Editorial Category: 
Tuesday, March 26, 2019

Developing Your Wedding Budget Part 1

So are you developing your wedding budget? When it comes to a budget, most couples tend to underestimate and that's probably why almost 75% of wedding couples go over budget. So where do you think you stayed?

I recommend starting with the Wedding Report to find out this information. It will show you average costs in your area and I love the fact that this information is geographically specific because the location has such an impact on the cost of living and therefore the cost of everything involved in your wedding. The expenses are divided up by vendor category and best of all it's free! So after you figure out the average costs in your area, you can revisit that budget range you listed in your wedding vision statement. Ask yourselves if your budget range is way too high or too low for everything you want to accomplish. At this point, you may not even know who is going to help pay for the wedding.

It's also a little too soon to start cutting things out. But I just want you to get in the habit of revisiting your budget often to make sure you stay on track throughout the planning process. I recommend using the budget tracker tool found on Wedding Wire. It is available online and as a mobile app where you can share access to it with your fiance, VIP guests and it has a great starter list of common wedding expenses. Best of all it's also free! The next step in creating a wedding budget together is setting expectations for yourself as well as each other. You both need to agree on what a reasonable amount for you to spend. No matter who is footing the bill, the price range may be pretty wide, but at least you both will be on the same page with mutually agreed upon numbers. Things to consider are opportunity costs, planning time to save financial situations and wedding specific.

Next, let's look at opportunity costs. What are you missing out on? If you spend everything on your wedding, the national average cost of a wedding is easily a down payment on a house. Are you okay with spending all of that? Just look at what you're missing out on so you don't look back on your wedding expenses with regret. Number two, planning time to save. If you don't have a wedding account full of money waiting for you to spend, you may need time to save up. The person with six months to plan, we'll have less time to save then the person who has had two full years to save up. This is also something to consider when you're choosing your wedding date. Next, financial situations. When deciding on a budget range, you should consider your financial situation as well as your parents, if you think they will be contributing. If this is a hard time for your families and your dead broke, it may not be wise to set the expectation of a really large budget.

Number four, wedding specifics. A lavish wedding with 200 guests costs more than the simple intimate affair. Look at your wedding vision and make sure your budget range is reasonable to cover what you want.

No matter what you're looking for. For weddings, you can visit us at The Bride Link for more expert wedding planning advice!

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