Are wedding bells in your future? Congratulations, this is one of the most exciting times in your life!
While there are a million decisions you’ll have to make before you actually get to say, “I Do”, one of the most important is setting a wedding budget. Skip this step and you could find yourself starting off your new life in serious debt or finding that you skimped on things you’ll later regret not having. Knowing your budget ahead of time means that you can focus on the things that are really important to you and enjoy a stress-free day.
5 Things to Account for when Establishing Your Wedding Budget
1. Start with a Spending Limit
Before you start crunching numbers, it’s important to communicate with everyone involved and understand exactly where the money is coming from. If your families are willing to help, that’s wonderful! Make sure you’re clear on who is paying for what and exactly how much they’re willing to contribute. Once you know this, take a look at your own income and savings to determine how much you can comfortably spend. Combine all these numbers and you’ll have your maximum wedding budget.
2. Your Guest Count Makes a Big Difference
Other than the bride and groom, the most important thing about a wedding is sharing the day with the people who mean the most to you. That’s why the next thing you’ll want to do is estimate your guest count. Are you happy with a small, intimate wedding that includes only family and close friends? Or would you prefer a large wedding with hundreds of guests?
It’s important to address this early on as this will influence both your venue needs and your wedding budget. Planning a wedding for 30 is much different than planning one for 300.
3. You’ll Be Happiest if You Focus on Your Non-Negotiables
Now it’s time to decide which parts of your wedding are most important to you. Do you have your heart set on a particular venue, or have you always dreamed of a gorgeous cake? Maybe you really want a top-notch photographer, or you know your wedding won’t be the same without an open bar. It’s your day, and if something is really important to you, then you should find a way to make it happen.
Take a look at our planning checklist to get an idea of typical wedding expenses. This way, you won’t forget about anything important.
4. Getting Creative Can Save Your Budget
While the average cost of a wedding is near $30,000, there’s no reason you have to spend that much! Looking for creative ways to save money will help ensure that you have enough to cover the things that are truly important to you. For example, do you have a family member who can act as a wedding coordinator or someone who’s willing to make your cake for you? Would using an outdoor venue save you from having to spend a fortune on floral arrangements? Once you start thinking outside of the box, you’ll be amazed at how easy it is to trim your wedding budget.
5. Don’t Forget to Add Some Wiggle Room
Be careful not to set a budget that’s at the absolute top of your spending limit. There are always unexpected things that come up, so set aside at least five percent of your budget to cover them. This will help ease the stress when it inevitably happens.
Once you have your wedding budget set, you can start enjoying the planning process. Not sure where to start? Give us a call! We can recommend some wonderful wedding venues, help you plan your layout, and cover all your rustic rental needs.