Planning A Wedding: Budgeting For The Big Day

Planning a wedding can be stressful, but creating a wedding budget can help you stay on track and ensure you don't overspend. The first step is to work out how much you can afford to spend and be realistic about how much you can save. Next, find out who else might be contributing to the wedding, such as family members, and how much they are willing to spend. Then, decide on your priorities and must-haves for the wedding, and allocate your budget accordingly. It's also important to be aware of hidden costs and unexpected expenses, so make sure to include a contingency fund in your budget. Finally, use a spreadsheet or budgeting app to track your expenses and keep yourself organised.

Work out who's contributing

The first step to creating a wedding budget is to work out who is contributing financially. This could be you and your partner, your parents, or other family members. It's important to have frank discussions with your family about their ability to contribute, and whether they have any expectations about how the money is spent. For example, they might want to pay for your dress, or the wine.

Traditionally, the bride's family has paid for the wedding, but this is no longer expected. In 2023, couples covered 50% of the wedding budget, and parents or family contributed the other 50%. However, this will vary depending on the financial situation of those involved. For example, if one partner earns significantly more than the other, they might contribute more to the wedding budget.

If you are planning a destination wedding, be sure to factor in the added costs of travel arrangements, passport fees, and currency exchange rates.

Be Realistic

When working out your wedding budget, it's important to be realistic about what you can afford. Consider your monthly income, and how much you can save between now and the wedding. You might also want to use some money from your existing savings.

If you are taking out a loan to pay for the wedding, shop around to find the lowest interest rate, and only borrow what you can afford to pay back within 12-15 months.

Have the Money Conversations Early

It's a good idea to have the money conversation with your family early on. That way, you know how much you have to work with, and can plan accordingly. It's also a good idea to have a larger-than-usual contingency fund of around 10-15% to cover any unexpected costs.

Prioritise

Once you know your overall budget, you can start to prioritise. Make a list of the things that are most important to you, and allocate your budget accordingly. For example, you might want to spend more on your venue, or on your dress.

Track Your Spending

It's important to track your spending throughout the wedding planning process. Use a spreadsheet or budgeting app to keep on top of expenses, and try to put any money you save into a separate account.

Be Flexible

Your budget might change as you go along, and that's okay! You might realise you've underestimated in some areas, or that there are some hidden costs you hadn't considered. Be prepared to be flexible, and make changes to your budget as you go.

Don't Go Into Debt

Finally, remember that it's not worth starting your married life in debt. If you can't afford it, you don't need it! Focus on the feeling of the event, rather than the price tag.

Estimate your guest count

Estimating your guest count is one of the most important steps in creating your wedding budget. The number of guests you invite will determine the size of your venue and how much food and alcohol you'll need to provide, which are two of the biggest expenses in wedding planning.

To estimate your guest count, make a list of everyone you'd like to invite to your wedding. Be sure to include your family, your partner's family, and friends from both sides. Once you have a list, you can start to group people into categories to get a sense of numbers. For example, you might have a category for "definite yes", "maybe", and "children". This will give you a rough idea of how many people you're looking at.

It's also important to consider the cost of a wedding per person. The cost of food, drinks, invitations, table and chair rentals, cake, and wedding favors all depend on the number of guests. Being strategic about who you invite is a great way to cut down on costs from the start.

Keep in mind that the size of your guest list will also impact other aspects of your wedding budget. A larger guest list will require a bigger venue, which will likely be more expensive. Additionally, a bigger wedding may require more decorations, stationery, and favors.

When estimating your guest count, it's a good idea to give yourself a range rather than a specific number. For example, you might estimate that you'll invite between 100 and 150 guests. This will give you some flexibility in your planning and budgeting.

Remember that the number of guests you invite will have a significant impact on your overall wedding budget, so it's important to be thoughtful and realistic when creating your guest list.

Choose your non-negotiables

It's important to have a clear idea of what you and your partner consider to be non-negotiable for your wedding day. These are the things that you are not willing to compromise on and will prioritise in your budget. Here are some examples of non-negotiables to consider:

• Having a certain type of food or drink that is important to you. For instance, one person mentioned that their non-negotiable was "incredible food and lots of it".
• Ensuring you have time to eat on your wedding day. This could be a non-negotiable for both the bride and groom, as well as the wedding party.
• Having a specific type of entertainment, such as a band with a horn section or a particular type of DJ.
• Spending time alone as a couple during the wedding. Some couples choose to spend the entire day together, while others prefer to have some time alone to decompress before joining the reception.
• Not smashing cake in each other's faces.
• Limiting your alcohol intake so that you can remember the night.
• Having a wedding coordinator or planner to help manage the day. This is especially important if you are both working in the wedding industry and want to be able to relax and enjoy your own wedding.
• Prioritising your guests and ensuring they are well catered for.
• Having real flowers instead of silk flowers.
• Wearing a specific type of outfit or suit that you feel comfortable in.
• Ensuring you get to sit and enjoy your wedding cake.
• Having a certain type of transport to and from the wedding venue.
• Not meeting anyone new at the wedding.
• Keeping the wedding gender-neutral and avoiding traditions that focus solely on the bride.
• Spending time with both mothers during the ceremony, such as having them walk you down the aisle.
• Not changing your last name.
• Having a certain type of wedding theme or colour scheme.
• Having a specific type of photography or videography to capture the day.
• Including certain people in your wedding party, such as your bridesmaids or groomsmen.
• Having a wedding cake or other type of dessert.
• Exchanging wedding rings.
• Having a certain number of guests or keeping the guest list small.
• Sticking to a specific budget and not going overboard with expenses.
• Having wedding insurance in case of unforeseen circumstances.

