Setting your wedding budget can seem like a daunting task at first; your wedding is likely to be the most expensive party you will ever host.
You can create your dream wedding on a budget while still incorporating all the fun stuff. It's all about planning and communication with your partner. Just as it is important for you to set a budget for your wedding, it is also important for you to stick to your budget.
Trust me; you wouldn't want to end up paying up a huge amount of debt after your wedding. So, how do you go about setting your wedding budget?
Here are some guidelines to consider if you want to create a realistic budget.
- Figure Out The Kind Of Wedding You Want.
This is a step that is often skipped by most intending couples. You need to sit down with your partner and figure out your expectations for your wedding to make sure you're both on the same page.
Do you both want to have a big wedding with all your friends and family in attendance or you just want to have a little picnic-like wedding. Whatever it is, you both need to agree on it.
What kind of feel do you want? How do you both want the environment to look like, the style, formality, etc.
- Who Is Paying For What
Here, you need to have an open discussion with both of your families to determine who will be paying for what and ensure that it is properly documented. Different families have different ways they approach their weddings, so it is good for you to know the amount of support you will be receiving from both families. If perhaps, you're both covering the expenses yourselves, then agree on how much you're both willing to contribute.
- How Much Do You Have To Spend
When you know who is paying for what, you have come up with an estimate of how much you have to spend and how much you intend to spend on your wedding. Based on your contributions and the contributions from family and friends, determine how much you currently have.
Are there others who are still willing to contribute? It is important for you to have an idea of how much money you currently have before you start spending.
- Get organized
You'll need to create a wedding budget spreadsheet where you'll be able to have a detailed breakdown of all your income and expenses so that you can easily track them and tick-off the ones you've been able to achieve as you go on.
You can also use a tool like the WeddingWire's budget tool to get a detailed analysis of your budget. When you enter an estimated amount you intend to spend on your wedding, the tool will split the budget and allocate them based on the cost of each item.
You and your partner need to agree on certain aspects of your wedding that you would not want to compromise on quality. However, this also would mean that some other areas of your wedding will receive lesser attention.
It's good to have some non-negotiables for your wedding, but you need to make the necessary preparations for them.
- Track Your Spending And Prepare For Surprises.
Create a spreadsheet where you can track your expenses as you go along. Based on the outcomes you're getting, you can re-evaluate your position if you feel it is still within your overall budget. Also, be careful when signing vendor contracts, read all the terms so as not to get caught unawares.
- Find ways to save
Look for some things that you initially placed in your budget, but you could still do without them. You can also look for a venue that costs less than your budget but still has all the perks you want for your wedding.
To sum up, you can have the wedding of your dreams on a budget if you plan towards it. You can also get help from your friends or family members that recently got married as regards the vendors they used and the price they paid for certain items. It is important for you to stick to your budget no matter how difficult it may seem.