Creating A Wedding Budget: A Step-By-Step Guide For Couples

Planning a wedding can be stressful, but creating a wedding budget can help you stay on track and avoid unnecessary financial stress. The first step is to determine who will be contributing financially to the wedding and how much they are willing to spend. Be sure to have honest conversations with your partner and families about what everyone is comfortable spending, and remember that it's okay if you don't set a clear and strict budget. Once you have an idea of your budget, you can start allocating funds to different categories such as venue, catering, attire, flowers, and entertainment. There are many online resources and budget trackers available to help you create and manage your wedding budget, so take advantage of these tools to make the process easier. Remember to be flexible and make adjustments as needed throughout the planning process.

Think about the type of wedding you want

Thinking about the type of wedding you want is a crucial step in the wedding planning process. It is important to be realistic about what you can afford and what is possible within your budget.

First, consider the general feel you want for your wedding. Think about the look, the style, the people, and the emotions—all the pieces that will make your wedding unique to you and your partner. Do you want a picnic in the park, an intimate urban party, or a huge shindig with all your friends and family? Do you want it to be low-key and relaxed, or more formal?

Next, get serious about figuring out how much you have to spend. Discuss with your partner how much money you are ready, willing, and comfortable spending on your wedding. Be honest about what's most important to both of you and what you're comfortable leaving out. Are other people going to be contributing financially? If so, will they give a set amount or will they cover specific parts of the wedding?

Additionally, you should start thinking about your guest count. The number of guests you plan to invite will have a significant impact on your budget.

Finally, you and your partner should each pick your top three priorities for the wedding day. This could be anything from rocking music and an open bar to a specific photographer or a four-tier cake. Having this short list of priorities will help you focus your money, time, and energy on the things that matter most to both of you.

By following these steps, you can gain a clearer understanding of the type of wedding you want and how to make it work within your budget.

Crunch the numbers

Crunching the numbers is a crucial step in wedding planning. Here's a comprehensive guide to help you calculate and finalise your wedding budget:

Determine the Contributors:

The first step is to identify who will be contributing financially to the wedding. Traditionally, the bride's family bore the majority of the expenses, but nowadays, both families often chip in, and the couple may also want to contribute. It's essential to have open and honest conversations about how much each party is willing and able to contribute.

Realistic Budgeting:

Before you start shopping for venues or vendors, set a realistic budget that you're comfortable with. The average wedding cost in 2023 was around $35,000, but this can vary significantly depending on location, guest count, and personal preferences. Be mindful that the per-head cost for catering and liquor, two of the biggest expenses, will depend on the number of guests.

Allocate by Percentage:

A helpful way to allocate your budget is by assigning percentages to different categories. While there are no set rules, here's a general guideline:

• Venue and Catering: 40-45%
• Photography/Videography: 10-12%
• Music/Entertainment: 10%
• Flowers/Decor: 10%
• Wedding Attire/Beauty: 9%
• Ceremony: 3%
• Stationery: 2%
• Favours/Gifts: 2%
• Transportation: 2%
• Emergency/Miscellaneous: 5%

Prioritise and Adjust:

Your budget should reflect your priorities and vision for the wedding. If you want a live band, you might allocate more to entertainment and less to flowers. If you're set on a designer dress, consider reducing the attire budget and increasing the percentage for wedding attire. Be flexible and willing to make adjustments as you go.

Research and Compare:

Research vendors within your price range and ask for cost proposals. This will help you understand the market rates and make informed decisions. Compare different options and packages to find the best value for your money.

Track Expenses:

Stay organised by using a spreadsheet or budgeting app to track your expenses. Record every payment, actual costs, and due dates to ensure you don't exceed your budget. There are also wedding-specific budgeting tools offered by websites like Zola, The Knot, and WeddingWire.

Negotiate:

Don't be afraid to negotiate with vendors. Many are willing to customise packages to suit your budget. Be honest about your financial constraints, and you may be able to work out a deal that suits both parties.

Hidden Costs:

Remember to account for hidden costs like beauty treatments, bachelor/bachelorette parties, vendor meals, overtime costs, taxes, and tips. These expenses can add up quickly, so it's essential to be prepared and include them in your budget.

Creating a wedding budget can be challenging, but it's crucial to ensure you don't overspend. Be flexible, realistic, and organised, and don't be afraid to ask for help or make adjustments along the way.

Prioritise

Now that you have a rough idea of the type of wedding you want and the budget you're working with, it's time to prioritise. This is where you decide what's most important to you and your partner, and allocate your funds accordingly.

Start by making a list of your top three priorities for the wedding. This could be anything from the music and entertainment to the food and drinks, the venue, the attire, the flowers and decor, or the photography and videography. Be honest with each other about what you really want, and try not to be influenced by what you think you should want. Remember, it's your day!

