Questions that you should ask yourself.
- What are everyone’s top priorities and expectations for the wedding?
- Who would everyone like to invite?
- How much will be contributed?
- When will the money be given?
- Will one big sum of money be given? Or smaller amounts as things come up?
- 1) Be realistic of what you can affordIt’s easy to talk numbers and assume it’ll all work out somehow, but that can only lead to major upset later down the road. The smartest thing to do is realistically plan out how much money you’re able to set aside per month, consider how much time you have to save up, factor in whatever money you’ve already saved or is being contributed by other people, and then see what overall number that leads you to.2) Top PrioritiesEveryone has different priorities when it comes to what will make or break a perfect wedding. Some might insist on having a videographer, others might obsess over having the finest food. Talk to your fiancé and figure out what aspects are most important to each of you – these are the aspects where you should plan to splurge.3) how many guest you have will dictate the largest cost of the weddingHaving a lot of guests can increase the wedding budget quickly, so consider what’s more important to you: having a super lavish wedding even if it means having to cut down your guest list, or having a huge party even if it means it’s not as extravagant. If you can afford everything you want and all the people you’d love to be there, awesome! However, most of us have to face a “this or that” decision – the lavish details or the huge party.4) Budget a little more than you needWhen figuring numbers, always round on the higher side to allow yourself some wiggle room. Few budgets are 100% accurate in the end, so it’s smart to assume you’ll go over a little. In fact, couples typically spend about $7,000 over what they originally anticipated.
- Keeping Your Wedding Budget on TrackThe absolute best way to stay on track is to keep your spending in written format somewhere. Trying to store everything in your head can lead to major overspending. You can follow “average” wedding budgets for guidance. However, every couple spends their budget differently – it all depends on how they prioritize which details are most important and, therefore, will take up a bigger percentage of the overall budget. The one truth to this though, is that you can expect the venue and the catering to be the largest portions of the overall cost (taking up about 50%).Pro Tip: Think back on weddings you’ve been to in the past… What aspects or details do you still remember about them? Do you remember how beautiful the venue was, or the personalized cocktail napkins? Do you remember the ‘welcome’ sign, or how much fun you had in the photo booth.