So you're freshly engaged. Congratulations! After you have made the public announcement of your relationship status and have had your fill of celebration, it is time to start making preparations for your big day by creating a wedding budget breakdown. Consequently, you will need to compile a spreadsheet for the wedding budget, complete with percentages and categories. It's common knowledge that weddings can break the bank. Even though you have probably already planned out the wedding of your dreams in your head — complete with an incredible location, a dress designed by a famous designer, and those gorgeous floral arrangements — it is essential that you establish a wedding budget that is reasonable in order to avoid derailing your long-term financial goals. Seventy-four percent of engaged couples will be financially burdened as a consequence of their wedding, according to the results of a survey on wedding costs. That is just not an intelligent way to begin your financial life together as a married couple. You may avoid being a part of those numbers by having a clear understanding of what it is that you are genuinely able to afford. Additionally, you may still have a wedding that is both fun and exquisite, even on a limited budget. In order to prevent your wedding day from being too costly, we have provided you with some tips that will assist you in developing a reasonable wedding budget while maintaining your long-term financial objectives.
Making a wedding budget that is in line with reality
According to the findings of the Newlywed Report compiled by Wedding Wire, on average, couples anticipate spending around $16,000 on their wedding but wind up spending closer to $29,000! Why? The majority of engaged couples decide on a general spending limit for their wedding before doing any research, leading them to grossly underestimate the price of the venue and cuisine (sometimes by a lot). You'll need to create a strategy for how you want to spend your money on the wedding, just as you do with your monthly budget. When you're attempting to organize your destination wedding, it's so easy to get carried away and stress over little things that end up adding extra expenses. For this reason, it is essential to create a spreadsheet for the wedding budget. Prior to preparing the wedding budget checklist, it is advisable to sit down with your partner to discuss your long-term financial objectives and the amount that makes the most sense to spend for the wedding in light of those goals. This discussion should take place prior to establishing the wedding budget checklist. By having this conversation, you and your partner will be able to establish realistic expectations, which will help you avoid unnecessary disputes in the future. If you and your future spouse will be receiving financial assistance from your families to cover the costs of your wedding, it is imperative that you inform your families of this fact. You and your partner will want to answer the following questions together:- Will you be receiving financial help from your parents or other family members?
- If so, how much would it be?
The following is a list of elements that should be included in your financial plan:
- The expenses for reception (Venue, food, wedding cake, decor, rentals, etc.)
- The expenses of the ceremony (Venue, officiant, etc.)
- Wedding outfit (The wedding dress, shoes, suit, etc.)
- Wedding rings
- Both photography and videography are included.
- Flowers and adornments for the home The performing arts and musical genres
- Invitations to the wedding and related stationery
- Transportation
- Gifts for the bridal party
- Insurance for weddings Expenses that were not anticipated or prepared for.
