Five Steps For Creating Your Wedding Budget
Setting your wedding budget is an important milestone for many reasons. Weddings are rooted in dreams and budgets are rooted in reality. I encourage engaged couples to begin by sitting down together and frankly discussing what their dream wedding looks like. Create a checklist of wedding products and services needed. Number them in the order of importance. Here’s five steps for creating your wedding budget:
Step 1: Clarifying Funds
Money is a touchy subject. All the more reason to know up-front what family members will be contributing to your wedding. Long gone is the tradition of the bride’s family paying for most of the expenses. When wedding budgets are clearer, initial-planning goes smoother and decisions are easier.
TIP: Keep track of all wedding budget purchases in a binder including proposals, contact and vendor correspondence.
Step 2: Wedding Setting and Catering
The second step in our five steps to creating your wedding budget is an important one. Remember a sizeable portion of wedding expenses revolves around venue capacity and rental fees. Think about the number of people expected to attend your reception. Consider also the time of year and day of the week. Some places offer discounts for weekday weddings.
Step 3: Guest List
The more people invited the more space and food is required. Consider also the quality of the food and the type of ambience you prefer. Keep in mind between 75-85 percent of wedding guests who are invited, usually attend.
Step 4: Staying Organized
Keep track of all wedding budget purchases in a binder including proposals, contact and vendor correspondence. It is a good idea to set up a wedding bank account so weddings funds and expenses are kept separate from personal funds. After your wedding, you can use the same bank account to save for other milestones like new furniture or a new vehicle.
Step 5: Vendor List
Setting a wedding budget is essential to manage spending. Knowing exactly what you can afford helps you better communicate with vendors, and each other.
Group the products and services most meaningful to both of you. Group the other products and services that you both would be willing to scale back on. So for example, the two of you might prefer expensive flowers or DJ services.
Remember your wedding is all about your collective vision. It is your special day so feel free to splurge and save as you both see fit. With some careful preplanning, you and your fiancé can achieve the wedding of your dreams working strategically with the funds you have available.
Need Help Setting Up Your Wedding Budget?
As a Certified Wedding Planner, I offer a wedding consulting package. This package provides a personal opportunity for us to work together. I can assist in streamlining your budget and setting up systems for stress-free wedding planning.