10 Steps for Creating a Wedding Budget

In the wedding planning process, establishing a budget is one of the first and most crucial aspects. Discussing money is never enjoyable and perhaps the least interesting aspect of wedding preparation. Nevertheless, it's an essential step! You'll throw the most significant and priciest party of your life during your wedding. Whether you are spending $10k or $100k, setting up a budget and following it will help keep expenses under control in a world where they can quickly go out of hand. This wedding budgeting advice can help you say "I do" in a way you can truly afford!

1.) Don't spend a dime yet.

Our most significant recommendation is NOT to begin hiring suppliers and shopping for décor as soon as you get engaged, despite the temptation to do so! Please wait until you have a budget before spending any money because it will determine how much you can afford to spend on each aspect of your wedding. A purchase could seem alluring, but if it's beyond your means, you'll start your wedding planning adventure in the red, which isn't a nice place to start.

2.) Consider what type of wedding you want.

Has the idea of a sophisticated, black-tie party in a fancy downtown hotel ballroom always been in your dreams? Or are you more of a pair who enjoys a BBQ feast on a farm and a relaxed, rustic vibe? Are you set on having your wedding on a Saturday, or are you amenable to a Sunday or weekday? Does having a brunch wedding sound like a lot of fun, or is it an evening celebration? Which would you prefer—getting married in January or during a highly sought-after month like June or October? The cost of your ideal wedding will vary depending on several factors, including your wedding style, venue, time of day, and even season.

3.) Do some research.

The average cost of a wedding in the United States is approximately $30k, while in Pennsylvania, the average cost is somewhat higher at almost $33k, according to The Knot. Note that these figures are averages and significantly differ depending on the state, amount of guests, style, and many other variables. In any case, does this imply that you must spend this much on your special day? Not. However, weddings are not cheap. We advise you to research beforehand to prevent sticker shock when contacting possible dealers. Find out how much photographers, florists, venues, and other services typically charge. Check out what your like-minded peers spend by asking your friends and relatives, searching Google, and joining our Wedding Planning & Ideas Facebook group. Knowing typical costs in the wedding business will help you set reasonable expectations.

4.) Determine who will be contributing.

You must decide who will pay for the wedding, whether you and your fiancé will do it on your own or your family will kindly contribute. It's time to have a difficult but necessary talk because it will affect the financial success of your wedding. We advise you to speak with each of your families one-on-one and ask them whether they plan to donate honestly and openly. You can agree on a monetary sum or let them pay for wedding-related expenses like honeymoon, catering, or transportation. Traditionally, the majority of wedding costs were covered by one family, but nowadays, both families contribute to the price of the wedding, along with the couple.

5.) Nail down your non-negotiables.

Do some introspection on your wedding day. What are the most important things to you as a pair and as individuals? Perhaps you've always dreamed of opulent, lavish flowers, you must have that luxury wedding gown, or you cannot bear the thought of spending the entire evening dancing to a live band. Whatever they are, you should set aside extra money for your non-negotiables since they will become your top priorities. Next, decide what would be wonderful to have, but if you can't afford them, it won't necessarily ruin your day. Not all of your money will go here, but some will. Finally, what matters to you less than anything else? Are menu cards unnecessary? Is it okay to forego the champagne toast? As you have predicted, relatively little money should be set aside for these costs.

6.) Estimate your guest list.

It's easy math: a wedding with 200 guests will cost significantly more than one with 50. Generally speaking, the number of guests determines the cost of a wedding, and reducing the number of guests is the simplest and most reliable method to save money on your wedding day. A larger venue, more chairs, tables, and linens to rent, more food, drink, and cake to serve, more save-the-dates, invitations, and thank-you notes to mail—these things increase with the number of attendees. The list is endless. Spending less money is only one of the many advantages of having a small wedding.

7.) Crunch some numbers.

After completing the processes above, it's time to put everything together. How much money can you spend without feeling uncomfortable? Are your intended guest list and ideal wedding style realistically within your means? If not, compromise or make some changes. Continue doing this until you have a wedding spending plan and budget with which you and your fiancé (and your families, if they are contributing) are happy.

8.) Discuss how you will be paying.

Although you have a budget, where is all this money coming from? Are you going to use your savings? How much money can you save for the future? Are you able to utilize credit cards sensibly? Even though a wedding is a once-in-a-lifetime occasion that should be honored, it is not worth incurring debt. Again, it's not worth taking on debt. We encourage you to look beyond the wedding, even though it could be tempting to accrue credit card debt or take out a loan to cover the costs of the big day. Money issues are one of the most frequent causes of divorce, and you don't want to begin your marriage in debt.

9.) Get organized.

You need a way to keep track of your expenses, whether through Google Docs, a budget tracking program, or traditional Excel. Please start by entering the expected wedding expenses and their approximate costs. Remember to factor in tipping and taxes! If necessary, adjust the remaining balance of your budget after recording the actual end amount in a different column. To understand exactly where your money is going, keep track of every penny you spend and save your receipts.

Additionally, consider creating a checking account just for wedding-related expenses. To make staying organized easier, use money from this account to pay for all wedding-related bills.

10.) Don't forget about hidden costs.

There are a lot of fees associated with corkage, cake cutting, marriage licenses, extra postage for an overweight wedding invitation suite, last-minute purchases the week of the wedding, etc. These are only a handful of the countless hidden expenses that will inevitably surface. Ensure your wedding budget includes a contingency to cover these unforeseen or last-minute costs. On their own, these expenses are not very high. However, if you don't prepare for them beforehand, they can quickly mount up and push you over your budget.