It is seldom an easy task to plan a wedding budget. After all, this will be the biggest-ever party you have ever organized. Needless to say, it will also be the costliest one. Drafting a budget should be one of the very first things couples need to sit and think about.
For many couples, it is something they will be experiencing for the first time. It will be the first pillar of making complicated financial decisions together for them. And, of course, unlike your childhood birthday parties, this won’t be brainstormed by parents. You can consider using online budget-calculating tools for budgeting for your wedding.
Creating a definite budget is like following a pre-planned routine before your board exams. To avoid going haywire with wedding expenses, lifting the heavy weight of creating a budget is a must. Besides, it will also ensure that you don’t end up spending unnecessary amounts by racking up stuff.
In this article, get through some of the top factors to consider when planning a budget.
Deciding on the Average Wedding Cost
In 2020, according to different surveys and studies, it was found that average wedding costs go up to $28,964. Without a definite budget in hand, the figures can skyrocket, leading to financial troubles later on. Also, remember that the figure mentioned here is just an average number, not a median.
What you end up spending on your wedding program depends on several factors like –
- The place where the wedding is
- Whether you opt for a local wedding or a destination program
- The number of guests invited
- What wedding traditions are to be followed
- How many days will the program continue for
Micro-weddings have become a budding trend nowadays. It is a program where no more than fifty guests are invited. The bigger the ceremony, the more expensive it will lead to.
Building the Budget: Know What to Include
The actual expenses of the wedding program depend on what are the things included when planning the wedding. Here are the top things that are expected to incur costs –
- Cost of booking the venue
- Renting tables and chairs
- Catering charges
- Food arrangements
- Liquor/beverage arrangements
- Entertainment arrangements (dance shows, stand-up comedy, band performances, etc.)
- Interior decoration charges
- Photographer/Videographer
- Bachelor/Bachelorette party
- Wedding dresses
- Transit arrangements, etc.
This list can go roll on and on until you decide where it ends. When building the budget, couples can start cutting down options from the list that otherwise seem unnecessary. This is where you can shortlist and include only what you can practically afford.
Check Your Spending Limits/Savings
As you and your partner are about to embark on the budgeting process, it is crucial to determine –
- How much you and your fiance have in their savings for the wedding
- How much can you afford to start saving monthly from now on for the wedding
- How long can it take to reach a lump sum amount to fix the wedding day
Couples need to understand that checking their savings does not mean emptying everything. That is why the budget needs to be evaluated beforehand.
Final Words
If the budgeting for your wedding seems like a too-confusing thing to deal with, consider getting professional help. Wedding planners and budgeting companies have helpful tools and solutions at their disposal. They will guide you through the process easily.
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