Congratulations on your engagement! I am delighted for you. Weddings can be stressful because there are so many things to think about. Yes, we all wish for the perfect wedding day, but it is critical to plan your wedding budget from the start.
You’ll want to stick to a budget if you’re planning a wedding. And, while it may appear to be a simple task, especially if this is your first time planning a large event, you must be strategic
Weddings have grown into a billion-dollar industry. With that kind of money at stake, it’s no surprise that these once-simple affairs have evolved into multimillion-dollar productions.
As the average wedding cost has risen, so has the number of couples who do not consider themselves engaged until a budget has been established and the venue and invitations have been chosen.
In case you haven’t finalised your wedding plans yet, here are the fundamentals of wedding budgeting.
Communication Communication Communication
Before you begin wedding planning and shopping, sit down with your future partner and establish a realistic budget.
It is critical to establish your wedding budget early in the planning process and to keep it with you at all times, such as when visiting vendors to negotiate prices.
It’s easy to get caught up in the idea of a “once-in-a-lifetime” day, but being honest and realistic is the only way to get through it as stress-free as possible.
Wedding budgets are almost never determined by what a couple can afford. They’re more likely to be based on how much they believe they should spend or how much their parents can contribute. Don’t get caught in this trap.
But It’s also important to discuss with your families whether or not you’ll be receiving financial assistance from them to pay for your wedding.
You want to ensure that your wedding is one of the happiest days of your life, rather than one of the most financially stressful.
You now have an idea of your wedding budget the next step in planning a wedding budget is to assess your personal financial situation.
It’s important and responsible to understand your cash flow (Income and Expenses) to budget and plan towards a wedding.
You need to discuss with your partner and answer questions like
Having a budget will expedite this process. Learn how to make one here.
Determine what is most important to you both. You’ll need to spend money where your heart is — and save money elsewhere.
Take a moment with your fiancee to create a list of your must-haves. You may want a specific location because it holds sentimental value for you, or because you know everyone will be able to attend.
The next step is to rank the list in order of importance. That way, if you need to make some changes later, you’ll know where to begin.
After that, you can include anything else you want.
Determine the costs of each wedding component, such as the venue, minister, attire, transportation, food, and so on.
Accept that you might go a little over, so set aside a contingency fund, perhaps 10% of each cost, to cover overages.
Set up a system to track your expenses and progress toward paying for them. Creating a budget is the easy part; sticking to it can be more difficult.
If you spend more money in one area—say, your wedding attire or flowers—try to make adjustments in other wedding categories to balance the budget.
Every time you spend money, make sure to record it in the system you’ve already set up so you know how much money you have left in the budget to spend.
The venue is usually the most expensive part of your budget. So get this right, and you’ll have a winner.
Fridays and Saturdays in the summer and fall are the most expensive time to get married. Why?
Because everyone wants to get married at that time! You may be able to book your dream venue at a significant discount of up to 50% during the offseason.
Getting married during off-peak season is a simple way to plan a wedding on a budget!
Instead of bringing a gift, ask friends or family members with creative or organisational skills to volunteer at the wedding. Maybe free live music, discounted MC, or a photographer?
Dig into your network. Is your cousin a party planner? A friend who owns a restaurant. Even if they are unable to provide free services, you may be able to obtain a substantial discount.
This is another way to cut costs and works best with people you already have a relationship with.
Barter your skills for wedding services for example Trade your marketing skills for a free wedding cake. You can be creative here
Cashback credit cards pay you every time you spend money on them – and while you won’t be able to use one for all of your wedding expenses, it’s a great help when you can.
The idea is that you take one, then set up a direct debit to repay it in full every month to avoid interest.
Section 75 is another reason to use a credit card whenever possible.
Wedding vendors frequently request deposits well in advance, so that if the worst happens, the credit card company is jointly liable and you can request a refund.
Other ways to get cashback purchases you will make is by
You could rent a lovely home for less than half the price of a regular venue.
Do your math first because you’ll usually need to arrange your own caterers, table rentals, and lighting.
The advantage is that it becomes your home for the week (or weekend), and guests are welcome to stay in the rooms.
Always ask the owner if it’s okay to use the space as a venue before throwing a party. They may charge a fee, but they frequently help you plan the event.
Use a single insert instead of multiple cards to direct your guests to your wedding website for other wedding related events, such as the rehearsal dinner, as well as logistics, such as transportation and hotel room details.
This can also help you inform guests about your wedding, keep track of RSVPs, create a gift list and guest book, and share photos after the wedding.
Using a website can help you save money in a variety of ways.
You can save a lot of money by eliminating the need for guest and wedding party transportation if you plan your wedding day so that your ceremony and reception are at the same venue—or at two locations that are within walking distance of each other.
Many venues will allow you to bring in your own vendors, while others will require you to use their preferred vendor. Bringing your own vendor could help you save a lot of money.
Also, don’t forget to shop around and bargain with vendors on price.
We saved this one for last because it’s the most difficult. However, it is impossible to argue that the lower your headcount, the lower your venue, food, and drink costs.
Think about your guests carefully. Less is more at times!
Consider reducing the size of your guest list if the number of people attending your wedding isn’t important to you and your fiancée.
Alternatively, invite more people to the wedding ceremony and have a smaller reception with your closest family and friends.
Make a budget that you can stick to and stick to it. If you spend more than you have, you will accumulate debt that will take years to repay.
Get assistance if you need it, but don’t go into the wedding with debt.
