Figuring out your wedding budget is no easy feat. Your wedding will likely be the biggest party you’ve ever hosted—and the priciest. To make a budget, you’ll need to tally up your savings, maintain a detailed spreadsheet so you don’t go over during the planning process, prepare for unexpected costs, as well as make meaningful cuts if you do exceed your total budget. It’s hard work, we know, but putting in the time and energy now ensures you’ll live happily ever after. Wedding Affair brings to you exactly how to set a wedding budget you can stick to.
Who All Is Contributing?
Perhaps it’s just you and your fiancé. Or maybe your parents or other family members want to chip in. Whatever the case may be, finding out who’s eager to contribute to your wedding is a good first step in calculating your overall budget. Try to ascertain how much each party is willing to spend, or what particular aspect of the wedding they’d like to take care of. Yes, we realize that money conversations can be super awkward, but knowing who your contributors are is essential to figuring out your bottom line. Just be sure to approach these conversations in a respectful way.
Track Your Spending
Create a spreadsheet with three expense columns: Estimated, Modified, and Actual. Amounts under Estimated will be driven by researching costs in your area, proposals from the vendors you choose will go in Modified, and the final amount you pay them will go in Actual. Adjust your estimates after calling in vendors’ costs. Start with the venue because it’s the biggest piece of the wedding pie and a major factor in determining guest count. When vendors give you estimates, verify if tax is included. Add a column for the estimated tip. Write “included” if gratuity is factored into the vendor’s price.
Guest Count
Now that you’ve got a ballpark budget, you’ll want a ballpark guest count. The cost of a wedding is pretty much based on guest count. The number of guests in attendance will determine not only the size of your venue, but also how much food and alcohol you’ll have to provide. Looking at your wedding as a “per-person” expenditure will help put the costs into perspective. Your guest count will generate the number of items you’ll need to pay for—including invitations, table and chair rentals, cake slices, and wedding favors. Being strategic about who you invite is the best way to cut down on wedding costs from the get-go.
Do Your Reasearch
There are a lot of costs, both obvious and hidden, that you’ll have to consider before nailing down where your wedding budget will ultimately land. For example, you don’t pay just the venue rental fee; there may also be setup and breakdown charges. And, there’s a whole slew of vendors you’ll be expected to tip. It’s no wonder that wedding budgets often get blown out of the water. So, educate yourselves about “hidden” costs—you’ll have fewer surprises and be able to stick closer to your bottom line.
You’ll also need to know the price of things in your chosen geographical area and season. Obviously a detination wedding is going to cost more than one in a nearby hall. Same goes for hosting your wedding on a Saturday in June versus a Wednesday in March. Do your research on the type of wedding you want, be honest as to whether or not it fits into your budget, and adjust your plan accordingly.
Also Read: Tips for a limited guest list wedding celebration!
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