You’ve heard it before: the average cost of a wedding in the United States is over $35,000. So how are young couples managing this once in a lifetime celebration that is comparable to the cost of a car or the down payment of a house? The most helpful and important thing you can do is set up a budget immediately. Weddings can easily get out of hand and you want to make sure you know exactly where your money is going. It’s easy to make exceptions here and there, until suddenly you’re $5,000 over budget and you haven’t even booked a photographer. So, sit down with your significant other and work out a budget that works for both of you.
Minimum and Maximum
Consider your financial situation. What is the absolute maximum you could spend on a wedding while still paying the bills and living comfortably? Remember that the money you save on a wedding can be used elsewhere. How about the minimum? Be realistic here because it needs to cover a whole list of expenses. Ideally, you want your wedding to end up somewhere in the middle of these numbers.
Dream Wedding
Whether you’ve been fantasizing about the perfect wedding since your childhood or you’ve just begun to imagine what your big day could involve, you’ve likely had some pretty amazing and exciting ideas. This is the time to write it all down, no matter how unrealistic. If money was no object, what would your wedding be like? Perhaps an enchanting forest gathering or a celebration right on the beach? Whatever it may be, this is the time to explore your options. Both you and your partner should be involved in this decision, and make sure you’re both being honest about what you want. This way you avoid an argument later if one party is dissatisfied with the overall theme of the wedding.
Compromise
Now you know what the best wedding you could dream up looks like. Here’s the not so fun part: calculate the cost of everything and prepare yourself for a big, scary number. How does that compare to the minimum number we discussed earlier?
Between you and your partner, you need to cross off everything you are willing to go without. Highlight the necessities and things you absolutely cannot give up. For example, maybe you don’t need the cushioned seats so long as you get the venue with the best view. It’s important that both you and your partner compromise because the wedding is for both of you.
Practical Wedding
This time you’re going to plan your wedding while keeping price and budget in mind. The goal here is to stay at or below your minimum number. Keep those things you compromised on earlier in mind and go from there. This might end up being a little “bare to the bones” for your taste, or it could end up being perfect for what you want. Either way, it’s going to help you start thinking realistically and familiarize yourself with wedding planning.
Reevaluate
Now is the time that many couples completely reevaluate their minimum and maximum goals. Sometimes the minimum is a little too low, and sometimes the maximum doesn’t allow for everything they need and want. So now that you’re a little more familiar with how much everything costs, you can adjust your budget accordingly. If you find you’re happy with what you’ve seen so far, then there’s no reason to change anything.
Ideal Wedding
While finances are important, being happy is too. You want to have a beautiful, memorable day with the person you love most and aiming for the most financially friendly wedding might not do that for you. That’s okay! The goal here is to find a happy medium between your minimum and maximum budget. You’re not going to break the bank, but if you need to splurge a little to make everything perfect you have the room to do so.
Create
It’s time to set a firm budget. At this point, you should’ve revised your plan several times until you found one you will be happy sticking with. Spreadsheets are often recommended for wedding budgets because they are easy to create and update. Triple check to make sure it accounts for every detail and misstep you might encounter. Planning weddings is oftentimes unpredictable so those inconsistencies should always be taken into consideration.
Stick with it!
The most important part of all. The whole purpose of the budget is to keep yourself on track and stay organized. Once you’ve finalized your budget, you absolutely cannot stray from it. Every purchase must be included in the budget. Try not to make exceptions at this point unless you account for it in another area of the budget. Remember not to think of your budget as a negative thing; it should be an anchor to hold onto as you deal with the stresses of planning a wedding. Embrace your budget and let it lead you down the path to the perfect wedding!
