How to Determine Your Wedding Budget

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Tying the knot soon? Congratulations! You’re probably excited for it! You want your wedding to be special and memorable. Remember, this is one of the biggest events in your life. It is essential to start planning as early as possible, as there are several factors to consider and many decisions to be made. These include your wedding budget.

You need to set your budget so as to avoid overspending while saving money, especially if you are a couple on a tight budget. But how do you determine your budget? Below are the things that you need to take into account so you can effectively set your wedding budget.


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Pre-plan

Pre-plan and start thinking about the kind of wedding that you want to have. Do you want a garden wedding, one on the beach, or in a church? Do you want a low-key reception or a fancy one? Before you set your budget, do your homework first. Take some time and do some research online about the typical cost of the kind of wedding you prefer.

Who’s involved?

Apart from you and your fiancé, who else is willing to contribute? Wedding expenses can be paid by either just the two of you or with the help of your family. You can use your own existing savings, credit cards, or loans, if you are just paying for all the expenses yourselves. If you need a little help from your family, you may want to set a date so you can talk to them about financial matters or whether they are able to shoulder a specific percentage of the wedding expenses. This will help you come up with an initial budget.

All you need to do is to create a table and list down the people who are involved in financing as well as the corresponding amount that they are willing to spend. Decide who will pay for this and that. Do not also forget to consider the number of people you are expecting, so you can allocate an estimated budget per guest.

Create a Budget Spreadsheet


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It’s time for you to get a bit more detailed. Create a spreadsheet and list all of the major wedding expenses and estimate the likely cost of each. Make it as comprehensive as it can be and allocate the dollar amounts accordingly. For unseen costs, you can add a line for additional fees with estimated allocation.

Some of the essential things that you may want to add to your spreadsheet include engagement, honeymoon, reception, photography and videography, food and beverages, number of guests, and everything in between. Do not also forget to include your estimated budget for rentals, flowers and decorations, a dress, and the wedding officiant.

Once you’ve successfully completed your spreadsheet, then you’re good to go. From there, you can easily determine how you’ll pay and begin planning for your bookings, deposits, and monthly savings. You also need to keep in mind that there’ll be inevitable adjustments throughout the wedding process, so be always prepared. You might spend more than what you’re expecting. Know which expenses to prioritize and be ready to customize your budget.

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