Setting a Wedding Budget & Sticking to it!
Let’s be honest, this is a conversation most people try to avoid – budgeting & money.
As hard as it is, I encourage you to have a full, open and honest conversation about your wedding and how it will be paid for. A carefully planned budget can prevent you from making impractical plans and, even worse, falling into debt.
TAKE A REALISTIC LOOK AT YOUR FINANCES.
Base your budget strictly on what you can afford and make it work! This dollar figure will be different for everybody. I’ve had clients whose parents give them a number right upfront and tell them to make it work. I have also had clients who create the budget as they go, and to be frank, that never works. At some point, you hit a snag and come to an expensive issue that could have been avoided had things been discussed ahead of time. We like to create & review the budget with our clients at the very beginning of the planning process - it’s the only way to set expectations & avoid any budget-related surprises down the road.
VERIFY IF OTHERS PLAN TO CONTRIBUTE.
The days when the bride’s parents wrote all of the checks are gone. It is now very common for the couple, as well as both sets of parents, to help pay the costs.
OPEN A SEPARATE CHECKING ACCOUNT TO TRACK EXPENSES.
Setting up a checking account dedicated to your wedding expenses will not only help you to stay on track, but will also keep you from dipping into money that is allocated for other day-to-day expenses. As an event planner, I have a tracking tool we use so our clients can see where they are on budget. There are also online spreadsheets and programs you can download, just Google “wedding budget trackers.”
PAY ATTENTION TO THE DATE.
If you are watching your bottom line, you may not want to have a big New Year’s Eve wedding! Highly sought after seasons and days are more expensive for obvious reasons – higher vendor costs and venues mark up rates to allot for holiday staffing. To save money, consider getting married on a Friday. You can often negotiate better prices on weekdays.
BE SELECTIVE WITH YOUR GUEST LIST.
There is a per-person cost on food and beverage. This is the biggest expense of the wedding. The size of your guest list is the surest way to increase or decrease cost.
DETERMINE WHAT’S MOST IMPORTANT TO YOU AND WHERE YOU WANT TO SPEND YOUR MONEY.
Maybe you want to hire a particular photographer or band, no matter the cost. Or you’re a foodie and want amazing food and drink. Spending big is fine on something you really care about, but find other places to scale back and make savings.
RESIST THE URGE TO SPLURGE.
Research the pricing in your area and know what things cost. Research vendors and hire one who suits your style and budget. When you feel the urge to splurge, ask yourself, “If I wasn’t having a wedding would this seem reasonable?” Beautiful weddings can be created on any budget. Above all, remember that although it is your wedding day, it is just one day. There are many things to come like buying a house, having children, and taking vacations. Don’t start the adventure by getting in over your head financially!
Photos by Lynnesy catron of whitney neal studios