Wedding Planning Advice – Budget Management
Monday, April 6th, 2009
Posted in Planning Advice
Each month we’ll be posting our best advice and top tips for planning a wedding , with topics ranging from organising your time through to finding the perfect suppliers. Today it’s the turn of one of the most important aspects of wedding planning – budget management .
Many couples find setting a wedding budget (and sticking to it!) to be one of the most difficult aspects of their planning. And let’s be honest, it’s not the most exciting of tasks either! However, if you want to minimise your stress levels and avoid any financial worries it’s absolutely vital that you set a realistic budget before you start making any arrangements.
Who Pays the Bill?
One of the first questions you will need to consider when devising your budget is who is going to pay for the wedding? It is important to discuss this with your families before you start your planning, so that everyone is aware of their financial obligations from the outset. Traditionally the bride’s family paid for the majority of the expenses, but these days it is quite common for the groom’s family to also make a financial contribution, or for the couple to pay for the wedding themselves. If you are breaking from tradition, you may want to consider the following options:
- Both families equally share the cost of the wedding
- The wedding budget is divided equally between you and both families
- You pay most of the expenses, and one or both families provide a fixed contribution
- You pay for everything without assistance from either family
If your families are contributing towards your wedding, avoid using their money for your reception or catering if possible as it can sometimes lead to arguments over the guest list. Instead, use it to pay for specific suppliers, such as the florist or wedding transport.
The Big Number
Setting your wedding budget is a balancing act between what you want and what you can afford, and you will need to set aside some time to come up with an overall figure. Don’t worry; you don’t need to be a maths genius to work it all out!
The one thing I cannot stress enough when considering your wedding finances is to be realistic. Please don’t just pluck a figure out of thin air because you think that’s what you will need – every wedding is unique and as such demands an individual budget. Be honest with yourself about what you would ideally like for your big day, and spend some time researching local supplier and venue fees so that you have an informed idea of how much things cost. Also bear in mind the following:
- How many guests do you plan to invite?
Venue hire and catering generally take up the largest portion of the budget, so the larger the guest list the bigger your bill. Consider whether you really need the whole of London present!
- What type of wedding do you want?
If you want a lavish celebration you are going to need a bigger budget than for a low-key affair
- How long do you have to save, and how much can you afford to put away each month?
Don’t imagine you can stash away every spare penny – you still want to enjoy a life outside wedding planning, and you could easily start to resent your plans if you have no spare cash available. Also remember that most suppliers require payment of the final balance 4-6 weeks before the wedding date, so ensure you factor this into your calculations
Make it Manageable
Once you have an overall figure, divide it across the different areas of your wedding so you have a guide as to how much you can spend on different suppliers – you don’t want to blow your budget on the flowers and have nothing left for your transport or entertainment! This will vary according to your priorities and preferences, but as a guide you should expect to spend:
- 45-50% on the ceremony and reception (this includes legal fees, venue hire, catering and decoration)
- 8-10% on photographer
- 4-6% on flowers
- 5-7% on entertainment
- 2-3% on transport
- 2-3% on wedding cake
- 8-10% on wedding outfits (for the bride, groom and attendants)
- 3% on wedding stationery
- 10% on the honeymoon
- 1-2% on beauty (hair and make-up)
Setting a wedding budget and sticking to it isn’t always easy, but if you think carefully about your finances and monitor your expenses you’re well on your way to avoiding wedding money worries.
For more detailed advice and professional tools for budgeting for your big day, please see our DIY Wedding Planning Package . If you feel your require more hands-on assistance with planning your wedding, please do check out our services page for more information.
Next month: Organising your planning time