Wow, budgets are the hardest part of planning your wedding. If you’ve never done a big event before you probably have no idea how much things are going to cost. You do probably have an idea of how much you have available to spend.
Take the number available to spend and immediately subtract 15%. This 15% is your reserve. A late spring thaw might cause your $50 bouquet to suddenly cost $60. An explosion at an oil refinery could adversely affect the cost of gas which could negatively affect all your vendors, some of whom may pass the cost on to you. So keep that 15% set aside. If you end up not spending it you now have a small nest egg to start your retirement fund, begin a down payment on a house, plan for a baby or start your three to six month living expenses emergency fund if you don’t already have one.
Now it’s time to start laying out the rest of your budget. Do your research by checking out websites and magazines to find out what people are spending on which services. But keep in mind that costs in one part of the country may be different than another part. And you may want to spend a higher percentage of your budget on photography and less on food than the average or you may want to spend more on the entertainment and less on decor.
Remember to think about what is important to you and allocate your money appropriately. Also, think about what you and your guests will remember about your wedding day ten years from now. If your budget is tight ask yourself this question: Will my guests and I remember that I painstakingly spent hours wrapping up five Jordan almonds in netting and tied them with a pretty bow for favors? Or that I spent $7.00 a piece to rent pretty bows that go on the backside of my chairs during dinner? Money is money and time is money too when it comes to putting your wedding together. Which products or services do you want to spend your wedding money on?