When coming to a wedding, there are many things to consider. From the venue selection to the wedding cuisine, you must plan everything consciously to avoid any inconsistencies during the wedding. It can be challenging, but you can make it with a proper plan. Budget is the primary constraint that must be neutralized to celebrate a wedding happily. The wedding budget must be preplanned to avoid overspending and less spending.
Let us see how to create a wedding budget using the steps below.
The foremost thing to do is define the budget. You and your partner should sit together and discuss the amount you would like to spend on the wedding. All your expenses should be under this if you are allocating $10,000 or $100,000. Calculate the total amount by including all of your family members’ contributions.
Example: Consider that your total budget is $30,000. Your parents agree to contribute $10,000, and your in-laws decide to contribute $5,000. Then, you can spend $15,000 in total on your expenses. Allocate some portion of the amount to unexpected costs. Set aside 5-10% of your budget for contingencies to avoid the financial stress.
2. Allocate Your Budget By Category
Allocate your budget by dividing it by all expenses like venue, catering, attire, decor, photography, and entertainment. Assign to each based on the priorities. A typical breakdown can be like,
Also, include the smaller, hidden costs like transportation, vendor tips, and marriage license fees.
3. Prioritize Your Must-Haves
You should prioritize the things you require by discussing them with your partner. List the top five things that matter most to you. Include priorities like: Is it a stunning venue? A designer wedding dress? Or perhaps a killer live band? What kind of vibe do you want for your big day? A grand, traditional ceremony?
Focus on what will make your day unforgettable.
Example: Consider you are a foodie and want to prioritize an extraordinary dining experience. So you are supposed to allocate extra costs to catering and reduce the costs on things like DIY centerpieces or digital invitations rather than printed ones.
4. Get Quotes
Research the average prices of the photographer’s cost and compare them in your area before committing to any vendor and service. You can call the vendors, request quotes, and compare them. Also, be aware of hidden fees like service charges, taxes, and gratitudes, which can be added quickly. While asking for the quotes, request them about it.
Example: If a photographer you like charges $5,000, but you find out that another professional with similar features quotes $3,800, you can go with the second person and save $1,200, which you can spend on other things, like a honeymoon.
5. Allocate Emergency Fund
Unexpected expenses are unavoidable during the wedding. There are requirements like extra seating, the weather calls for last-minute tent rentals, and additional dining. So, allocate 5% to 10% of your total budget to these requirements as a contingency fund.
Example: If you are planning a wedding budget of $30,000, you can set aside $1,500 to $3,000 for emergencies. You may experience frequent rainfall during winter weddings, so a tent is required to continue the ceremony and event. Your savings will help you rent a tent.
6. Use Budgeted Tools
We live in a digital world, so you can use budgeting tools to process wedding expenses. A decade ago, there were no facilities for budget tools; people used pen and paper to manage invoices. Some of the tools we recommend for budget calculation are:
The Knot Wedding Budgeter: It offers a detailed breakdown based on your total budget.
Mint or Excel: It is used to track expenses as they arise.
WeddingWire: Its tools are used to compare vendor costs and manage payments.
Example: If you use a WeddingWire app, you could notice that you allocated $500 on flowers. This tool lets you identify where you can cut back, like swapping an expensive live band for music.
7. Use DIY in Necessary Areas
It is optional to organize everything costlier at the wedding. Making gifts or things yourself is valuable, so you can go DIY by seeking personalization help from your relatives and friends. This can impress and satisfy guests.
Example: Instead of using a calligrapher, you can create your place cards using an online template. Otherwise, you can borrow vintage items from your family or friends rather than renting high-end table decor to provide a special touch.
8. Track Every Expense
During the wedding, there can be many expenses. It would help if you record every small or big expense to stay within your budget. You can use spreadsheets or budgeting apps to monitor payments, deposits, and balances. It will help you to avoid overspending and keep your finances organized. Tracking your expenses will showcase where your money is going.
Example: Consider that you allocated $2,000 for decor, which costs $1500. You can spend the $500 to upgrade the wedding cake or add any beverage to have it late at night.
9. Discuss Payment Schedule
Wedding vendors often require a deposit upfront to secure their services, with the remaining balance due before the wedding date. So, discuss the payment procedure with the vendor beforehand to ensure everything is clear. You can keep track of your deposit deadlines, installment amounts, and final payments for each vendor.
Example: If your wedding venue costs $10,000 and the vendor requires 50% upfront, which is $5,000 due initially, ensure you have enough to pay the deposit without affecting the others’ budget.
10. Go As Per Plan
A wedding can handle multiple budgets, so it’s essential to be disciplined with your wedding budget. You must go with your perfect plan, like allocating budgets for each thing and some extra budget for emergencies, which helps you have money flow equally in all aspects. Maintain a consistent track record of your expenses to avoid under or overspending.
Example: You could say it’s just an extra $100 while spending on the unplanned one. These small amounts add up quickly, and multiple extra small amounts can affect your budget.
Example of a Real-Life Wedding Budget
Let us understand the concept of the wedding budget by discussing a real-world example.
The couple Sarah and Rahal got married recently and had planned a wedding for $25,000.
Their budget plan involves:
Venue and Catering: They allocated $12,000, but fortunately, they found a venue with off-peak discounts for $10,000 and utilized it, saving $2,000.
Photography: They allocated $3,500, but after liking the photographer’s work, they spent $4,000, so they overspent $500.
Florals & Decor: They allocated $2,500, but DIY centerpieces with friends and relatives cost $1,500. They saved $1,000.
Entertainment: They allocated $2,000 for a live band but spent $1,200, while they saved $800.
Miscellaneous: They set aside $2,500 for extra expenses and spent $2,300 on last-minute umbrella rentals and gift bags, saving $200.