Reception costs 45 percent to -50 percent (The most expensive item in the breakdown of your wedding budget)
Your wedding reception will be the primary focus of the category on the budget spreadsheet you create. It is probable that the expense of the reception will take up the majority of your budget, which is estimated to be between 45 and 50 percent. The cost of the reception will include the location, food, wedding cake, decorations, rentals, and other associated expenses. Therefore, in order to obtain a breakdown of the wedding budget, you would take your overall budget of $20,000 and increase it by 45 percent to 50 percent, which would give you an amount between $9,000 and $10,000.Ceremony costs 2 percent
You should allocate around 2 percent of the total cost of your wedding budget to cover ceremonial expenses. If you do not want to hold the reception at the same site as the ceremony, you will be required to pay for a venue for the ceremony. In addition to that, the fee for the officiant during the wedding has to be accounted for as well.Attire for the wedding (nine percent)
Costs associated with a luxurious wedding dress, tuxedo, makeup, and hairstyle may quickly add up. In most cases, this accounts for between 8 and 10 percent of the total cost breakdown for your wedding. Therefore, if we use the budget we created as an example, the final cost would be anywhere between $1,600 and $2,000.3 percent of the total for wedding bands
Make sure that you include the cost of your wedding rings on the checklist that you create for your wedding budget. However, since wedding rings are a sign of everlasting love that reflects your marriage, including them on your checklist is an essential step. If you live frugally, this will take up roughly 3 percent on average of your budget.12 percent of it is photography and videography
When it comes to breaking down your wedding budget, the photographer will be the second- largest expenditure. This accounts for around 12 percent of your total budget, which comes out to approximately $2,400. If you want to guarantee that the memories of your big day are captured in the most excellent possible manner, you should look for a photographer that has received outstanding ratings.8 percent of the total are flowers and decorations
Eight percent of your whole budget should be spent on flowers and decorations, regardless of whether you want a beautiful arrangement of red roses or lights that sparkle and embellish the space. Therefore, add around $1,600 to your wedding budget spreadsheet to cover flower arrangements and other decorations.The performing arts and musical genres 7 percent
Have you decided whether you want a band or a DJ for your wedding yet? The prices and expenditures associated with each option are distinct. Nevertheless, on the spreadsheet for your wedding budget, you should set aside around seven percent, or $1,400, for the entertainment.Invitations to the wedding and related stationery 3 percent
Oh my my, there will also be meals and stationery and invitations! On the checklist for your wedding budget, you will see that there are many different kinds of wedding stationery to take into consideration.Transportation 2 percent
If you want to provide transportation to your guests to ensure that everyone arrives on time, it will add around 2 percent to the overall cost of the event. If you choose this path, you will need to put away around $400. Consider providing transportation exclusively for your wedding party to further save costs.Gifts from the bridal party amounting to 2 percent
The presents for the bridal party are yet another item that should be included in the overall cost of your wedding. You could want to acquire memento presents for your guests as well, in which case you'll want to make sure your budget accounts for that. This will set you back around 2 percent, which is equivalent to nearly $400.Insurance for weddings at a rate of 2%
Don't let unforeseen circumstances mar your special day. Make sure that your spreadsheet for the wedding budget includes a line item for wedding insurance. The loss of images, deposits, rings and other goods are all covered by this insurance. Obtaining liability insurance should be your first priority in order to protect yourself financially in the event of an accident. This insurance coverage could cost around 2 percent of your total spending.Expenses that were not anticipated or prepared for 5 percent (A necessary inclusion for your wedding budget breakdown)
In addition, it is a smart move to set aside around 5 percent of your overall budget to cover any unforeseen, unplanned, or unexpected costs that may arise. As a result, a safety net of around $1,000 must be established for this group. When you are establishing the breakdown of your wedding budget, keep in mind that the expenses will vary depending on the location of the wedding, the time of year, the day of the week, and other factors; nevertheless, you may research the typical costs of weddings online to get a broad idea.Track your expenditures and look for ways to save costs using the wedding budget breakdown you created
Examine the breakdown of the wedding budget that you've made. If it looks as if paying for your wedding would be difficult, you may want to think about extending the length of your engagement. While still allowing you to take part in the exciting planning process, this is a fantastic method for reducing the amount of money you will have to put away each month. To keep track of all of your wedding costs, use the spreadsheet you created for your budget. Be wary since seemingly little expenditures like cake toppers, place cards, and hair accessories have a tendency to mount up. The second piece of excellent news is that there is a multitude of innovative methods for you to save costs on your wedding. Modern weddings may be tailored to almost any financial plan, thanks to do-it-yourself (DIY) alternatives and the ability to simply rethink the day you exchange vows.You should put money down for your wedding in addition to maintaining your emergency reserve
