Budgeting 101
After the excitement of engagement has slowed down, the logistics of wedding planning set in. When we think weddings (after the love, celebration and fun), we think cost. Weddings are expensive. Did you know the average wedding costs $22,500? That’s an astronomical amount, but there are ways to navigate it. Another fun fact, after the pandemic the average wedding cost has gone down. In 2019, the average wedding cost $28,000! I guess COVID-19 wasn’t terrible in all aspects, right?
The first step in creating a budget is to find your bottom line. What’s the number that you are allowing yourself to spend on the big day? More importantly, what’s the number you and your significant other have MUTUALLY decided on spending for the big day. According to Wedding Wire, it was found that parents traditionally pay for 52% of the expenses, leaving 47% covered by the couple and 1% paid for by other loved ones. Unfortunately, more and more often we find that the couple pays for far more than 47% of their big day. If you’re looking for more information on who pays for what, check out this post from The Wedding Wire.
With that, we begin working backwards. Now that you know how much money you have to work with, the decision becomes what can you splurge on and what should you cut. For example, making a list of your priority items first. What’s your non-negotiable items? Is it an open bar, live music, delicious food or ensuring time for a long toast? When you’ve narrowed it down to two/three things per person and decided on a joint list; it’s time to put it into action. The truth is, sometimes the things we wish for just don’t work out, but knowing your priorities sets a great goal.
The unfortunate reality, most weddings you find on Pinterest don’t publish their budget. Find your inspiration and make it come to life with the budget you do have. Break your budget down: venue, catering, photography, videography, décor, flowers, cake, dress/attire, hair/make up, entertainment, rehearsal, gifts, stationary (save the dates, programs and invitations), ceremony/church rental, transportation, wedding bands and of course a little “unexpected” fund. This article from The Knot helps understand how to break down your budget and how much to allot for each category.
Be realistic and save where you can. It’s been determined that couples can spend an average of $100 - $250 per guest on the big day. Wedding Forward is a great place to start with a few free budget template downloads. A few final thoughts for you to remember – you can always cut costs by lower your guest count, choosing DIY items and skipping the “bells & whistles.” However, the day is about YOU as the couple and the love you share. Don’t add MORE stress to yourself and significant other by leaving things for the last minute or choosing to do it all alone. Ask for help when you can. DIY doesn’t always mean “less expensive.”
As always, The Wedding Nest is here to help. We can help make sure the day is exactly as you envision in terms of look, décor and colors, but we can also take the stress off the couple, family and friends by providing set up, tear down or day of coordination. Remember to prioritize yourself, your love and your significant other.
XOXO
Morgan