Tracking expenses and making cost adjustments, they stayed within budget for their dream wedding.
While planning your wedding budget, don’t forget to allocate funds for special moments like the entrance! Check out these creative wedding party entrance ideas to make a memorable first impression without overspending.
How To Create A Wedding Budget
When coming to a wedding, there are many things to consider. From the venue selection to the wedding cuisine, you must plan everything consciously to avoid any inconsistencies during the wedding. It can be challenging, but you can make it with a proper plan. Budget is the primary constraint that must be neutralized to celebrate a wedding happily. The wedding budget must be preplanned to avoid overspending and less spending.
Let us see how to create a wedding budget using the steps below.
Table of Contents
Steps To Create A Wedding Budget
1. Define Your Total Budget
The foremost thing to do is define the budget. You and your partner should sit together and discuss the amount you would like to spend on the wedding. All your expenses should be under this if you are allocating $10,000 or $100,000. Calculate the total amount by including all of your family members’ contributions.
Example: Consider that your total budget is $30,000. Your parents agree to contribute $10,000, and your in-laws decide to contribute $5,000. Then, you can spend $15,000 in total on your expenses. Allocate some portion of the amount to unexpected costs. Set aside 5-10% of your budget for contingencies to avoid the financial stress.
2. Allocate Your Budget By Category
Allocate your budget by dividing it by all expenses like venue, catering, attire, decor, photography, and entertainment. Assign to each based on the priorities. A typical breakdown can be like,
Example: For a $30,000 budget:
Also, include the smaller, hidden costs like transportation, vendor tips, and marriage license fees.
3. Prioritize Your Must-Haves
You should prioritize the things you require by discussing them with your partner. List the top five things that matter most to you. Include priorities like: Is it a stunning venue? A designer wedding dress? Or perhaps a killer live band? What kind of vibe do you want for your big day? A grand, traditional ceremony?
Focus on what will make your day unforgettable.
Example: Consider you are a foodie and want to prioritize an extraordinary dining experience. So you are supposed to allocate extra costs to catering and reduce the costs on things like DIY centerpieces or digital invitations rather than printed ones.
4. Get Quotes
Research the average prices of the photographer’s cost and compare them in your area before committing to any vendor and service. You can call the vendors, request quotes, and compare them. Also, be aware of hidden fees like service charges, taxes, and gratitudes, which can be added quickly. While asking for the quotes, request them about it.
Example: If a photographer you like charges $5,000, but you find out that another professional with similar features quotes $3,800, you can go with the second person and save $1,200, which you can spend on other things, like a honeymoon.
5. Allocate Emergency Fund
Unexpected expenses are unavoidable during the wedding. There are requirements like extra seating, the weather calls for last-minute tent rentals, and additional dining. So, allocate 5% to 10% of your total budget to these requirements as a contingency fund.
Example: If you are planning a wedding budget of $30,000, you can set aside $1,500 to $3,000 for emergencies. You may experience frequent rainfall during winter weddings, so a tent is required to continue the ceremony and event. Your savings will help you rent a tent.
6. Use Budgeted Tools
We live in a digital world, so you can use budgeting tools to process wedding expenses. A decade ago, there were no facilities for budget tools; people used pen and paper to manage invoices. Some of the tools we recommend for budget calculation are:
The Knot Wedding Budgeter: It offers a detailed breakdown based on your total budget.
Mint or Excel: It is used to track expenses as they arise.
WeddingWire: Its tools are used to compare vendor costs and manage payments.
Example: If you use a WeddingWire app, you could notice that you allocated $500 on flowers. This tool lets you identify where you can cut back, like swapping an expensive live band for music.
7. Use DIY in Necessary Areas
It is optional to organize everything costlier at the wedding. Making gifts or things yourself is valuable, so you can go DIY by seeking personalization help from your relatives and friends. This can impress and satisfy guests.
Example: Instead of using a calligrapher, you can create your place cards using an online template. Otherwise, you can borrow vintage items from your family or friends rather than renting high-end table decor to provide a special touch.
8. Track Every Expense
During the wedding, there can be many expenses. It would help if you record every small or big expense to stay within your budget. You can use spreadsheets or budgeting apps to monitor payments, deposits, and balances. It will help you to avoid overspending and keep your finances organized. Tracking your expenses will showcase where your money is going.
Example: Consider that you allocated $2,000 for decor, which costs $1500. You can spend the $500 to upgrade the wedding cake or add any beverage to have it late at night.
9. Discuss Payment Schedule
Wedding vendors often require a deposit upfront to secure their services, with the remaining balance due before the wedding date. So, discuss the payment procedure with the vendor beforehand to ensure everything is clear. You can keep track of your deposit deadlines, installment amounts, and final payments for each vendor.
Example: If your wedding venue costs $10,000 and the vendor requires 50% upfront, which is $5,000 due initially, ensure you have enough to pay the deposit without affecting the others’ budget.
10. Go As Per Plan
A wedding can handle multiple budgets, so it’s essential to be disciplined with your wedding budget. You must go with your perfect plan, like allocating budgets for each thing and some extra budget for emergencies, which helps you have money flow equally in all aspects. Maintain a consistent track record of your expenses to avoid under or overspending.
Example: You could say it’s just an extra $100 while spending on the unplanned one. These small amounts add up quickly, and multiple extra small amounts can affect your budget.
Example of a Real-Life Wedding Budget
Let us understand the concept of the wedding budget by discussing a real-world example.
The couple Sarah and Rahal got married recently and had planned a wedding for $25,000.
Their budget plan involves:
Tracking expenses and making cost adjustments, they stayed within budget for their dream wedding.
While planning your wedding budget, don’t forget to allocate funds for special moments like the entrance! Check out these creative wedding party entrance ideas to make a memorable first impression without overspending.
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