Budgeting for a wedding can seem like an overwhelming task. Most people need help figuring out where to begin. However, it doesn’t have to be stressful.
This article will help you break down every part of budgeting a wedding into manageable parts. Then, we’ll tell you all the tips you need to know to ensure that your wedding is seamless.
Make a List
It’s critical to include everything in the budget. Most people aren’t going to forget to buy or rent tuxedos or a budget for the bride’s dress. However, it’s equally important to remember things like favors at the reception, boutonnieres, the guest book, and other seemingly minor things. Those minor things will take a large chunk of your wedding savings account.
Determine a Total Budget
The average cost of a wedding reception in 2012 was about $13,000. When we factor in inflation, a wedding, including the reception, can cost around $30,000. Determine whether this price range is doable. If not, it’s essential to come up with a possible figure for your household. Then, you can look at how to make your dream wedding possible without overspending.
Consider DIY Options
If you’re a DIY pro and find yourself surfing Pinterest for the coolest crafts to complete your wedding, it can be tempting not to include that in the budget. DIY crafts are known for being cheap. However, the materials can add up to a higher cost than anticipated. Instead, take the time to break down the total cost of gorgeous DIY centerpieces to ensure you know how much you’re spending.
Include Pre-Wedding Parties
Couples planning bachelor and bachelorette parties should include those in the budget. It’s also essential to include a bridal shower. Traditionally, it’s common for the Maid of Honor and Best Man to foot the bill, but modern weddings often see the couple paying for their party. Even if the wedding party plans to pay for the events, throw them into the budget in case someone has a financial crisis.
Stick to the Budget
Once you have a dollar amount in mind for your wedding budget, it’s critical to stick to it. There’s nothing wrong with getting a dress that costs thousands of dollars, but accept that you might have to cut costs elsewhere to ensure that you don’t overspend on your wedding. Cutting the guest list is an easy way to save money on a wedding. Another great way to save money on a wedding is to cut out the reception!
Save Money on Wedding Rings
Almost 90% of wedding rings have diamonds as a center stone. However, this is the most expensive stone, too. Instead, consider being in the 1% of couples that choose wedding bands that don’t have a center stone. Re-purposing a diamond that you already have is another great idea! Use the diamonds in the jewelry that you already own to create custom wedding bands for each other.
Host the Wedding in Your Backyard
Having a wedding in your own space is a great way to save money on wedding expenses. If you need to make a few upgrades to your backyard, you can enjoy increasing the value of your home. On average, homeowners can get back $2 for every $1 they spend on an outdoor upgrade, according to RealEstate.com. This is a wonderful option if you plan on selling your home.
Have a “Pay For Your Plate” Wedding
Feeding an extensive guest list is a huge wedding expense. However, some brides and grooms find it impossible to trim down the guest list. Some couples require that guests pay for their plates before the wedding. This money then goes on to pay for catering. It’s a great way to keep a reception within your price range. However, don’t forget to let people know they are obligated to pay for their plate in the invitation!
Budgeting for a wedding can be stressful, but it doesn’t have to be! Planning ahead with a list and a budget will ensure that your wedding day is seamless and within your price range. Browse the rest of the site for more finance tips!
Photo Credit: Josh Meek
Question of the Week