How to Create a Budget For Your Wedding
Sure, sketching out a budget for your wedding is not something that most people consider fun. Budget doesn't mean lack! It means knowing where to spend your money for the best outcome. That's why we created how to create a budget for your wedding.
Create a budget for your wedding and sticking to it will not only define your wedding and reception, but it will also make certain you don't miss the organization and communication components.
Our goal in having you create a budget for your wedding is to minimize expenses you don't need and maximize your fun.
Create a Budget for your wedding following these simple steps
First, Who's Paying for the Wedding?
If your family has expressed their willingness to help with your wedding expenses, discuss who's paying for what. While it is becoming more common for the groom's family to help, in some cases the bride's family will pick up the entire tab.
Communication is critical - make sure your discussions with your parents are open and clear. Some facts about wedding expense coverage from The Real Wedding Study include interesting tidbits - for example, the average bride and groom will contribute 43% while the average bride’s parents will dish up 44% of the wedding expenses. The groom’s parents, on the other hand, generally average around 12%.
That being said, it’s best not to rely on statistics when you start talking about wedding finances with your family. So, what is the best way to open a meaningful discussion about wedding finances? For many couples, talking to each family separately can be the key to open and honest discussions. We have, with the help of several studies, compiled some helpful guidelines you can use to determine an initial budget.
First, try asking both sets of parents to contribute what they feel is appropriate. Once you have these figures, consult your finances and determine how much you as a couple can provide. Presto! You now have your wedding budget.
If that option doesn’t float your boat, try asking each of your parents to finance a particular portion of your wedding. For example, ask one set of parents to finance the ceremony and the other to cover the reception and honeymoon.
Finally, it is becoming increasingly common for couples to finance their weddings and honeymoon. If this is the case, ask yourself how much you want (re:afford) to spend on your wedding, reception, and honeymoon.
Create a Budget for your wedding but first know the approximate wedding cost.
So, How Much Does a Wedding Cost?
Deciding how much to spend on your wedding is not so different from other financial decisions you make every day. Just like buying a stylish new car, you should first determine how much you can afford, then frame your wedding, reception, and honeymoon around that figure. Here are some stats from our friends over at WeddingWire.com to give you some ideas about typical wedding costs:
In 2016, the average cost of a wedding is around $33,000 (excluding the honeymoon). Your locale can also have an impact on your wedding costs. For example, weddings in Napa/Sonoma/San Francisco are more expensive than other areas of the country.
That being said, here is a basic breakdown of what you can expect to pay:
- Reception: 49%-50%
- Ceremony: 2%-3%
- Entertainment/Music: 7%-8%
- Photography/Videography: 8%-10%
- Stationery: 2%-3%
- Wedding Rings: 2%-3%
- Parking/Transportation: 2%-3%
- Gifts: 1%-2%
- Attire: 5%-8%
- Flowers: 5%-10%
- Miscellaneous: 8%
Create a Budget for your wedding and save money by hiring a wedding planner.
Of course, hiring a well-connected and hard working wedding planner and coordinator early in the planning phase can save you a lot of money. Besides having a lot of experience with the different vendors in your area, a wedding planner often has pre-negotiated pricing that can save a significant amount of money.
Finally, allocate another 5% for the “just in case” scenario. If everything goes swimmingly, converting that 5% into a honeymoon upgrade will be very satisfying!
Let us help you plan your dream wedding!