It's time to start putting money aside when you've completed your wedding budget checklist and have an idea of how much certain items will set you back. Create a new line item in your current budget just for the purpose of beginning to save money for your upcoming wedding. Bear in mind that in order to reach the financial objectives you've set for your big day, you may have to forego some items. During the time that you are saving for your big day, you may have to cut down on things like your daily coffee, your subscription to the gym, your vacations, your shopping, and so on. It is imperative that you maintain your emergency fund even if you decide to postpone your long- term savings in order to put money away for your wedding. Emergencies may arise at any time, regardless of whether or not you are in the process of organizing a wedding. It is not a good idea to use money out of your emergency savings to pay for your wedding. There are twelve different approaches you may use to reduce costs in your wedding budget. It is only natural that your big day should represent your own preferences. The good news is that it won't cost you an arm and a leg to achieve that, but it will involve some more effort on both of your parts. Here are some things you can do to get more bang for your buck out of the funds allocated for your wedding without really spending more.1. Engage in cost-cutting discussions with your various wedding service providers
The first piece of advice, which may seem to be self-explanatory, is to negotiate prices and contracts with the vendors you want to use for your wedding. Many vendors, including caterers, photographers, florists, and DJs, are willing to work within a client's designated spending limit. Be open to negotiating, and if the fee that is being provided to you is too much for your budget, don't be afraid to walk away. For instance, you may inquire with your caterer for sample menus and rates per person and then examine your options to see where you can make cuts (for instance, maybe you only need two passed hors d'oeuvres rather than five). To seal the sale, photographers, florists, and DJs are often also eager to reduce their pricing in order to secure the contract. This may help you save a significant amount of money or free up money in your wedding budget breakdown so that it can be used for other areas.2. Do not go overboard with the cost of your wedding stationery
Letterpress printing, gold foiling, jeweled boxes, feathery embellishments, etc. It is simple to go overboard with the stationery for your wedding, which might result in unexpectedly high prices. Ouch! The cost of some elegant letterpress invitations may go as much as $5 to $7 for each invitation. Choose to print direct invites at a lower cost instead; you'll be surprised by the variety of lovely alternatives available to you. TinyPrints.com is one of my favorite online printing presses, but there are also many designers that can work with you to produce stunning stationery for your wedding at a price that is favorable to your budget!3. Do not attend the seated and catered supper
How to quickly organize a wedding on a budget includes skipping the expensive catered meal. This is one way to save money. Because of the enormous markups required, the majority of wedding venues provide in-house catering services, which allows them to earn a lot of money. If you are able to discover a location that permits you to bring your own caterer, you will not only be able to choose one that prepares delicious cuisine but also one that is within your price rangSupperper in the form of a family gathering, with shared platters that can be passed around the table, is an option that may help you save money. If you do this, you might save up to twenty percent off the cost of your catering. Formal catering is one of the most elegant alternatives, but it is also one of the more expensive ones. People who want their weddings to be more low-key and personal may want to consider hosting supper in the form of an intimate family gathering. One more thing to think about? When it comes to the overall cost of catering for an event, dinner is often the most costly meal. Brunch and lunch are meals that are considered to be on the lighter side. Additionally, people prefer to drink less alcohol throughout the day, which means that you may save a significant amount of money there as well.4. Take into consideration purchasing a pre-owned dress
If the dress of your dreams is beyond our price range, you may search for it online at websites that specialize in pre-owned wedding attire, such as OnceWed.com and StillWhite.com. Dresses for weddings that have been worn before but are in good condition and have been kept for the future owner may be purchased with discounts of up to 75 percent. The rental of business attire is yet another viable option. The same should be said for the outfit that the groom will wear. Renting suits is another option, and it is a beautiful method to minimize expenditures on materials that do not have extensive timelines in terms of how frequently they will be used. Suits may be hired from a variety of different places. A wedding on a tight budget might be accomplished in large part by renting or purchasing a previously used dress.5. Get married on any day of the week other than Saturday
