Tuesday, July 13, 2010

The Wedding Budget

I thought I would address the wedding budget as a follow up to the first steps to planning your wedding. Setting a budget is the most important decision you can make when planning your wedding. Most people don’t know how much a wedding cost until they start planning a wedding. If you are one of those people, you should research how much the average wedding cost in your city. You can use this helpful website: Cost of Wedding to start your research. Now that you know how much the average wedding cost in your area, you should determine where in that range you are comfortable with or if the range is too high or low for your budget.

Now that you have set your budget, here are some helpful tips on how to use your budget wisely.
1) Your reception will be 50% -60% of your overall budget no matter the venue you choose. Research the venues that fall within your budget and maybe some venues that are little bit higher. I recommend this because if you spend $10.00 more per person for a venue that has the right d├ęcor, in the end you will spend less time and money on making the cheaper venue fit your wedding.

2) Prioritize what’s most important to you and your fiance. Write a list of the things that are most important to you. The items at the top of the list are the items you have a little wiggle room. Meaning you can go over budget just a little to have exactly what you want. But remember you will have spend less on items on the bottom of the list to balance the budget. 

3) Estimate higher than you want to spend. It’s always better to start high than low. If your budget is 25K, budget 27K. This extra $2,000.00 will give you some room for incidentals, a small detail that you didn’t initial plan on or just extra cash you can use for your honeymoon if you end up no needing it at all. Call it the emergency fund.  Break the glass in case of emergencies only!!

For more helpful advice on the wedding budget, click here for a previous blog post. It’s an oldie but goodie!!

Happy Planning,

Deniesha Joseph

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