Your wedding day is often said to be the most important day of your life, which can lead to impulsive decisions when it comes to spending money. After all, if you can’t choose the best quality options for your big day, then when can you? But, in reality, weddings can cause quite a lot of financial stress for couples who spend more than they can afford to in order to throw a lavish and grand celebration. If you’re thinking about your wedding budget, you’ve come to the right place.
It’s not simply about setting a budget, but also about adopting the right strategies to help you stick to it. Read on to find out how a wedding budget can help you plan a fantastic wedding without breaking the bank!
Setting a Wedding Budget
The first step is to figure out what your wedding budget looks like. You can do this by reviewing your savings together with your partner, and factoring in any contributions from your family members. You can calculate a percentage of your savings that you feel comfortable spending, and avoid dipping into savings that were put aside for another purpose such as a home deposit.
While you’re setting your budget, think about what aspects of your wedding matter most to you and your partner. At the same time, you can list the areas where you wouldn’t mind spending less. These lists are completely personal to you and your wedding, so try not to get caught up in comparing them to other weddings you’ve seen online or been invited to. Remember, every couple’s financial situation and priorities are different.
Time to Categorise
Once you’ve put together a number, it’s time to break it down into different categories. Allocate a percentage of your total budget to each part of your wedding, adding in a little leeway for unexpected costs. Categories to include here are: Venues, photography and videography, suits and dresses, decor and flowers, wedding planner services, catering, entertainment and gifts.
Research, research, research
Once you’ve set up your categories, start researching different suppliers and get as many quotes as you can. This will allow you to compare prices and negotiate to get the best deal for your day.
We suggest keeping track of all your quotes using a budgeting app or a simple spreadsheet. This will help you calculate total costs to ensure that you’re staying within your budget for every category and for the overall wedding.
When you choose your suppliers, you will likely need to pay deposits. Take note of how much you pay and when, and keep track of your receipts if possible. With so many payments going outwards, it can be easy to lose track otherwise.
Be Aware of Hidden Costs
Having a ‘contingency’ budget will help you with hidden costs that may crop up throughout the wedding planning process. Some common extras include service fees, tips for vendors, wedding gifts, overtime fees and transport costs.
To help you reduce hidden costs, consider DIY projects where you can. Creating your own decor and developing your own invitations can be a fun pre-wedding task to take on.
Save Money for your Wedding Budget with Off-peak Weddings
Venues and suppliers can be more expensive during peak wedding season, but if you’re trying to save money, here’s a tip: Book the same venue and suppliers off-peak! Winter wedding? Or perhaps a weekday bash? If you want to cut down costs further, consider keeping your guest list more intimate!
With clever budgeting, you can make your wedding dreams come true by planning ahead, setting priorities and tracking expenses. Working with a wedding planner can also help you ensure you’re getting the best deal for your money.
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