It’s no secret that weddings are expensive, with the average cost to get married now at a staggering $38 700. And even more alarming is that couples tend to underestimate the cost of their wedding by up to 45%. Between choosing the perfect engagement ring, a one of a kind dress, stunning venue, and hiring the right photographer that will deliver with priceless photographs, the costs add up quickly. But planning your dream wedding with your partner doesn’t have to be a stress inducing experience due to the costs; it should be fun and exciting, and the best way to accomplish this is to budget accurately. With the right plan, budget, and resources your dream wedding is just a Pinterest board away.
Avoid Going Into Debt
Although this may seem like an obvious point, it surprisingly isn’t; in a recent study on the subject, up to 74% of couples go into debt when planning their wedding. The quest for a perfect wedding sees many couples setting unrealistic expectations of what they can have and serve at the wedding. Knowing where you stand financially in terms of available funds, current debts, and savings is imperative to budgeting correctly. Take control of your current financial situation with your partner to ensure that you don’t acquire a large amount of debt. But if you feel that your dream wedding is worth the price tag, knowing exactly how to pay it off post wedding will be incredibly beneficial.
Allocate Funds Correctly
There are many elements and factors that go into the success of the big day, and prioritizing the spending per category is a helpful way to stay within your budget. Many couples that go over their budget do so because they set the budget before looking at the cost of the reception venues; you can expect to spend 50% of your budget on the venue alone. From there, you can allocate spending based on the importance of each category for yourself and your partner. A typical breakdown could see 2-3% on the ceremony, 8-10% on the dress and attire, floral arrangements 8-10%, entertainment 8-10%, photography 10-12%, rings 3-4%, gifts 3-4%, and other miscellaneous costs for the remaining amount.
Save Where You Can
There are many ways to cut costs along the way, without sacrificing your dream wedding. Knowing what is a priority and what can be downgraded will prove to be very helpful when staying within the budget. The average cost per guest at a wedding with can be as high as $347, when you take into account the meal, drinks, transportation, and entertainment. The guest list is one of the best areas to cut costs quickly, so make sure you’re not inviting any more people than what your budget allows. Cut down on courses if they’re not necessary; having a three course meal is just as lovely as a 5 course with smaller portions, and this will cut catering costs significantly. Using in season floral arrangements will also reduce costs and avoid over priced flowers.
Budgeting correctly for your wedding does not mean you need to sacrifice any of your dreams and plans for the big day. Knowing where and how to spend your money will bring you peace of mind, and let you enjoy your wedding stress free.