Setting your wedding budget is the first and most important task to complete during your wedding planning. It’s not as exciting as choosing your venue, wedding cake, or any other aspect in your wedding, however; it will affect every decision you will make related to your wedding. It can feel overwhelming because weddings can be expensive. There is a lot to consider when planning your wedding. It can be quite simple when you break it down. This article will identify everything you need to know about creating your wedding budget and provide tips on how to stretch your budget.
Before we begin.
Who will be contributing?
Will your parents be paying for the wedding or is the wedding exclusively financed by you and your future spouse? Will your family or close friends be contributing? Get clear answers regarding who and how much others will be contributing. You will know exactly what your budget is when you combine the number of all contributors with what you and your future spouse can afford.
Determine what you and your partner can afford.
Have you and/or your partner been saving for your wedding? Determine exactly what you both can personally contribute to the wedding. You may be content with this amount or you may want to work on getting this number higher. There are options available to increase this amount, however; you will need to be cautious about how you proceed.
What are your priorities?
What must be in the wedding? Identify your priorities and list them out. This could be the venue, attire, catering, etc. Set aside the necessary budget to ensure these will be in your wedding. Identify what you are comfortable leaving out of your wedding if it is beyond your budget. Create a list in descending order of importance. This will help you decide what you can trim if necessary.
The Wedding Budget Breakdown.
Now that you have an understanding of your budget and your priorities, you can begin breaking down your expenses with the checklist below. Below is a list of categories, each with a breakdown next to it showing the industry average. You may have priorities that require a larger budget and may want to trim certain items, so you don’t need the numbers below to be exact. Use these percentages as a guideline.
Catering – 22%
Catering is a large expense in the budget. Your venue may include catering in your package. This category includes drinks such as cocktails, as well as food items like appetizers and dinner. Some venues also include the cake.
Venue and event rentals – 21%
The venue and event rentals are an absolute must have. You need a location to host your wedding and provide seating for all of your guests. This category consists of the actual venue for your reception. It also includes rentals such as tables, chairs, glasses, dishes, silverware, etc.
Photography / Videography – 10%
Great photos will be cherished forever which is why photography and videography take a large portion of the budget. Both photos and videos will bring back memories of this day. Some couples choose to opt out of videos to save money.
Flowers & Decorations – 10%
Centerpieces, bouquets, boutonnieres, and any other floral arrangements belong in this category. Other decorations include lighting, candles, table displays, and all other non-floral décor. It is easy to go over budget in this area because the cost of floral can be expensive.
Reception entertainment – 9%
Music and entertainment make weddings come to life. Most couples choose either a live band or a DJ. There are some weddings that have both. Set aside some budget for fun activities such as a photo booth, caricaturist, bounce house, magician, karaoke, etc.
Wedding Planner – 6%
Hiring a wedding planner is something to definitely consider. These individuals can take care of coordinating the minutia of the wedding day while you can focus on everything else that matters most. Wedding planners may also have existing relationships with vendors to get you a discount on services or merchandise.
Wedding attire and beauty – 7%
The wedding dress, suits, shoes, alterations, hair, and makeup cover this category. This is an important category to ensure that everyone participating in the wedding looks their best on the wedding day. The budget should cover the entire wedding party.
Stationary – 3%
Stationary are paper goods that include thank you cards, engagement announcements, invitations, place holders, save the date, programs, menus, and postage. Remember to match the stationary to your wedding website or blog if you have a theme to your wedding.
Wedding Rings – 3%
This category does not include the engagement ring. Do not forget or wait until the last minute to get the wedding bands. Be sure to explore our collection of tungsten wedding bands and choose a pair that perfectly symbolizes the love you have for each other.
Favors & Gifts – 3%
Thank the guests and wedding party for being part of your special day! This includes welcome bags, wedding favors, and gifts for the wedding party.
Cake – 2%
Some venues include the wedding cake in their catering. Outsource the cake if you are not happy with the venue’s cake offering or if it is not available. Some couples choose to offer a dessert bar instead of a cake or in addition to the cake. Be sure to check with the venue if they charge a cake cutting fee and account for that into your budget.
Transportation – 2%
Arrange transportation for yourself, the wedding party, and any guests in need. This includes parking, valet, and the getaway car after the ceremony. Reserve a shuttle or bus if a group of guests are staying at the same hotel or location.
Ceremony – 2%
Set aside a budget for the venue of the ceremony if it is separate from the reception, officiant, decor, music, and marriage license.
