The Wedding Budget

You’re Engaged, Congratulations!

Your best friend has asked you to marry them, and now you’re in the exciting phase of being engaged and planning your wedding. This is an important transition time in your relationship as you more fully merge new aspects of your lives, including finances. For most couples this will be the largest event they will have planned; and for many it can feel overwhelming and intimidating, especially when it comes to finances. But don’t worry, We’ve got you! By following the tips we’ve outlined below you and your fiancé will be off to an amazing start.

Create a Budget

The most important thing for you to do, before you do anything else, is to take a realistic look at your finances. For many, this will be their first major financial collaboration as a couple. It’s a great opportunity to become comfortable discussing financial matters, compromise, and set financial priorities together. Look at your current finances and savings, as well as determine how much money you can set aside between now and your wedding to go toward wedding expenses. You might even consider opening a dedicated savings account for your wedding. Some couples will have financial assistance from family members, while others will not. Look at all of the resources available to you and determine how much money you can allocate toward your wedding budget.

Determine Your Priorities

Sit down together and talk about what is most important to each of you about your wedding celebration. How do each of you picture the day? Is it a small intimate affair with only those closest to you, or do you imagine a huge dance party with a live band? Do you want a sit-down dinner, casual buffet, or a simple dessert bar? Maybe there’s a specific venue you have your heart set on. Food, flowers, the dress, entertainment, décor, what matters most to you? Individually list your top three or four priorities, then compare your lists. Talk about any differences, why those things matter to each of you and listen with understanding. Knowing your priorities will help you determine where to allocate your resources, with the bulk of your budget going to the things that matter most to you. 

Managing Your Budget

Some items in your budget will be fixed costs, meaning they simply are what they are. For example, the photographer’s fee will be the same whether you have 50 guests or 150. The same goes for the venue rental or DJ. Variable expenses are the costs you will be able to have more control over. For example, your guest count has a huge impact on your budget. It affects more than just the cost of additional meals but impacts everything from invitations, venue size, place settings, tables, chairs, linens, centerpieces and more. Some other variable items that will impact your costs are: the size of your wedding party, the type of décor you choose, the day of the week and time of year you get married, food, drink, as well as music and entertainment to name a few.

Additionally, we always recommend to our clients to have a buffer built into their budget as well. Expect the unexpected, because unanticipated expenses always arise. If you have worked a buffer into your budget, when things come up you will be able to take it in stride without your budget taking a hit.

Write It Down, Keep Track, Record Keeping…

How many ways can we say it? We can’t say it enough! It is critical to record everything that you spend. Your budget is there to serve you and if you don’t use it by tracking even the smallest of expenses it can’t help you. Have a tracking system. Whether that’s a notebook where you write it all down or a spreadsheet, you need a system that works for you. Refer to your budget regularly, especially when making decisions regarding purchases and vendor choices. Use it as a reference to guide your decision making.

Enlist Help

As wedding planners, one of our roles is to safeguard your budget. We take that responsibility seriously. We’ll advise you and give you options. With our industry knowledge, creativity and resources, we’ll work with you to create a beautiful wedding day while working within your budget. You always remain in control, but we will support and assist. We can help you identify where to prioritize, negotiate discounts, and guide you to vendors appropriate for your budget. At Weddings Unveiled we offer budget assistance and a budgeting tool to our planning clients, along with an entire suite of professional tools to make your wedding planning organized, seamless and fun.

More Resources On How a Wedding Planner Can Actually Help You Save Money On Your Wedding