The most costly day of the week to be married is Saturday, particularly during the warmer months of summer and autumn. Why? Because Saturday is the day when everyone wants to be married, of course! If you have your wedding on a Sunday rather than during the week, there is a better chance that you will be able to reserve the location of your dreams at a significant discount (anything from 10 to 40 percent off). You may be able to cut costs even further by scheduling your trip during an off-season time of year, such as the winter or the beginning of spring. Choosing to be married on a day that is less expensive is a simple and effective way to save costs while organizing a wedding.6. If you want to save money on the expense of alcohol for your wedding, consider serving unique drinks
At your wedding, serving unique drinks is a fantastic opportunity to demonstrate your sense of style and individuality. Because there are only so many different kinds of alcohol accessible, it makes it easier for you to keep track of how much money you spend on it (should you decide to provide alcohol). You would, however, continue to provide excellent beverages.7. Make your own decorations and make use of things that are in season
Doing your own wedding decorations is a simple and practical approach to saving money on the big day! Make use of the skills that your family members, close friends, and bridesmaids may possess! Engage their assistance in the process of designing the setting for your wedding ceremony and celebration. If you obtain your de?cor ideas from Pinterest, you may save a lot of money by making your own at a craft store instead of paying a florist or event designer. And since floral arrangements may be a significant drain on one's financial resources, you might want to think about purchasing flowers, bouts, and corsages in quantity from stores like Sam's Club and Costco. When opposed to using the services of a florist, doing so may save you hundreds of dollars. Determine the colors that will be used in your wedding, and then watch several instructions on how to put up an arrangement on YouTube. It's not impossible by any means!8. Opt for a photographic package that is less expensive
You may have noticed in the breakdown of the wedding budget that the cost of the photographer was the second most costly. There are a lot of individuals who are pretty picky about their wedding photography, so if there is a photographer that you just cannot do without for your wedding, you should think about selecting the photographer's most affordable photography package. Do you really need a photographer at your wedding for the whole 10 hours, especially considering that many of your guests, including friends and family, will also be snapping pictures? Once individuals start dancing, taking photographs of them for the next half an hour is pa plenty since, after that, it will simply be a lot of repetition. In addition, the photographs are seldom included in the wedding book.9. Forget about the elaborate wedding cake
Everyone has a soft spot for sweets, but that doesn't mean you have to go all out and get a wedding cake with three tiers. A complicated sweet treat might easily cost you back several hundred dollars. Most of the time, though, your visitors are too busy having a good time to even take note of the kind of cake that you provide. Choose a single-tier cake that is between six and eight inches tall and places it on top of a Styrofoam foundation to save money. If you would want to provide your visitors with cake, you may get many sheet cakes from either Costco or a bakery in your area for around $40 each.10. Either bring your own linens to the wedding or don't bother renting them
Choose to go without linens for a more rustic appearance if the tables at your event location are made of wood and do not need protection. You have the potential to make savings between $500 and $1,000. If the tables that are given need to be covered, you may make your own table linens and save a significant amount of money by purchasing a lovely fabric in bulk either online or at your local craft shop. You may get a head start on personalizing your own linens by consulting instructions on the internet, such as those found on Youtube.11. Have a close friend serve as the officiant
If you ask a close friend to perform the wedding ceremony, you may save anywhere from $200 to $400. A close buddy may quickly and simply get ordained online for close to fifty dollars. Also, if you don't feel comfortable asking a friend to officiate for the first time, another option is to ask a close relative or friend who has previous experience in the role of a wedding officiant.12. If you want to save costs on your wedding, think about having a smaller ceremony
One easy way to keep costs down when planning a wedding is to choose to have a smaller ceremony and reception. Weddings that are intimate and understated may be just as stunning as those that are lavish and elaborate. The significant variation is in the amount of money that you'll be able to save. Your wedding celebration will only last for one day, but your marriage will last for the rest of your lives together! Therefore, it makes more sense to enter into your marriage with a firm financial footing rather than to squander a ton of money on a one-day wedding celebration if you cannot truly afford it.Make your ideal wedding more affordable by creating a wedding budget breakdown
This wedding budget breakdown might serve as a model for you to follow when creating your own personalized budget for your wedding. You are not required to spend the standard amount on a wedding if you do not believe that doing so is in your best financial interest. Keep in mind that your wedding is simply the beginning of the rest of your lives together as husband and wife.