How To Make A Wedding Budget in 6 Easy Steps
In the midst of all the euphoria of being engaged, naturally, you will feel excited to start your wedding planning! Ideas come pouring into your head and it is easy to get distracted from reality – the cost of hosting a wedding. While many couples find this particular subject to be of a stressful nature, it doesn’t have to be. The secret is in making use of your wedding budget in the most efficient way. Having an unforgettable wedding day doesn’t mean you have to spend your whole fortune, you just need to allocate your funds wisely. That is why we have curated a guide to lift the stress and help you navigate through this (not so) challenging task.
Step 1. Know your wedding budget
It is an uncomfortable yet important subject, so talk with your fiancé about what kind of wedding you both want and what is your budget. Talk about all options. How much are you both willing to pull from your savings? Do you have an emergency fund that can help you in case of a plan B? If you agree on a number that you are both willing to chip in from the monthly salaries, it is important to calculate all other expenses like rent, monthly costs, transport, and all that a household needs. Calculate leisures like dinners in restaurants, theaters, movies, gym subscriptions. Write it all down and see what is the realistic sum that you can pull off your salary monthly.
Roughly summed, about 50% of your wedding costs will come upfront so it is wise to start saving before booking. Keep your funds safe, because trust us, we know how tempting it is to rush into buying and beginning with the planning! Better to wait and do it properly with all the right information, instead of throwing money into the wind.
In many cases, parents and family members are willing to cover some costs of your wedding so you can find a way to bring the subject to them like asking them if they want to be a part of your wedding planning. If they mention money, it doesn’t hurt to ask if they would be happy to contribute in any way.
Step 2. Determine the size of your Guest List
If your guest list is small and you are planning an intimate wedding of up to 50 guests, deciding on a smaller venue that is cheaper like a restaurant, maybe a pub, or a private room; is one of the easy ways to save money on your wedding. Generally smaller venues can host up to 100 people, so what you should think about are the catering services per person. Do you want an all-inclusive package? Then think about calculating 80-90£ per person. That will be your first point in determining your budget. If the guest number is higher, then the costs will be larger and a larger venue will be required to suit your needs.
If your budget doesn’t cover the cost of your wishes, you can either give yourself some more time to save up or cut down the number of your guests to be tailored to your realistic financial abilities.
Step 3. Put aside 50% of your savings for the venue
Talking about guest list size, precisely the venue with catering and all expenses will need to take half of your wedding budget. If you have 30.000 £, set aside 15.000£ for the venue expenses, food and drinks. Hotels will cover most of the expenses, but if you wish for an outdoor wedding like in a garden or a tent, consider the extra supply of the tent itself, furniture, toilets, lighting, dance floor, etc. Talk all details with the venues, all extra costs, so there would be no surprises at the end. Do not hesitate to inquire and seek advice about this matter. Gather all of your information and be absolutely sure of how much to allocate.
Step 4. Set aside at least 10% of your budget
We mentioned previously surprises and some unexpected costs, so it is wise to forget or put aside 10% of your wedding budget. That’s why when an unpredicted cost arises, you won’t feel it affecting your mood. Sometimes repairs might be needed or some minor replacement but even if nothing happens, look at it from the bright side – you have extra money for your honeymoon!
Step 5. Keep track of how much money you are spending
Plan the cost of everything separately. It is easy to go overboard when you are not keeping track of your budget and you spend on pieces that are way above the planned limit. Create a system to allocate a budget for your dress, suit, florals, wedding stationary, invites, wedding cake, etc. What matters the most is sticking to your wedding budget and not straying far from it! Also, it is wise to find ways to save. For example, think about having reception and ceremony at the same time, that way you will save at least 2.000£ on transport. If you aren’t sure about having a live band, then opt for a DJ, it will cost much less!
Step 6. Time for a reality check!
By following the steps above, break every budget cost and see if it fits your vision for a dream wedding! Sorting everything into tables will help you to stay on track and spend within your actual limits, also to re-purpose costs if needed.
Did we help you get some insight on this subject? Then we welcome you to take a look at our other blog articles, we offer all kinds of useful tips that provide guidance for modern-day couples!