Welcome back to Money & Matrimony! Once a month on the OIMDE blog, I take a look at the financial side of weddings and events, and dig deep to untangle the seemingly mind-numbing money hoops when planning a wedding.
And with March come the whisperings of the start of wedding season. So why not start at the very beginning of planning a wedding with step number 1. Creating your wedding budget!
As a double virgo (virgo sun and virgo rising, I’m very earthy!) I love the comfort I feel from having my budget set in stone. I’m one who can be *very* tempted with shiny new buys, and big sales and deals for offers and products I might not need, so the boundary of a budget can take that temptation away from me. And that’s what I want to impart to you! So with that, let’s dive right in.
Creating Your Wedding Budget: A Simple Guide
Before diving headfirst into the exciting details, it’s essential to create a budget that works for you and your partner. Setting a budget will help you make informed decisions, prioritize your spending, and avoid overspending. In this article, we’ll discuss how to create a wedding budget and what factors to consider when doing so.
Step 1: List Out Your Non-Negotiables
Before crunching the numbers, sit down with your partner and discuss your non-negotiables. Non-negotiables are the things that are most important to you and where you want to allocate most of your budget. Examples include the venue, catering, dress, photographer, and entertainment. Also, consider what you want to spend on each item and what you might want to spend on optional entertainment or deluxe options for guests.
Step 2: Crunch The Numbers
Now that you know what you need and want, it’s time to crunch the numbers. Research the cost of each line item and think about ways to save money. For example, could you find deals in bundles or inclusive packages, or could you DIY some aspects of the wedding to lessen the costs? When the numbers are settled, your wedding budget will become clearer.
Step 3: Who’s Paying?
Discussing money with family and friends can be uncomfortable, but it’s an essential part of creating a wedding budget. Determine who will be contributing to the budget, and how much they are willing to contribute. You can also explore other options, such as crowdfunding, asking for contributions to a honeymoon fund instead of a gift registry, or using online resources to help pad out the budget.
What To Include In A Wedding Budget
With an average cost of $28,000 for a wedding in 2021, it’s important to know where to allocate your funds. The Knot released a study in 2021 that highlighted where most couples spend their money and what is often considered optional vs mandatory. Some of the mandatory expenses include the venue, catering, wedding planner, and attire, while optional expenses include things like wedding favors, transportation, and beauty treatments. Knowing what expenses are necessary and which ones you can live without will help you create a realistic budget.
Wedding Budget Resources
Creating a wedding budget is not an easy task, but fortunately, there are many resources available to help you. Some popular online resources include WeddingWire, The Knot, WeddingForward, and Google Workspace. These resources provide tools such as wedding budget calculators, checklists, and helpful tips to guide you through the process.
Creating a wedding budget may not be the most romantic part of wedding planning, but it’s a crucial step in ensuring your big day is everything you want it to be. By following these simple steps, you can create a realistic and achievable wedding budget that works for you and your partner. Happy planning!
