Wedding Budgets 101 – A Guide for the Newly Engaged

Wedding Budgets 101 – A Guide for the Newly Engaged

This is one of the happiest times of your life. You are in love and now engaged. But don’t get too caught up in everything, you need to think about how you are going to pay for your wedding!

Traditionally, the bride’s family covers the cost of the wedding, but more and more groom’s families are choosing to help out, too. You will need to talk to both sides of the family individually to figure out who will be paying for what. Your budget will be the combination of what each family chooses to commit to, plus the amount the two of you plan on contributing. Here are some things you need to consider when planning your budget.

Guest List Size
The cost for food and liquor is usually the biggest expense in the wedding because it is a per-head cost. So, adjustments to the guest list are how you will increase and decrease your overall costs. You’ll also save money on other details (décor, rentals, favors) if you watch the size of your guest list.

Wedding Setting
Obviously, venue prices differ everywhere you go. Some places, like a park, may have low or no fees while other places could cost as much as college tuition. You also need to consider that many places require a minimum head count in order to host your wedding.

wedding budget

If you want to be relaxed and have fun… Plan for it! Set your budget and stick to it!

Date and Time

An evening reception is usually more expensive than a brunch or afternoon reception, not only because of higher catering costs for dinner, but because people tend to drink less during the daytime, and many couples choose to go more low-key on things such as lighting, music, and décor during the day.

Wedding Style

Remember: the more formal, the more expensive. You’ll have to match the site, food, and musical entertainment to the overall upscale tone, which really jacks up the price of your wedding. A six-course meal, twelve-piece band and extravagant décor is way pricier than a cocktail soiree, DJ and more low-key décor. Plus, the fancier the event, the more people are probably attending.

How Much Do You Actually Need?

Take a good hard look at your budget and adjust your expectations accordingly. Keep in mind, the average cost for a 150-person wedding is about $25,000.

How Much Can You Save?

A good idea would be to try and save about 20% of your monthly income to go towards your wedding, depending on how long your engagement is. You should do your best to limit your spending on the small stuff, like cooking dinner instead of going out to eat. After doing this for a while, that extra cash could cover things essential to your wedding!

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