Additional Budget
There will be categories that were not listed above and you must be ready to address.
Tipping may be built into some vendor contracts. Review the contract carefully before and provide a tip if the contract does not include gratuity and only if you wish. Be prepared to tip everyone from the entertainment, beauticians, and the officiant.
An emergency budget is wise to have. Unexpected expenses may occur such as running out of the wine that your parents love at the bar and needing to send someone to pick up a few extra bottles.
How to begin your wedding budget
Begin with the next steps and discuss what to consider now that a typical wedding budget has been identified.
Setup a Wedding Budget Tracker
Setting up a budget tracker provides you with a complete overview of where your funds are going. Start by creating a row for each of the budget items listed above. Create a column for your estimated costs and a column for actual costs. Update the actual costs column every time a contract is signed or a payment is sent. Share the document with your future spouse so you are both aware of the costs.
Be careful with credit cards
It’s always tempting to make your purchases immediately with your credit card. Make your purchases wisely. Proceed if the item or service is a necessary purchase and it’s within the wedding budget. You may also proceed if the item or service is not a necessary purchase, however; you do have a budget for this purchase. Be careful going beyond your budget. Credit card charges can build up quickly and lead to problems in the future.
Take advantage of rewards from credit cards for all purchases.
Find ways to save on your wedding budget.
Always be looking for ways to save on your wedding costs. Here are a few tips to cut costs.
- Guest List – The size of the guest has a massive impact on your budget. The cost per person on food and drinks is typically the largest expense. Determine exactly how many guests you can invite before you add a single person to the guest list. You can then begin filling out your guest list.
- Location and Venue – Popular wedding venues and destinations, such as tropical islands, typically have larger price tags. Consider local venues such as a park that may have little to no fees.
- Date and Time – Wedding season begins in May and ends in October. This is when prices are higher. Consider an off-season wedding between November – March. Most weddings occur on weekends as well. Consider a wedding on a weekday to trim some costs.
- Negotiate with your vendors – Always ask for a cost proposal and negotiate. Vendors can work with you to customize a package that works with your budget. Be honest about how much you want their product or service in your wedding. Vendors are typically happy to work with you if you are presenting a good attitude and communicate that you are flexible.
Should I get Wedding Insurance?
Many couples skip wedding insurance and it’s not for everyone. There are those who enjoy the peace of mind it brings because many see weddings as an investment. Special event insurance protects that investment should the event be postponed or cancelled.
You don’t have to have everything.
There will be pressure to have everything at your wedding. This is your wedding and you should not feel obligated to have extras. The best weddings always have the basics. Feel free to cut an extra to improve the quality of the food at the reception.
FAQs
1. Should I put this wedding expense on my credit card?
Put the charge on your credit card if you can afford this expense and you have a rewards setup. Be careful with putting expenses on your credit card if you cannot afford it now.
2. What is a realistic wedding budget?
Wedding budgets vary due to the fact that there are so many variables that make an impact such as location, number of guests, and all of the details involved in the wedding. Go through all categories listed and determine your budget for each to reach a realistic wedding budget.
3. How do we prioritize wedding budget spending?
Prioritize what is most important to you and your future spouse. See where your budget lands and expand if there is room.
4. Is hiring a wedding planner worth it?
Hiring a wedding planner to focus on the minutia of the wedding day while you focus on everything else that is important is worth it only if you have the budget.
5. How do we track wedding planning expenses?
Create a spreadsheet and list all expenses. Be sure to include all items no matter how small.
6. How should we handle unexpected wedding costs?
It’s a good idea to have an extra budget for unforeseen expenses.
7. What is a typical breakdown for a wedding budget?
To recap the categories listed earlier, a typical wedding budget breakdown is Catering 22%, Venue and event rentals 21%, Photography/Videography 10%, Flowers & Decorations 10%, Reception entertainment 9%, Wedding Planner 6%, Wedding attire and beauty 7%, Stationary 3%, Wedding Rings 3%, Favors & Gifts 3%, Cake 2%, Transportation 2%, and Ceremony 2%. These numbers are a guide and may be adjusted based on what is important to you.
8. How should we decide on our total wedding budget?
Identify how much everyone who is involved can contribute. This includes yourself, your future spouse, family, and close friends.
9. What are good ways to trim wedding costs?
There are several options you can pursue such as negotiating with your vendors, reducing the guest list, minimizing the decor, etc. Take another look at all categories and remember your priorities. Reduce the budget to categories that are not in your priorities.
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