The first step in wedding planning is determining wedding
expenses and creating a budget. Mindy Weiss, a wedding planner, explains how to
set a wedding budget.
Overview of the Wedding Budget
A wedding budget serves as the starting point for wedding
planning. The budget functions as an evolving spreadsheet of all wedding costs,
allowing you to budget for a dollar amount for each line item.
Before you start planning your wedding, figure out how much
money you and your partner (or, in some cases, the couple's parents) can spend
on the wedding festivities. Then, divide your wedding budget into
subcategories, which should include everything from food and entertainment to
centerpieces and gratuities.
6 Factors Influencing Wedding Costs
Every wedding is unique: some are DIY or held in a backyard,
while others are held in ornate banquet halls. When wedding styles vary so
widely, estimating an average cost can be difficult. When planning a wedding,
the following common factors can have an impact on the overall budget:
1. The guest list: The number of wedding guests you invite
will have a significant impact on the overall cost. Understand that most venues
charge by the head, so the number of guests will influence the total cost of
your dream wedding.
2. Decorations: Wedding costs include table linens,
centerpieces, wedding favors, furniture rentals, bouquets, boutonnieres, and
other decorative flourishes.
3. Entertainment: Some couples prefer a live band, while
others hire a DJ. Consider any travel or meal expenses incurred by musicians
and performers.
4. Time of year: Certain seasons are more expensive
than others. Spring, summer, and fall are generally more expensive seasons than
winter (assuming a climate that follows the traditional seasons). As a result,
a winter wedding can be a cost-effective option for a couple.
5. Wedding venue: Wedding venues frequently consume a large
portion of the wedding budget. Some wedding venue fees include the food, drinks,
and staffing at your wedding reception, as well as an on-site wedding planner.
6. Wedding attire: Wedding attire and tailoring services for
the wedding couple can be costly. To save money, consider borrowing or renting
clothing and accessories.
Budget Breakdown for a Wedding
Allocating portions of your wedding budget will help ensure
that you have enough money for your absolute must-haves. "Then you have
some left over to pay for your attire or your invitations or whatever else is
on your wishlist," expert wedding planner Mindy Weiss says. It all boils
down to how you divide that pie." Use this breakdown to create a wedding
budget checklist and determine costs when planning your own wedding:
Wedding flowers and décor (20%): Flowers, centerpieces, and
other decorations should be budgeted for. Instead of paying florists or
decorators, wedding parties may handle this process as a gift to the newlyweds.
Wedding food and beverage (20%): This cost includes all food
and drink you will provide, such as the open bar, wedding cake, meals, and any
potential rehearsal dinner and next-day brunch.
Wedding venue (20%): Your wedding venue fee may be
comparable to what you pay for food and beverage, or it may constitute the
majority of your cost.
Wedding rings and attire (15%): Following the venue, wedding
dresses and outfits, as well as your engagement ring and wedding bands, will
constitute the second largest portion of your budget.
Wedding photography and videography (10%): Wedding
photographers and videographers typically account for one-tenth of your total
budget.
Wedding entertainment (10%): A wedding band, string quartet,
or DJ (for the reception and potential afterparty) will keep your guests
entertained on the dance floor at your reception venue.
Wedding stationery and favors (5% of total): Wedding
invitations, save-the-dates, RSVP sites, wedding ceremony programs, and evening
favors consume a smaller portion of the wedding budget.
8 Wedding Budgeting Tips by Mindy Weiss
Mindy Weiss, an expert wedding planner with over thirty
years of experience, shares her tips for setting your wedding budget to ease
what can be an otherwise stressful and involved process:
1. Begin planning your budget early. You're better off
deciding right away how much you can afford to spend, as this will influence
how many guests you invite, the type of venue you choose, and how much you'll
spend on wedding vendors. "It's critical to figure out what your budget is
early on in the process so you're not disappointed when you see the bottom line
of your budget," Mindy says. "Be practical. Begin with the most
expensive items and work your way down."
2. Make a deal with contributors. If you accept money from
loved ones for the wedding, be aware of any strings that may be attached.
"Compromise, compromise, compromise," says Mindy. "Pick your
battles. Remember that when you accept funds, you are also accepting advice and
opinions."
3. Talk about money with both families. It can be difficult
to discuss money with family members. "My best advice, if at all possible,
is to get the families together," Mindy says. "Get all of this
uncomfortable stuff out of the way so you can march down the aisle knowing that
this is a team effort and that everyone is happy with the decision."
4. Open a new checking account. Opening a new checking
or savings account, as well as a new credit card, can help you track your
spending and stay on track. "I frequently advise my couples to open a
separate checking or savings account for [their] wedding," Mindy says.
"This makes it easier to keep track of what you're spending. It's fun to
see it grow”but not so much fun to see it leave”when you get a little extra
money throughout the year to put towards it."
5. Make an emergency plan. Make room in your budget for
last-minute expenses. "You should try to set aside 3% of your budget for
emergencies," Mindy advises. "It's always the little things that come
up."
6. Show gratitude. Be grateful for any financial assistance
you receive. "Please be grateful once you've decided on your budget and
received the funds," Mindy says. "During the wedding, when you're
giving your thank-you speech... publicly thanking those who have helped you
create your dream... it goes so far."
7. Keep track of all transactions. Record all transactions
as soon as possible to keep track of the dollar amount of payments. Organize
receipts using a spreadsheet or template so that everything is easily
accessible. Mindy, for one, suggests keeping a wedding binder to organize
contracts and payments. "Make sure to stay organized," Mindy advises.
"Put all of your contracts in a binder. It makes it a lot easier to flip
through and see what you signed."
8. Make use of a wedding budget planner. There are resources
available online to assist in calculating potential wedding costs. "All
you have to do is fill out your wedding details, such as the date, the venue
zip code, the number of guests, and so on," Mindy says. "And the site
will calculate estimated costs for you at no charge. Whether you have the
details planned or not, this is a great way to start to get an idea of what
your wedding budget will be. This allows you to assess your priorities and make
necessary adjustments before proceeding."
