How to set your wedding budget
We are starting at the beginning, let’s talk about money.
One of the most important steps, right at the start of the planning process, is setting a budget.
Your budget will help you to choose suppliers and make decisions, but most importantly, it will stop you from over spending.
Having a cracking party is one thing, but starting married life comfortable with the savings you have is definitely better!
What budget do you have?
First you need to determine how much money you have to spend.
Be sure to consider any contributions from family members, as well as any savings you have set aside that you would be happy to use specifically for the wedding. Then take a look at your overall financial situation and figure out how much you can realistically afford to save each month for the next year or so.
Now you should have a number!
Split that budget
Once you have an overall budget in mind, it's time to prioritise your expenses and split your budget. This way you can see how much you have available to spend on each element of your event.
I have outlined below a ROUGH GUIDE to splitting up your spending. You should take a look at each section, and decide whether it holds more or less importance to you, but this is a good place to start and will help you allocate your budget more effectively.
It's important to keep in mind that these percentages are just a rough guide. You should vary your actual percentages depending on your personal priorities and the specifics of your wedding.
(For example, for our wedding, we set aside 15% of the budget for photography and cut back on other areas because for us, that was more important!)
Ultimately, the most important thing is to set a budget that fits your circumstances and what matters to you, and then stick to it as much as possible.
Spreadsheet! Do it!
Start that wedding spreadsheet goodness. I recommend setting it out with rows for each element, the percentages you have allocated, and therefore the amount available for each, using your budget value.
Find your suppliers
As you're researching suppliers, it's important to be realistic about what you can afford. Use your budget to guide your decisions on who to approach, and who ultimately to book. Being honest and open with yourself and the suppliers regarding your budget will save a lot of time and energy. You may also find that there are suppliers you are willing to change the percentages for! But just make sure you balance it out in that spreadsheet.
Track your spending
As you secure suppliers and tick things off your to-do list, do yourself a favour and take two minutes to update your spreadsheet. I recommend including the total amount to be invoiced and the due date for the final payment, as well as keeping track of any instalments you make (i.e. deposits, half way mark payments etc). Doing this regularly will help you stay on track and avoid overspending and ultimately, keep the stress away.
Setting a wedding budget can be a daunting task and I can’t promise that it will make you spend less, but if you do it right it should stop you spending more!
With these tips, you'll be well on your way to creating a budget that works for you and that you can stay on top of.
Remember to be realistic, assign priority to each element, and track your spending along the way.
