When couples embark on their wedding planning journey, one of the first hurdles is working out their wedding budget. Some couples skip this stage altogether but regret not working out their sums later down the line. Knowing how much money you have to play with will help you make informed choices when it comes to finding suppliers, decorating your venue and finding your wedding attire.
Here’s a breakdown of essential steps to working out your wedding budget and achieving your wedding dreams with our starting married life with looming debts…
Looking to stay within your budget while capturing your big day? Check out our wedding videography packages for a range of options that fit your needs and contact us here.
Setting your Budget
Start by determining your overall budget. Take everything into account, including savings, any family contributions and what disposable income you expect to earn throughout your engagement period. Be realistic with your budget to avoid feeling pressured as you plan.
Choose an amount that allows you a little wiggle room if you were to overspend slightly. Weddings often come with unexpected costs, from suit alterations to menu supplements. Build these into your budget early, so you’re not caught off guard.
Decide your priorities
Once you have worked out your budget, list your top priorities. Do you dream of a certain style of venue? Is a talented videographer to capture every moment a must-have? Maybe it’s the food or a live band that you think will make the day the best ever. Identifying what matters most will guide your spending and keep you on track of your wedding budget.
Once you’ve identified your priorities, break down the total amount into categories. For example, you might decide that you will allocate 50% of your budget to your wedding venue and catering. The venue and food are often the biggest expenses. You might feel that documenting the day is the next priority, choosing to spend 10% of your budget on professional photographers and videographers. Attire might make up another 10%, including the wedding dress, suit, the wedding party attire, alterations and accessories. Then there is the music, entertainment, decor, flowers, stationery and the list goes on.
Breaking down your wedding budget into sections will help you find the right suppliers for you. Explore different packages to ensure you get the most bang for your buck.
Track Every Expense
Welcome the spreadsheet! Using a spreadsheet or budgeting tool to track every wedding-related expense. This will help you to stay organised, track payment dates and avoid overspending. As costs come in, compare them with your budgeted amounts. You may need to adjust your planning as you go, saving on some suppliers and splurging on others.
Make Cuts Wisely
If costs exceed your budget, consider trimming in areas that aren’t high on your priority list. For instance, opting for digital invitations instead of printed ones or discussing with your florist how to make the most of your budget. You could use ceremony arrangements as table arrangements later in the day or incorporate candles or foliage into the arrangements to keep costs down. Each of your suppliers will be an expert in how to make your wedding budget stretch, don’t be afraid to ask.
Stay on Track
Remember, a carefully planned budget allows you to relax and enjoy your day without worrying about any financial stress. Staying on top of your budget not only makes your day more enjoyable but also sets a strong foundation for your future together. With some planning, your wedding can be as magical as you imagined – without breaking the bank!
For more expert advice on how to stick to your wedding budget, visit MoneySavingExpert’s comprehensive guide.
