10 tips to help you set and stick to your wedding budget
Budget, the dreaded word! But every wedding needs one. How else are you going to know if you can afford Bruno Mars to sing your first dance song (you probably can’t) or Dave Benson Phillips (remember him) as your DJ (you probably can). So before those eternal questions are answered you need to set your budget.
Setting a budget is difficult because all weddings are different, but you do need to have some idea of how much you should spend on each supplier so you don’t end up with debt you’re paying off until your 25th wedding anniversary! There are example wedding budget breakdowns out there but sometimes they don’t really line up with real life and can underestimate the cost of quality supplier so do take them with a pinch of salt.
We’ve got some handy hints below to help you set your budget and manage it along the way.
1. How much do you have and how much are you willing to spend? That total amount is what you’re trying to stay under. However, always allow an additional 5% on top as your contingency should you go over budget e.g. with a £25,000 budget keep a separate £250 that you can dip into if you need it.
2. How many people do you actually want there? This number is one of the biggest factors as it will influence your venue and catering costs. £25,000 can stretch a lot further with 60 guests than 150 so don’t go overboard on the invites if you want to use your budget wisely.
3. Once you know your total budget and number of guests you can start researching venues to get an idea of the likely cost of the venue. Do your research first so you know if it is a fair price for the location, size and style you want.
4. The venue and catering are normally the biggest chunk of your budget and could take up to half of your total budget which sounds a lot but is totally normal. Try to avoid going over two thirds of your budget though as you’ll be left with very little to pay for everything else.
5. By the time you’ve booked your venue and catering you often find yourself in a ‘what’s left?’ scenario, so now’s the time to earmark any specific priorities you have e.g. if music is the most important thing then ringfence a decent portion of your budget so you know you’ve got enough and pick slightly cheaper suppliers for other parts of the day.
6. As always, do your research on each industry to check that what you’re being charged is the norm. It will still vary depending on supplier quality, ability and location but always try to get three quotes from similar suppliers. This ensures you know the price is fair and may also give you some leverage to negotiate. Try to research and get estimates for some key elements (photographer, videographer, florist, wedding dress and bridesmaids) before you book anyone so you know either you can afford everything or pinpoint the areas that are lower priority where you need to make savings.
7. Don’t forget styling. It doesn’t appear out of thin air and can really make your wedding stand out so it’s worth holding some of your budget back for this.
8. Try not to worry about money. If you can’t afford something think about how much you really want it and whether you can compromise elsewhere. If you can’t, is it really worth breaking the budget for? Would it really affect your day if you didn’t have it?
9. Keep a log of everything you’ve paid for and what you still need to pay and try to have a separate wedding bank account so it doesn’t get mixed up with the money you spend on a daily basis. Keeping your budget logged and separate makes it much easier to track.
10. Pay everyone before you jet off on your honeymoon, not only have all the suppliers worked hard to give you a great day but you also don’t want to come back to an inbox full of wedmin!