INSIGHTS : HOW TO BUILD A REALISTIC WEDDING BUDGET
We know you'd rather skip this step and go straight to the cake tasting, but setting a realistic wedding budget should be the very first step you take when it comes to the wedding planning process. Your budget is essentially the driving force behind bringing your dream day to life.
To get you started, we’ve broken the wedding budget planning process into a few easy steps ::
STEP 1
The first step in planning your wedding is to establish a realistic budget and guest count. Start by sitting down and having an open conversation with each set of parents. Make sure they know that you need to have the money talk to set an accurate budget to alleviate any questions moving forward.
Answer the following questions to establish your initial budget ::
How much are you, as a couple, putting toward the wedding?
Are either sets of parents contributing? If so, how much?
Estimate your personal wedding budget based on your answers to the questions above. Then add any other financial contributions that you're confident are coming your way and there you have it, a ballpark wedding budget.
Step 2
The cost of a wedding is also based on guest count. The number of guests in attendance will determine not only the size of your venue, but also how much food and alcohol you'll have to provide.
Looking at your wedding as a "per-person" expenditure will help put the costs into perspective. Your guest count will generate the number of items you'll need to pay for—including invitations, table and chair rentals, food and alcohol.
Step 3
Next, you need to define your priorities. Listing any “non-negotiables” or elements of the wedding you are willing to splurge on is also an important part of the process. Having your heart set on a particular venue or vendor may mean you have to adjust your initial budget.
Rank each of the following categories to define your wedding priorities:
Venue
Flowers & Decor
Lighting
Catering & Alcohol
Music/Entertainment
Photography
Videography
Beauty
Wedding Planner & Designer
Stationery
Figure out what parts of your budget are most and least important for you as a couple. Then base your budget around that. Once you have those things narrowed down, be realistic with what your limitations are for each of those vendors. Don’t overcommit. I think this is the most important part. Knowing your limits and boundaries is so important for budgeting. It can be easy to go over budget when each item is “just a little” over!
Step 4
Taking your top priorities in mind, build your wedding budget according to average costs and taking the percentages to match your preferences. If your dream photographer is more than the average percentage then simply adjust one of your lower priorities to even everything out.
Making a budget can be hard for most couples because they haven’t been through this process before and likely don’t know what the average cost of vendors are. Consider hiring a planner to help you navigate through the budget and help you set realistic expectations because they will know the average cost for vendors in your area. Once you have your priorities, look at the additional areas and see what you have left to spend. Be careful when looking online at estimated wedding budgets because all wedding industries are different, try and look for budgets that recommend based on percentage of overall budget and not a set number.
