Creating a wedding budget is no task. Your wedding will most likely cost you more if you have not hosted an event this big before. To create the perfect wedding budget, you’ll need to gather your savings, keep a detailed spreadsheet in order not to go over your budget during your wedding planning phase, plan for unforeseen wedding expenses and make real adjustments if you do go over. We know it’s difficult, but putting in the time and effort now means you’ll live happily ever after and wedding-debt free. Whether you just got engaged or are already engrossed in your wedding plan, this is a valuable guide for you.
Discuss the Kind of Wedding You Want to Have With your Partner
What do you and your fiancée intend to achieve on your wedding day? Do you want to be surrounded by a large number of relatives and friends, or do you want something more intimate with only your few loved ones? Do you envision a large, extravagant wedding celebration or something more relaxed and low-key? Take the time to talk with your partner about the type of wedding you want. Depending on your plan, the budget you’ll need to realize your vision can vary substantially. It’s also best to have a rough idea of when you’d like to tie the knot in order to help inform your budget.
Crunch Some Numbers
Now is the time to be thoughtful about how much money you have for the wedding. It’s understandable that not everyone establishes and adheres to a specific wedding budget amount. However, for most couples, some deliberation is required. Set aside some time with your partner to discuss how much money you are prepared and willing to spend on your wedding. Will other people contribute monetarily to your wedding? This is also an important moment to talk with them about what and how they will assist. It is critical that you understand before you begin budgeting and planning.
Your visitor count is another figure that must be calculated at this time. This is the time for you and your spouse to create an Excel file and begin entering the names of the people you wish to invite to your wedding. Regardless of where you are or what type of wedding you are planning, the number of people you intend to invite will impact your wedding budget significantly.
Research to Set Realistic Wedding Budget Expectations
After you’ve established your ideal wedding vision and crunched some numbers, it’s critical to establish spending expectations. When it comes to a wedding budget, you need to consider the amount of money you can spend on your wedding and the amount of money your dream wedding will actually cost.
Many couples begin their study and quickly find that the wedding of their dreams will cost more than they anticipated. This is when narrowing down your priorities comes into play. Even if your targeted budget differs from your wedding vision, you and your fiancé should not feel obligated to spend more than you can afford.
You’ve undoubtedly heard it before: prioritize what’s more important to you and spend your money accordingly. Don’t forget to budget for gratuities and tips for your wedding vendors! These elements are frequently ignored and can result in considerable overspending if not factored into your budget. Make sure your priorities align with your wedding preparation, as this will help you plan a day you will enjoy without hurting your wallet. Then you can look for methods to cut costs on your wedding in areas that are less important to you.
Re-Evaluate, Estimate, And Create
Take some time to re-evaluate if your original budget and your numbers match after research. Can you afford to spend extra money on your dream wedding? Can you change the wedding venue or the overall décor and feel of your wedding to match your budget? Can you save money by removing some elements of DIYing? While there are always methods to save money, if your budget and vision are at odds, you must find a way to balance the wedding budget.
Keep Yourself Accountable
It is critical to remember that there is no way to build a wedding budget spreadsheet that fits all of your wedding plans. There are just several variables, and this article would quickly become twelve pages long. We’ve given some industry-standard tips as a starting point, but don’t feel obligated to stick to them—adjust them to meet your priorities and your wedding event. Keep in mind that this is your wedding and budget, so make the necessary adjustments.