Money, money, money
One of the first steps to dive into planning your wedding? Setting your budget.
First off - DON’T overwhelm yourself! This can feel like a daunting piece, but it will also act as a guide as you pick your vendors & build the romantic experience you’ve dreamed of.
The first step is to start envisioning what you want your wedding to look like. Talk through these questions with your partner, and try to come up with an idea of what your wedding experience will look like.
How many guests will be there? Your guest count will not only dictate how much food & drink you’ll be purchasing, but also the size of your venue, as well as how many rentals you might need (and that’s just the beginning!).
When do you want to get married? How long will you be able to put money aside for your dream day? Will your wedding date fall during peak wedding season, or will it fall during off-season? Events happening during off-season can save you a lot of money in certain areas, where you can then open up room in your budget for other exciting pieces!
What kind of wedding do you want? The more formal the event, the more zeros you’ll be adding to that final number.
You’ve talked these through & built a rough vision of what your perfect event would be. Now, it’s time to crunch those numbers.
Let’s talk about your own contribution first. What can you and your partner realistically and comfortably afford to spend given the expenses you already cover? To answer this, we need to do some math:
Based on your monthly income, how much can each of you put aside each week between now and your wedding?
How much, if any, can you responsibly pull from a savings account?
Once you add all of that up, there’s the start of your budget. You may be expecting contributions from family members, too. Maybe the bride’s mom wants to buy her dress, or the groom’s family wants to pick up the bar tab. These can be awkward conversations, but they will give you clarity when figuring out that magic number.
Estimate your personal budget by adding your contribution with any additional family contributions, and there you have it!
So, you found the ballpark number of how much you can spend on your wedding; now what? Let’s dive deeper into some of the other aspects.
Prioritize & Determine your Non-Negotiables
Unless you have an unlimited budget (can you imagine?!), you probably won’t be able to splurge on every single piece of your wedding. But that won’t stop you from hosting an unforgettable event!
We always ask our couples to look & think through the list of potential vendors they’ll be hiring, and put them in order of highest importance to lowest importance. That doesn’t mean that any aspect of your wedding is not important (every detail goes a long way!) but it will serve as a guide that you can refer to when deciding on which pieces you might spend extra on, and which you might want to hold back on. Keep in mind that the pieces that will take up most of your budget will be your venue & catering, so it’s not an area you want to cut back on. The highest priority items will probably get a higher percentage of your budget, and less will go to the lower priority items. We recommend taking your time during this process so you have an accurate guide in allocating your funds.
Pro tip: Leave 5% - 10% of your budget ready for any unexpected costs, or for items that may cost more than you anticipated.
One last tip…
Don’t put yourself in insurmountable debt to pay for your wedding! If you focus on the feeling of the event rather than the pricetag, then you will still be able to have the wedding of your dreams. You might need to get a little creative, but knowing how to appropriately allocate your budget will be key in creating the wedding of your dreams. Start putting money aside as soon as you engaged, and don’t let those credit cards tempt you. Your wedding day is not about how much you spend, but rather the joy you feel surrounded by your loved ones, getting to marry the love of your life!
Fete & Festoon can help build an appropriate budget that comfortably works for you & your partner without breaking the bank. Reach out to us today & let’s strategize!