A budget is an itemized summary of intended expenditures for a wedding.
Budgets usually include all costs associated with the wedding, but often don't include honeymoon expenses.
Average Budget
- According to The Wedding Report, in 2007 couples spent an average of $28,800; however, the average budget couples set that year was $14,250.
Tips
- Set your budget below what you want to spend, and start saving from the moment you become engaged.
- A good rule of thumb is to save 20% of your monthly income in a separate, high-interest savings account that you set up solely for wedding expenses.
- If you already have money saved, consider setting up a bank certificate of deposit (CD) or money market account, which can earn more interest than a traditional savings account. Just be sure to check the fine print for withdrawal rules to avoid paying penalties.
- Avoid cashing in your retirement plan, taking out a loan, or using credit cards to cover expenses. If a vendor requires a credit card payment, have a plan to pay it off immediately (and stick to it!).
- Think realistically about what you really want or need to have for your wedding. Often you can find creative DIY ways to cut costs so you can afford the must-haves.
Sample Budget Planner
Ceremony and Reception - 50%
Photography and Videography - 12%
Attire - 10%
Flowers and Decor - 10%
Music - 8%
Stationery - 4%
Favors and Gifts - 3%
- Wedding party gifts
- Parent gifts
- Welcome gifts for out of town guests
- Favors
Rings - 2%
Transportation - 1%
- Wedding day transportation
Budgeting Tips
- Prioritize your budget items in order of importance. Allocate a higher percentage to items higher on the list and seek out inexpensive solutions to lower priority items or completely omit them if possible.
- Choose to have your wedding in the off season or on a Friday or Sunday to take advantage of lower vendor rates.
- Choose flowers that are in season in order to keep within budget.
- Research is your pal so definitely do a lot of those before signing off on a contract and remember, everything is negotiable!
- It usually takes a whole year to plan a wedding so take your time with purchases and try not to be an impulse buyer. Try to make your decision once you have a night to sleep on it.
Weddingbee Posts
Weddingbees' Posts
Board Posts
External Links