4 Tips On How To Create A Perfect Wedding Budget 

December 18, 2020
The national average cost of hosting a wedding is $33,900, inclusive of engagement ring expenses, but excluding the honeymoon costs, according to The Knot. Budgeting for your wedding isn’t a straightforward process. But it’s the most critical aspect of planning a memorable nuptial event. Creating a budget for your big day is also one of the best ways to make weddings affordable for your guests and yourself. Whether you intend to spend as little as $300 or up to $500,000, establishing a wedding budget shouldn’t have to be stressful. There are easy ways to determine how much you should spend on the entire event and decide which items you should spend extra cash on. If you’re planning to get married, read on to find out how you can create a perfect wedding budget.

Set A Budget Limit
This is probably the most vital step, as it will guide you in creating a wedding budget you can manage. Discuss with your partner all the wedding details upfront. And then decide how much you can afford to host your dream wedding. After setting a budget limit, figure out how much each one of you should contribute to the wedding.  The amount you and your partner choose to chip in will depend a lot on one’s financial capabilities. To avoid getting into debt, both of you should evaluate personal finances and look for ways to cut daily and monthly expenses. You can choose to spend less on groceries, subscriptions, and membership fees, or beauty products. Then save the extra cash for your wedding savings.
Determine the Guest List 
The cost of a marriage ceremony mainly depends on the number of guests you wish to invite. Ideally, inviting a large group of people translates to a bigger venue, more food, drinks, wedding favors, and invitations. That’s why you should decide how many guests will be attending the wedding beforehand. Be strategic about who you invite to reduce expenses.
Don’t Shop Without a Plan
Shopping for wedding accessories or hiring vendors without a budget in place is one of the common mistakes couples commit when planning their wedding. As a general rule, set up a realistic budget and allot each expense a specific percentage. For example, your wedding venue should account for 50% of your overall budget. Consider setting aside 12% of your money for photography and 9% for attires, hair, makeup, and accessories. When you break down expenses, you can quickly determine ideal ways to save for your nuptial ceremony. There are different saving options you can choose, depending on your needs. You can choose to open a savings account, forego non-essential additions, or settle for more affordable alternatives.
Be Cautious of Hidden Fees
Minor expenses like beauty treatments, wedding bags, vendor meals, and bachelorette parties add up quickly and can strain your pocket. To avoid getting into debt, allocate at least 5% of the overall budget for miscellaneous. Other hidden costs you should look out for include venue permits, marriage licenses, tips, stationery, accessories, and transport for guests. It is wise that you offer vendors, from wedding planners to DJs, musicians, and waiters, tips as a sign of gratitude.
Setting up a financial plan for your marriage ceremony is something you may want to skip because it can be time-consuming and stressful. However, budgeting is the most crucial part of planning an unforgettable wedding. Besides, you can make the process straightforward if you and your partner set a budget limit before anything else. Also, take time to calculate all the wedding expenses and allocate each expense, including hidden costs, a percentage of the total budget. Most importantly, be strategic about inviting guests. These steps will help you create a realistic wedding budget and stick to it.

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