Planning A Wedding: Creating A Realistic Budget

Planning a wedding can be stressful, but financial concerns shouldn't overshadow the big day. The first step in wedding planning is setting a budget, and there are many ways to go about it.

One way is to decide on a total amount you can afford to spend on your wedding. This can be done by looking at your savings account and determining how much you can save throughout the engagement period. You may also want to talk to your parents to see if they're willing and able to contribute. Once you have a total, you can allocate a percentage of the budget to each expense.

Another way is to work backward from your guest list. The number of guests impacts food, beverage, tables, florals, linens, and more. So, create a rough draft of your guest list, then use that to estimate your venue cost, and go from there.

A third way is to decide on your must-haves and allocate your budget accordingly. For example, if you want a live band, you may need to cut back in other areas.

No matter which method you choose, it's important to be realistic and flexible, and to track your spending along the way.

Who is contributing to the wedding?

When it comes to funding a wedding, it's important to be realistic about what you can afford. The first step is to decide who will be contributing to the wedding and how much they are willing to give. This could include the couple themselves, their parents, or other family members and friends.

Traditionally, the bride's family has paid for most of the wedding costs, but this is no longer the norm. In 2023, The Knot Real Weddings Study found that, on average, couples contributed 50% of the wedding budget, with the other 50% coming from parents or family. However, this can vary depending on income and assets. For example, if one partner earns 70% of the household income, they may cover 70% of the wedding costs.

It's also worth noting that, in 2023, 61% of newlyweds said that the state of the economy influenced their wedding budget and planning.

Once you have a clear idea of how much money you have to work with, you can start allocating it to the various expenses that come with planning a wedding. These might include:

• Venue and catering
• Wedding planning
• Photography and videography
• Stationery
• Wedding attire and beauty
• Music and entertainment
• Flowers and decor
• Cake
• Favours and gifts
• Transportation
• Emergency fund

How many guests will there be?

The number of guests you plan to invite to your wedding will have a huge impact on your budget. The more guests you invite, the more money you will need to spend on food, drink, tables, chairs, and more.

The first step in deciding how many guests to invite is to create a rough draft of your guest list. This will help you to choose a venue that is the right size for your wedding and give you a more accurate idea of costs.

The number of guests you invite will also depend on your budget and the type of wedding you want. For example, if you want a traditional ballroom wedding, you will probably invite more guests than if you were having a backyard barbecue.

Once you have an idea of your guest numbers, you can start to request prices from venues. As a general rule of thumb, venue, food, and drink make up about 40-50% of total wedding costs. So, if your guest list is longer than you can afford, you may need to cut it down or push out the wedding date to give yourself more time to save.

It's also important to remember that not all your invited guests will be able to attend. On average, there is about a 10% drop-off, but this will depend on the time of year and location of your wedding.

Finally, don't be afraid to negotiate with vendors. Many will be willing to work with you to create a package that suits your budget and guest numbers.

What type of wedding will it be?

When it comes to deciding on the type of wedding you want, there are several factors to consider. The first is your budget. How much can you comfortably afford to spend on your wedding? This will depend on your savings, income, and how much you can save during your engagement.

The second factor is the number of guests you want to invite. This will have a significant impact on the cost of your wedding, as there is usually a per-head cost for food and drinks. It will also affect the size of the venue you need and the number of tables, chairs, linens, etc. required.

Once you have an idea of your budget and guest list, you can start thinking about the type of wedding that will accommodate your guest count and budget. Do you want a traditional ballroom wedding, a restaurant wedding, a backyard barbecue, or a casual party? Research and get quotes from various vendors to help you make this decision.

If your dream venue or certain elements are out of your budget, don't be afraid to compromise. You can cut back in other areas that are less important to you or find alternative options that fit within your budget.

