Wedding Budget 101

Over the next several weeks, I’m going to be sharing the importance of budgeting for a Wedding. I’ve gathered information form several sites and bridal magazines that I deem may be helpful in making your special day a dream come true without compromising your financial stability. So whether you have $20,000, $10,000 or $5,000 to spend, here’s how to budget for the wedding of your dreams.

Figuring Out Your Budget

Who’s Paying?

Talk with your families about who will pay for what! Some families sometimes just can’t afford to assist financially, so expect to hear some “No’s” from them! Some brides’ families still pick up the entire tab, but more and more groom’s families are participating now as well. How do you bring up the conversation? For many couples, talking to each family separately is the best way to have truly open discussions. When you do talk, here are some strategies for determining your initial budget.

Ask both of your families if they’re planning to contribute to the cost of the wedding. If so, ask them to commit to a specific dollar amount, and then add up all the contributions to create your budget. Include the amount you’ve decided to contribute between the two of you as well.

Alternatively, it may be easier to ask each set of parents to finance a particular aspect of the wedding (such as the ceremony, honeymoon, or catering hall) instead of just committing to a dollar amount.

Decide how much you two can contribute between now and the wedding. Create a budget and stick with it. Decide how much you will set aside every time you both get paid. Don’t forget that you have to consider your weekly living expenses as you budget.

Cost Considerations

If you’re planning on splurging and want to celebrate in an upscale location, then make sure your budget is reasonable and large enough to cover those expenses. Get quotes from all of the vendors you plan on using so you can use that information to create a realistic budget! In general, these are major factors that will really affect what you’ll need to set aside.

The Size Of Your Guest List

There’s a per-person cost for food and beverages, and these two are typically the biggest expenses in the whole wedding, so changing the guest list size is probably the best way to increase or decrease your costs. On top of that, the smaller the guest list the more you’ll save on all your other details, including décor, stationery, favors, and rentals, because you won’t need as much of everything. Keep that in mind as you create your guest list. It’s also ok not to invite your crazy uncle Charlie that you haven’t seen in ten years!

Date and Time

Highly sought-after seasons and particular days of the week are pricier for obvious reasons. An evening reception is usually more expensive than a brunch or afternoon reception. Friday & Saturday evening affairs tend to be more costly than a Thursday or Sunday affair. Summer and Fall are also the most popular seasons for weddings. Vendors tend to raise their prices during this time. Consider a Winter or early Spring celebration and inquire with your vendors about any promotions they may offer during the off season.