How to make a wedding budget
It’s been a while since we talked about wedding budgets. 2020 seems like a year we may really need some extra guidance creating wedding budgets. I first wrote about wedding budgeting about two years ago. It’s a topic I see constantly in wedding and bride forums and facebook groups. So, at a time when most of us are tightening up financially, this seemed like a good time to once again chat about wedding budgeting.
Let me kick this off with my favorite mantra, everyone needs a budget for their wedding. Even Meghan Markle had a wedding budget. A budget serves as more than something to tell you want to spend, it also adds to the organization of planning. When planning something with as many moving parts as a wedding, you need to be as organized as you can be.
1) Figure out how much money you + your future spouse have to set aside each month. Do this by adding up bills, adding up your income and subtracting bills from income. That number you have left, figure out how much of THAT you want to set aside for wedding. If that number is smaller than you would like, see what you can cut from your monthly expenses (cable, daily Starbucks, eating out, weekly manis etc etc).
2) Figure out how much from savings you want to contribute to your wedding. Keep in mind, you are getting married aka starting a LIFE with someone, that may mean buying a house, kids, a trip around the world- keep future in mind when taking money from savings. Also, my golden rule for weddings is do not use credit. You don’t want to begin your new life with a new debt.
3) Parents and other factors- maybe your parents have been saving for your wedding day since you were born and have a generous amount to contribute or maybe they want to contribute to specific aspects- just keep in mind whoever contributes gets a say in your day. If your parents, grandparents, whoever are contributing add that money to your budget once it has been promised or given to you. Do not count on money until you actually have it.
4) add all of these numbers together based on how long of an engagement you want to have. BAM it's a budget.
Now, figure out what is most important to you to help you allocate your budget. Maybe you always dreamed of getting married at a particular venue or hiring a certain photographer. You should figure out your specific budget amount for what is most important to you and work yourself down. Keep in mind- no venue, no date, no other vendors can be booked, so try to nail down a venue budget first.
For my Virginia couples average amounts range a lot but here's a ball park:
Venues: $1000-20000 (this will vary based on what’s included in rental price)
Photography: $900-10000 (second shooters, engagement photos, wedding albums all add to package price)
Hair: $70-200 per head
Makeup- $50-200 per face
DJ- $450-5000 (DJs may include lighting or extras that can add to package prices)
Videography: $800-7000
Coordinator: $1500-8000 (coordinators range from “day of coordination” to full service wedding planning)
Catering, florists, lighting, officiants, decorators and other vendors range A LOT based on your vision.
If you'd like more help planning your day and finding vendors in your budget, consider hiring a coordinator. We have the ability to find ways to make sure you stay on budget and have great vendors.
Let’s chat, inquire here to schedule a free consultation.