We're back for another edition of Tuesday Tips! No one likes to talk about money and finances, but today's tip is all about those dreadful words. What's one of the first things you should do when you dive in to wedding planning?
Make a budget!
We see so many couples say "We don't need a budget. We won't spend that much." or "We don't want to discuss that." It never ends well. Weddings are expensive, and with any big purchase, you should know how much you have to spend. Here are a few quick tips on how to start drawing up your wedding budget.
Start with the basics: Who's contributing?
Are you and your sweetheart paying for everything? Are any parents contributing? Does grandma want to pay for the cake? These are things you need to know. Decide on who's contributing and finding out how much they can put toward your special day. Write all of these numbers down and total them up. This number is your total budget.
Decide what's most important to you.
Of course we recommend booking a full package with a planner, and a photographer will recommend their best package, and a DJ their best, but everyone's different. Make a list of everything you have to pay for, and decide which of those things you can't live without and want the best of. Put those on your A-list.
Break everything into groups.
Separate your budget items into categories (reception, ceremony, music, food/drink, flowers/decor, attire, etc.). It's estimated to spend about 50% of your total budget on the "reception" and "food/drink" categories. Start breaking down that large number into these smaller categories so that you know how much you have to spend for each.
Build an emergency fund.
Take 1-2% of your total budget and set it aside. Label this your "emergency fund". Save it to cover those items that you go over budget on, or the last minute items that you forgot to plan for. This will make a stressful situation much easier to deal with when it comes up!
Need more budget help? Hire a planner! Most planners will keep you on track and consistently review your budget to help you have your perfect wedding without breaking the bank.