Top 5 Tips for Building Your Wedding Budget
When I’m talking to a new client and the topic of budget comes up, I’ve noticed their number one question is usually, “Our budget is X; that’s enough right?” So, I’m sharing my Top 5 Tips for Building, and not blowing, Your Wedding Budget.
1. Decide how much money you and your partner can contribute.
Consider discretionary funds available, existing savings, and an amount that can be saved each pay period between now and your wedding. Once you’ve figured out that number, sit down with family/friends to discuss what they’d like to contribute. Total it all up and that’s your magic number.
Pro tip: Murphy’s Law reminds us to set aside a little cushion for emergencies and unexpected costs. I recommend you set aside anywhere from 5-15% of your budget for unknown expenses, but 10% is a nice round number.
2. Make your guests list.
You should start with the ‘must invite’ list and then build out a second, ‘nice to invite’. If you’re located in NY, you’ll want to keep your list(s) to 150 people or fewer due to our gathering restrictions. Keep in mind your number of guests directly affects your budget. You’ll need food, drinks, a chair, napkin, place setting, favors, etc. for every single guest.
3. Talk with your partner about the parts of the wedding day that each of you are looking forward to most.
Pick 1-2 must-haves a piece. Maybe you’re absolutely passionate about flowers and overall decor and your partner is obsessed with food and entertainment. When you actually sit down to build your budget (in step 5) remember to pad your must-haves and be willing to cut back in those areas that you deem less important.
4. Use a wedding cost estimator.
If this is your first wedding, chances are you have no idea what wedding goods/services even cost, and why should you?! This is afterall your first wedding!
To get an idea of where to begin, find a wedding cost estimator to help you start figuring out what other couples in your area have spent on weddings. Here’s a link to a wedding cost estimator for your convenience. The estimator will ask you lots of questions and provide budget estimates based on your priorities. Actual prices will vary but this gives you a decent starting point.
Pro tip: When reaching out to vendors to price goods/services remember prices will be affected by the time of year you pick to have your wedding, day of the week, items that need to be sourced, the man-power required to get the job done… basically everything haha. So go in with some flexibility if the prices cause you to want to run for the hills.
5. Compare and readjust your wedding budget.
At this stage you should have an idea of what your wedding may cost. Does this number fit within the total available budget you calculated in Step 1? If yes, great! If not, you have a few options.
Go back to step 1, is there any way to increase your budget without going into credit card or loan debt? Maybe you can pick up a second job, extra shifts, or start a side hustle? Maybe a family member can contribute (more) to the overall budget. Go back to step 2, can you cut the guest list? Go back to step 3, and evaluate, are those most-haves truly must haves? Go back to step 4, maybe look for different vendors who are more closely aligned with your price range? Readjust wherever you need to.
Bonus: I know I promised 5 tips but here’s a bonus, track all of your estimated and actual expenses in an excel or Google sheet and keep it on a server that you can not only access wherever you are, but you can share it with your partner or coordinator as well.
That was my list of 5 (technically 6 tips), but there are so many others out there.
If you’re struggling to build your wedding budget, know that you’re not alone. This is the piece of the puzzle that most couples get hung-up on, if not, skip altogether. Don’t allow the process of building a wedding budget overwhelm you and cause you to plan your wedding without budget. In the end, you’ll be glad when you did.
What is the hardest part of building/managing your wedding budget? I would love to hear from you in the comments section below.