Research 'hidden' costs

When planning a wedding, it's important to be aware of hidden costs that can add up quickly and blow your budget. Here are some areas where hidden costs may arise:

Venue and Catering

• Event rentals: If you're renting a venue that doesn't include catering and other services, you'll need to budget for items like tables, chairs, silverware, glasses, and more. These costs can add up, with the average couple spending $1,800 on event rentals.
• Wedding insurance: While not mandatory, wedding insurance can protect you in case of venue damage, injuries, cancellations, or other issues. A basic policy typically costs between $125 and $550.
• Travel fees: If your vendors have to travel a significant distance to your wedding, they may charge a travel fee to cover their time and fuel expenses. This can add up to several hundred dollars, especially for destination weddings.
• Backyard wedding necessities: Hosting a wedding at home or in your backyard can incur unexpected costs, such as tenting, generators, restrooms, and outdoor kitchen rentals, which can easily reach five-digit figures.
• Service charges: Venues often charge service fees, typically 20% to 25% of the total food and drink fee, to cover the cost of hiring servers, coat checkers, and other staff. If you bring in an outside cake baker or your own wine, there may be additional charges for cake-cutting and corkage fees.
• Cleanup and breakdown costs: If you're renting a venue, there may be additional charges for garbage removal and cleaning, especially if your event goes into the early morning hours. These costs can range from $250 to $500.
• Preferred vendor fees: Some venues have a list of pre-approved vendors and may charge a fee, usually around 20% or more, if you choose to use a different caterer or florist.
• Rental transport: Rental companies may charge extra for delivery and packaging fees, which can range from $50 to over $500.
• Electricity bills: If you're getting married in an old building, there may be additional charges for generator rental to power your event.
• Lighting and sound: For outdoor weddings or venues that aren't equipped for weddings, you may need to rent a sound system, generators, extension cords, and additional lighting. This can cost $1,000 or more.
• Chairs and other rentals: The type of chairs and other rental items, such as a tent, dishes, chargers, arches, linens, or a dance floor, can add to your costs.
• Transportation for rentals: Some rental companies don't include transportation costs in their initial quote, so be sure to ask about this upfront.
• Cake-cutting fee: Caterers may charge an extra fee, typically $2 to $5 per guest, for cutting and serving the wedding cake.
• Corkage fees: Bartenders often charge a corkage fee, typically $1.50 to $3 per bottle, for opening and serving drinks.
• Unexpected guests: It's common for uninvited guests to show up, so be sure to include a few extra plates in your budget. The average cost of wedding catering is $75 per guest.
• Vendor meals: Don't forget to include meals for your vendors, such as photographers, videographers, and musicians, in your budget. Vendor meals typically range from $30 to $90 per person.

Other Expenses

• Taxes and gratuities: Remember to set aside money for taxes and tips for your vendors. It's recommended to budget at least $800 for gratuities.
• Marriage license: The cost of a marriage license varies by state but is typically around $30 to $40.
• Postage for invitations and thank-you notes: Postage costs can add up quickly, especially for heavy or bulky invitations. Expect to pay around $1 to $2 per piece of stationery.
• Hair and makeup trials: These can cost up to 75% of the day-of price, effectively doubling your beauty budget. Always ask about trial fees upfront.
• Off-site bridal stylist fees: Some stylists charge additional fees for travelling to your location, so be sure to clarify if these are included in their quote.
• Wedding dress alterations and steaming: Alterations are typically not included in the price of the wedding dress and can cost up to $500, depending on the complexity of the adjustments.
• Weather-related items: For outdoor weddings, you may need to purchase last-minute items like sunscreen, umbrellas, rain boots, or blankets, depending on the forecast.
• Gifts for wedding party and parents: It's customary to give gifts to your wedding party and parents, which can add up. Sentimental gifts can be more affordable and meaningful.
• Overtime fees for vendors: Your vendors are typically booked for a specific duration, and if your event runs longer, you'll be charged overtime fees, typically starting at $250 per hour.

Final reality check

Now that you've done all the hard work, it's time for the final reality check. This is where you ensure that your budget breakdown matches the actual cost of your dream wedding.

Once your estimated budget and dream wedding are pretty close, create a spreadsheet and allocate a certain amount to each aspect of the event. It's a good idea to use a shared spreadsheet so that you can easily share it with your partner, parents, and anyone else who is contributing or helping you stick to your budget.

Remember, if you can't afford it, you probably don't need it. You can have a champagne wedding on a beer budget. Get creative and focus on the feeling of the event rather than the price tag.

• Start putting aside some savings as soon as you get engaged.
• Use your credit cards responsibly and try to pay off the balance immediately so that you don't accrue interest.
• Open a separate wedding checking account so it's easy to see where the money is going.
• Be on the lookout for wedding deals and discounts, such as off-season or off-peak prices, military discounts, and all-inclusive packages.

At the end of the day, even if you get married for $50 at City Hall in a simple white dress or suit, it will be a beautiful, memorable, and meaningful wedding. Plus, you'll be able to afford that sweet honeymoon!

Frequently asked questions