The Best way to PLan your wedding budget
If you’re like a lot of the people I work with and you like to ball on a budget then this guide is for you.
Setting a budget is the first & most important step you should take when beginning to plan your wedding. It sets the stage for how much money you can comfortably spend for your big day and sticking to it is one of the greatest decisions you can make for your stress levels before, during, and after your wedding day. By following these tips you'll thank yourself later and have more money in your pockets for a honeymoon and more importantly - this exciting next chapter of your lives together!
Create a Hard Max Budget
Regardless of where you are in your planning process, having an absolute cap on how much you can spend is most important. Look at your savings accounts and come to terms with the max you'd be willing to part ways with. Reach out to your parents and see if they'd be willing to help pitch in as well. There are great and not so great ways to do this but you know your parents better than I do so I'll leave this important piece up to you & your discretion.
Calculate all your expenses
You can do this on a Google Doc, Excel spreadsheet, Trello cards, or with good ol' fashioned pen & paper. Make a list of every absolutely necessary expense - for a traditional wedding this includes ceremony & reception venues, dress & tux, hotel rooms, food & drink, invitations, flowers, cake, decorations, photographer, videographer, DJ, officiant & marriage license. Once you have a list of those then create your list of things you want but don't absolutely need.
Here’ are a few to get the ball rollin’.
Before Wedding: Save the dates, engagement party/rehearsal dinner invites, bachelor & bachelorette party flights, lodging (AirBnB's are the play), nights out, meals, activities, etc.
Rehearsal Dinner: Food, drinks, clothes, accessories, & photographer/videographer.
Wedding Day: Spouse & wedding party gifts, hair & make up stylist, church donation, ring bearer pillow, wedding rings, arch, party bus w/ drinks, menus, seating guide, table centerpieces, microphones (if not already provided) wedding day or full-service planner, desserts, gratuities, gifts for guests, sparklers, and most importantly - late-night snacks.
Create a Buffer
It's recommended to save at least 15-30% of your overall budget as a buffer for the inevitable expenses that come later down the line. More expenses will come up so planning on spending 20ish percent less than what you know is your absolute limit will allow for fun, spontaneous purchases as your day gets closer. If that doesn't happen then you have that much more in your account for other things after your wedding!
Sticking to your budget is going to save you stress, money, and anxiety as you plan this wedding of yours and by laying your foundation with these three things you're setting yourself up for success. If you want to see a more comprehensive list of potential expenses & things you may want at your wedding - check out this sweet guide.