It’s no secret that weddings are expensive. About 20% of Americans have gone into debt due to the cost of their wedding.
You can avoid making this mistake by learning how to budget. Though creating a budget may seem daunting at first, it’s not as complicated as you may imagine.
To help you budget like a pro, these are helpful tips to keep in mind in your wedding budget breakdown.
Determine the Type of Wedding You Want
When you begin the wedding planning journey, you should first consider the type of wedding you want. Do you envision a large or small wedding? What kind of venue do you want to get married at?
Some venues will be more expensive than others. Do you picture getting married in a church, on a beach, or at a hotel?
Do you want a destination wedding?
These are all details you’ll want to think about at the very beginning of your wedding planning journey.
Consider the Main Costs of the Wedding
The major costs of your wedding will stem from the cost of renting your venue and feeding your guests. Other costs include the wedding dress, photography, rehearsal dinner, rings, stationery, transportation, hotels, and gifts.
The venue cost is a significant factor to consider because it typically takes up about 20-25% of your budget. The average price is around $10,000.
If you’re having your ceremony and reception at different places, these will be two separate costs. A reception venue can cost between $10,000 – $15,000, depending on how long you rent it.
Other things to consider in your budget are the cost of a wedding planner or coordinator. If you think you may want a wedding planner, you can find out more here.
Then, you’ll want to consider your budget. Are you and your partner paying for the wedding yourself, or are you getting financial assistance from family? Whatever the case, you need to discuss how you will pay for the wedding and the maximum amount you can afford to spend.
Always keep this number in mind and avoid exceeding it.
How to Save on Wedding Costs
There are a few wedding budgeting tips to keep in mind to save you costs. For one, try negotiating with your vendors to lower your wedding budget. You may be able to get a lower price than initially provided.
You can also save a lot of money by getting married on a day other than Saturday. These savings can be anywhere from 10-40%.
Another helpful tip is to DIY as much of your wedding as you can. If you can make your decor or buy decor secondhand, you can save thousands.
Now You Know How to Attack Your Wedding Budget Breakdown
These are all the best tips for your wedding budget breakdown. The most important thing is to know the maximum amount you can afford to spend on your wedding.
People’s number one mistake is ignoring their budget and not discussing these numbers with family. Though it’s tempting to spend tons of money on your wedding, it’s only one day. It’s better to be smart about your budget rather than have financial trouble later on.
And if you want to learn about other tips related to budgeting, be sure to check out the rest of our blog. We have a ton of other awesome articles you’ll love! Learn More