Money Monday: How to Create Your Wedding Budget
It’s all about the budget, brides! After you get engaged, it can be a really exciting time where all you want to do is start planning and looking for vendors. But, you should take the time to craft your budget as it will be the guiding force for most of your wedding decisions. Every bride wants an amazing wedding, but spending money you don’t have will have post-wedding consequences you don’t want to deal with. On average, couples budget $23,000 for their wedding, usually increasing their budget to about $30,000 after the start of planning. Be careful with increasing your initial budget, because all those little bump-ups from “must-have” items you encounter during planning can add up to be very expensive. We’ve got three easy tips that will help you set and stick to your budget!
Set Your Budget First
Before you even start researching your vendors, set your budget. This should be the first thing on your list because it will give you a price guideline for your wedding vendors, making sure you don’t explore outside of what you can afford. Set your total budget first, and then break it down into categories using guidelines from reliable sources. Typically 40% of your budget should be allotted to the venue and catering, while about 5% is given to attire.
Photography by In Our Image Photos
Personalize The Budget
Not every couple will have the same budget, it can vary by price and preference. After you have worked out some of the general numbers of your budget, you can customize your budget according to what is most important to you. If you value reception entertainment more than a cocktail hour, you can allow for a larger reception entertainment budget. Just make sure to double-check that all of your numbers add up to 100% once you have personalized your budget.
Photography by In Our Image Photos
Work In Hidden Costs
It’s almost impossible to predict every single cost that will come up during your wedding planning, but you should work in any potential hidden costs into your initial budget. Add in a 5% miscellaneous fund into your total budget that will cover any of these hidden expenses that will pop up. If it turns out that you don’t spend all of your miscellaneous funds on hidden costs, you can use it for any vendor upgrades or put it towards your honeymoon!
Photography by Emma King Photography
With your budget set, now you can explore vendors in your price range, keep track of your spending, and update your budget accordingly! Share this with a bride who is just starting to plan her wedding and check out our lookbooks for some wedding inspiration!
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