• Focus on the guest experience: Prioritize spending on food, transportation, and music to ensure your guests have a memorable time.
• Divide your budget into sections: Allocate around 40% for taking care of guests' basic needs (venue, food, and beverage) and the remaining amount for fixed costs (photographer, videographer, entertainment, wedding dress) and logistical expenses (lighting, stationery, etc.).
• Create a rough draft of your guest list: This will help you determine the size of the venue you need and give you a more accurate estimate of costs.
• Be flexible and willing to negotiate: If there are certain vendors or elements you really want but are out of your budget, be honest about your situation and see if they are willing to work with you to create a package that suits your budget.
• Don't forget the hidden costs: Allocate a percentage of your budget for unexpected expenses and hidden costs, such as beauty treatments, bachelor/bachelorette parties, vendor meals, and overtime costs.
• Stay organized and track your expenses: Use a spreadsheet or budgeting app to keep track of your wedding budget and expenses. This will help you stay within your budget and make adjustments as needed.

Set a budget before shopping

Setting a budget before shopping is a crucial step in wedding planning. It is important to be realistic about what you can afford and to prioritise the aspects of the wedding that are most important to you. Here are some steps to help you set a budget before you start shopping:

Determine who will be contributing

The first step is to decide who will be paying for the wedding. Traditionally, the bride's parents covered the costs, but nowadays, both families often contribute, and the couple may also chip in. It is essential to have open and honest conversations about how much each party can afford to contribute.

Create a guest list

The number of guests you invite will have a significant impact on your budget, as there is usually a per-head cost for catering and other expenses such as stationery and favours. Creating a rough guest list will help you estimate these costs more accurately.

Prioritise

Now it's time to decide what aspects of the wedding are most important to you. Do you want amazing food and entertainment? Are you willing to splurge on a designer gown? Would you prefer to allocate more of your budget to decorations and flowers? Prioritising will help you allocate your funds effectively and ensure that you are getting the most important things for your dream wedding.

Research and compare

Start researching vendors and venues that fit your vision and priorities. Get quotes and create a spreadsheet to compare costs. Be sure to read the fine print and ask about any additional fees or charges that may apply.

Be flexible and realistic

If your dream venue or dress is out of your budget, be prepared to compromise and find an alternative that you can afford. Remember, your wedding is just one day, and it's not worth starting your married life in debt.

Track your spending

Create a budget tracker or use a wedding budget app to keep a close eye on your spending. This will help you stay organised and ensure that you don't go over budget.

By following these steps, you can set a realistic wedding budget that fits your financial situation and priorities. Happy planning!

Decide if you want a wedding planner

Deciding whether or not to hire a wedding planner is a crucial step in the wedding planning process. While it is an added expense, a wedding planner can make the whole process infinitely easier and ensure your day goes off without a hitch.

The average cost of a wedding planner is $2,100, but this can vary greatly depending on the planner and the type of wedding you want to have. High-end planners can cost significantly more, and if you want to throw a luxury event, be prepared to spend at least $10,000 on top of the cost of the wedding itself.

If you decide to hire a wedding planner, they can help you save money in other areas by leveraging their relationships with vendors to get you the best price. They can also help you understand what details will and won't make a big impact, so you can avoid overspending on unnecessary items.

On the other hand, if you're working with a tight budget or prefer to plan the wedding yourself, you may decide to forgo a wedding planner. This option gives you more control over the planning process and can save you money. However, it's important to consider the time and effort involved in organizing a wedding, especially if you have a large or complex event.

To help you decide, consider the following:

• Your budget: How much can you realistically afford to spend on a wedding planner?
• Your vision: What type of wedding do you want, and how much help do you need to make it a reality?
• Your time: Do you have the time and energy to plan the wedding yourself, or would you prefer to hand over the reins to a professional?
• Your support network: Do you have family or friends who can help with the planning, or will you be doing it alone?

Remember, there is no one-size-fits-all approach to wedding planning. The decision to hire a wedding planner depends on your unique circumstances and preferences.

Frequently asked questions