element of the day, you need to have a clear picture of what you already have socked away.
- Contributions From Others – Many engaged couples are fortunate enough to have parents, grandparents, or other family members willing to contribute financially to the event. If this is the case for you, it is vital that you get on the same page as these family members so that you know how much you can count on from other sources. While these conversations may seem initially awkward, it is important that you have them as soon as possible in the wedding planning process. Failing to do so can cause even more awkwardness down the road.
Focus on What Matters to You
At the end of the day, your day has to be a reflection of your personal priorities and wants. This means that you need to decide what elements of your big day are the most important to you and funnel your cash into those specifics. Setting up your hierarchy will help to guide you as divide costs.
For example, if you are a foodie, you are likely going to want to invest more of your budget in the food and drink at the reception. If decorations are important to you, be sure to leave a significant amount of your budget for the florist. If you want to create lasting keepsakes of your day, you will need to set aside more money for well established and sought after Atlanta wedding photographers or whatever area you are from.
Unless you have an unlimited budget, it is impossible to have it all. By prioritizing what means the most to you, you can ensure that your day is still everything that you have wanted it to be while still staying within your financial means.
Look for Ways to Save
If you are over budget, a little creativity and thinking outside of the box can help you to slash money from your overall costs. The cost of the venue will eat up a large chunk of your budget, making it important to look for ways to save money on this aspect. For example, choosing a venue that already has stunning natural scenes built in will save you money on decorations.
Other good ways to save money include planning your wedding during the off-peak season or during off times of the week or the day, hosting the ceremony and the reception at the same venue, and using fewer vendors overall. And it goes without saying that the biggest way to save money on your wedding is to cut your guest list.
Organization is key when it comes to staying within your budget. Taking a regular inventory of where you are and where you need to be will help to keep you in line so that you meet all of your financial goals.