Create Your Wedding Budget in 5 Easy Steps

Photographer: Nikki Lawrence

One of the biggest wedding stressors is undoubtedly money. Your wedding will probably be the biggest - and most expensive - party you’ll ever host. Therefore, having a budget will help you manage stress - and ensure you don’t end up in too much debt afterward! Here are five easy steps to setting - and sticking to - a wedding budget. 

One: How Much Cash Do You Have?

Your wedding budget will depend on three factors. The first, is you and your partner's individual savings. In a perfect world, you both have three months of living expenses set up in the event of job loss or unexpected finances. If you subtract that from your total bank balance, that’s how much you can put aside for your wedding.

In terms of current income, set up about 10 percent of your monthly earnings to put towards wedding expenses (after making payments for existing debts!). 

Lastly, take into account any monetary donations from family members. 

Two: Time to Track Your Spending

To simplify tracking expenses, create a spreadsheet with three separate columns: Estimated, Modified, and Actual. The “Estimated” tab will include any research you’ve done for costs in your area. “Modified” will include any proposals from your chosen vendors. And finally, the “Actual” tab will include the final amount paid. 

You’ll have to adjust your estimates after speaking with your vendors. Start with your wedding venue as that’s the biggest factor in a wedding budget. And, make sure to verify if tax is included in any service! Include a column for an estimated tip as well to ensure you factor that cost in. 

Add an “Extras” line of about 15 percent of your total budget as a cushion for things you might forget!

Three: Surprise Costs

Before signing any contracts, ALWAYS make sure to read the fine print. Expenses that seem small early in the planning process tend to add up quickly. For example, if you’re hiring an out-of-town photographer or band, you may need to pay for their transportation. 

Other hidden or surprising expenses include setup and breakdown fees, custom cocktails, digital access to photos, envelope stuffing, and more. 

Four: Don’t Charge Too Much 

You may be tempted to increase your wedding budget with credit cards but going overboard could do more harm than good. While it’s certainly okay to use credit cards to help with the wedding cash flow, try to only charge what you can pay off quickly. 

Five: Ways to Save 

If you’re over budget and need to scale back, there are several ways to decrease your overall budget in a meaningful way. Changing your wedding venue, for example, can help you save money - especially if it’s a venue with various package options. 

Other ways to save money is by editing your guest list, getting married in the off-peak season, hosting the ceremony and reception in the same place, hiring a DJ instead of a band, ordering and assembling you’re own paper items, forgoing upgrades, and using fewer vendors!