Plan For Your Dream Wedding (And Stay On Budget)

Planning a wedding is an exciting time for couples, but it can also be quite overwhelming, especially when it comes to managing the costs. Establishing a wedding budget is crucial to ensure that you don't overspend and start your married life in debt. With the average cost of a wedding reaching $28,964 in 2021, it's important to plan wisely and find ways to save money without compromising on your dream day.

Photo: Sarah Bridgeman Photography

Factors Influencing Wedding Costs

Several factors can influence the total cost of a wedding. One of the main influences is the location where you plan to tie the knot. Whether you opt for a local wedding or a destination wedding can significantly impact your budget. Additionally, the number of guests you invite and the wedding traditions you choose to uphold or introduce can also impact costs.

In recent years, there has been a rise in micro-weddings, with limited guest lists of 50 people or less. Some couples even opt for "minimonies," intimate ceremonies with only 10 guests, costing as low as $1,400. It's essential to consider these factors and decide how they align with your vision and budget.

How to Create a Wedding Budget

To create a wedding budget, you first need to determine the total amount you want to spend or can afford. Take into account your savings, monthly savings goals, and the time you have until the wedding day. This will help you understand how much you need to save each month and guide your spending decisions.

To start, compile a list of all the potential wedding expenses. This list should include both essential items and optional extras. Once you have the complete list, allocate a percentage of your total budget to each expense. This will help you determine the dollar value to contribute to each item.

Key Wedding Expenses to Include in Your Budget

When building your wedding budget, it's important to consider which expenses to include based on your priorities and what you can realistically afford. Here's a breakdown of key wedding expenses to consider:

1. Venue and Catering

The venue and catering typically make up a significant portion of the wedding budget. Allocate a percentage of your budget to cover the costs of the venue rental, tables, chairs, and catering services. Consider the number of guests and the type of meal service you want to provide to determine the appropriate amount to allocate for this category.

2. Photography and Videography

Capturing the memories of your special day is essential. Allocate a portion of your budget for professional photography and videography services. Research different photographers and videographers to find ones that align with your style and budget. Know that photography and videography are completely optional! You can pick and choose your media team, so your memories are sufficiently captured without using up all of your budget.

3. Wedding Attire

Include the cost of gowns or suits in your budget. Don't forget to account for alterations, accessories, and any attire for the bridal party. Consider covering the cost of attire for your bridal party or choose a vendor with reasonable options and prices that your bridal party can select from.

4. Flowers and Decor

Flowers and decor can significantly enhance the ambiance of your wedding. Allocate a portion of your budget for floral arrangements, centerpieces, bouquets, and other decorations. If you're looking for a quick way to save some dough, explore dried or alternative floral options. Sites like Pinterest and Etsy are great resources for finding alternative florals that meet your vision standards.

5. Music and Entertainment

Whether you choose a live band, DJ, or other entertainment options, allocate a percentage of your budget to cover the costs. Consider the length of time you'll need music or entertainment services and any additional equipment or services they may require based on what your venue provides or does not provide.

6. Wedding Invitations and Stationery

Include the cost of wedding invitations, save-the-dates, programs, and other stationery items in your budget. Don't forget to account for postage fees and envelopes as well. Pro tip: print your own invitations using free or low cost online templates that you can customize yourself!

7. Wedding Cake

Allocate a portion of your budget for the wedding cake. Consider the size, design, and any additional dessert options you may want to offer. This is also a great area to save some money. Did you know that bakeries now make cutting cakes that serve only the bride and groom? Or you can skip the cake altogether and opt for a dessert table instead!

8. Transportation

If transportation is necessary for the wedding party or guests, include the cost of transportation services in your budget. This can include transportation to and from the ceremony and reception venues. Consider providing a shuttle service for out-of-town guests for transportation to and from a nearby hotel. If you are reserving hotel blocks for guests, inquire about included transportation options that the hotel may provide.

9. Miscellaneous Expenses

Set aside a portion of your budget for miscellaneous expenses that may arise. This can include marriage license fees, officiant fees, beauty treatments, welcome bags, vendor meals, and overtime costs. It's always helpful to have a miscellaneous fund to cover unexpected expenses. Let's be real, life is always more expensive than we plan for it to be! Your wedding and related costs are no different.

Setting a Spending Limit and Saving for Your Wedding

Once you have a clear understanding of your wedding budget and the expenses involved, it's time to set a spending limit. Evaluate your monthly income and expenses to determine how much you can realistically save each month. If necessary, look for ways to increase your income or cut back on non-essential expenses to save more money.

If you find that your desired savings amount is not achievable within your time frame, you have a few options. You can downsize certain aspects of the wedding to stay within your budget or even explore the many ways you can DIY your wedding invitations, decor, flowers, and more.

Allocating Your Budget: The Percentages

Dividing your budget into percentages can help you allocate funds to each spending category effectively. While there are no hard-and-fast rules for the exact percentages, let's take a look at an example cost break down based on a $19,000 budget and the average cost of wedding related items. Remember that these percentages are not set in stone and can be adjusted based on your priorities and preferences.

• Venue and Catering: 40% ($7,600)

• Furniture Rental: 10% ($1,900)

• Photography: 10% ($1,900)

• Flowers and Decor: 10% ($1,900)

• Entertainment: 10% ($1,900)

• Bride and Groom Attire: 5% ($950)

• Hairstyling and Makeup: 5% ($950)

• Cake: 3% ($570)

• Stationery/Invitations: 3% ($570)

• Favors: 2% ($380)

• Transportation: 2% ($380)

Who Pays for What?

When discussing your wedding budget with your future spouse and families, it's important to determine who will contribute financially to the wedding. Traditionally, the bride's family covered most of the wedding expenses. However, these traditions are changing, and couples often contribute to their own weddings.

Openly discuss the financial contributions of all parties involved and consider what is feasible for each person or family. Find a compromise that works for everyone and ensures a fair distribution of costs. It's essential to have these conversations early on to avoid misunderstandings or conflicts later.

Planning Your Wedding Budget: The Bottom Line

Planning a wedding budget is a crucial step in ensuring a memorable and financially manageable wedding day. Start by determining your total budget and allocating percentages to each expense category. Consider your priorities, and be open to making adjustments along the way. Remember that it's possible to have a beautiful wedding within your budget by making thoughtful decisions and finding creative ways to save money.

Use budgeting apps or tools to keep track of your expenses and stay organized throughout the planning process. With careful planning and open communication, you can have the wedding of your dreams without breaking the bank. Start your married life on a positive financial note by creating a realistic and well-managed wedding budget.