Once you have your list of priorities, you can start allocating your budget accordingly. If you have a clear idea of how much certain things will cost, you can assign those costs to each category. If you're not sure about the costs, you can use the average wedding budget percentages as a guide.

For example, if your top priority is the food and drinks, you might allocate 40% of your budget to catering. Or, if you really want a particular band or DJ, you could put 10% of your budget towards music and entertainment.

It's important to be flexible and realistic during this process. If your dream venue turns out to be way out of your budget, you might need to compromise and look at other options. Or, if you fall in love with a dress that's more expensive than you planned, you might need to cut costs elsewhere, such as the flowers or decorations.

The key is to keep referring back to your priorities and make sure the things that are most important to you are reflected in your budget. It's also a good idea to leave some room in your budget for unexpected costs, as these can quickly add up.

Finally, don't be afraid to negotiate with vendors. Many of them will be willing to work with you to create a package that suits your budget. Be honest about what you can afford, and see if they can tailor their services to meet your needs.

Remember, your wedding budget is unique to you and your partner, so make sure it reflects your priorities and vision for the day.

Re-evaluate and estimate

Now that you have a rough idea of what you want for your wedding and how much you can spend, it's time to compare the two and see if they match up. If your dream wedding is exceeding your budget, it's time to re-evaluate and make some adjustments.

First, consider whether you can increase your budget. Do you have any wiggle room in your finances to allocate more funds to the wedding? If so, you may be able to make your dream wedding a reality without compromising.

If not, it's time to get creative and find ways to reduce costs. Can you change the type of venue or overall style of your wedding to make it more affordable? Can you DIY some elements or remove certain features that are less important to you?

For example, instead of a formal sit-down dinner, could you opt for a more casual buffet-style meal? Or maybe you decide to skip the live band and create your own playlist instead. Remember, it's your wedding, so make adjustments that fit your vision and priorities.

During this phase, it's crucial to be realistic about costs. Do your research to get a sense of how much different elements will cost, and don't forget to account for hidden expenses like taxes, tips, and vendor meals.

Use online resources and wedding budget calculators to help you estimate costs and create a detailed breakdown of your budget. This will allow you to allocate funds accordingly and ensure that you're not spending beyond your means.

Remember, it's okay to make changes and compromises to align your budget with your vision. What matters most is that you and your partner end up celebrating with your loved ones and starting your married life together.

Keep yourself and your money accountable

Creating a wedding budget is an important step in the wedding planning process. It can be a challenging task, but it is crucial to ensure you don't overspend and start your married life in debt. Here are some tips to keep yourself and your money accountable:

• Use a budget worksheet or spreadsheet: There are many free wedding budget worksheets and spreadsheets available online, such as the one offered by A Practical Wedding. These worksheets can help you break down your budget into categories, track your spending, and stay organised.
• Determine your total budget: Before you start allocating funds, you need to know how much money you have to work with. Discuss with your partner how much you are willing and able to spend on the wedding. If others will be contributing financially, have an open and honest conversation about how much they can give and what they expect in return.
• Prioritize your spending: Identify your top priorities for the wedding. This could be anything from the venue to the food, music, photography, or your wedding attire. Allocate more funds to the areas that are most important to you and cut back on less important items.
• Research and compare prices: Do your research to get an idea of the cost of different wedding elements. Contact vendors, ask for cost proposals, and compare prices to find the best deals. This will help you create a realistic budget that aligns with your vision.
• Be flexible and willing to compromise: It's important to understand that your original plans and budget may not always align. Be prepared to make adjustments and compromises. If your dream venue is out of your price range, consider alternative options or negotiate with the vendor. Remember, there are usually ways to save money, such as DIY projects or opting for less expensive alternatives.
• Track your spending: Keep a close eye on your spending throughout the planning process. Update your budget worksheet or spreadsheet with actual costs as you receive proposals and sign contracts. This will help you stay within your budget and avoid any nasty surprises.
• Negotiate with vendors: Don't be afraid to negotiate with wedding vendors. Many vendors are willing to work with you to create a package that suits your budget. Be honest about your financial limitations, and see if they can tailor their services to meet your needs.
• Build in a buffer: Unexpected costs can arise, so it's a good idea to build in a buffer to your budget. This could be around 5-15% of your total budget. This will give you some wiggle room and help you handle any unforeseen expenses.
• Stay organised and track expenses: Create a system to track your expenses and keep all your financial information in one place. Use a spreadsheet, budgeting app, or wedding planning tools like those offered by WeddingWire, Zola, The Knot, and Emily Post. Share this information with your partner and anyone else financially contributing to the wedding.

Frequently asked questions