Tuesday, December 10, 2013

Making Cents of Your Wedding Dreams: Your Wedding Budget!


Photo from OneWed.com

Okay, he put a ring on it, and you now have the exciting task of assembling the wedding you’ve been dreaming about your whole life.  You’re tearing out magazine clippings (or saving them digitally via your wedding planning app), scrambling to find the perfect venue, the dress that you just know is the one, and line up the details.  BUT, there’s one very important thing that must be figured before you’re able to move forward… figuring out your budget.

The old tradition was that the cost of the wedding was the responsibility belonged to the father/family of the bride; but times are changing and now it is much more common for the cost to be divided between the families of the bride and groom, or even just the bride and groom themselves.  The topic of finances can be taboo in some families, so the best option is for you and your groom to meet with your parents and his parents separately and ask them how much they will be able to contribute.  It may not be your favorite conversation to have, but knowing what kind of budget you’re working with will enable you to get back to the fun aspects of planning!

The average wedding costs around 30 thousand dollars, so it’s very easy to rack up bills beyond what you can afford, or end up having to cut things out of the wedding.  The trick is, to prioritize the most important details in your wedding.  Pick the few items that you know you don’t want to compromise and are willing to splurge on, be it the photographer/videographer that you decided a long time ago would do your wedding, the amazing country club venue, or the caterer that you know is pricey but refuse to pass up.  It’s important to consider which costs you won’t budge on, so when it’s time to shave costs to meet your budget you don’t end up compromising on something you’ll always regret.

There are several things that greatly effect the cost of your wedding, but one of, if not THE biggest is the number of guests.  In most situations, you pay caterers per guest; not to mention that for a larger crowd you need a larger venue.  Being realistic about what your budget allows for goes a long way in ending up with a wedding you are pleased with.  Ask yourself whether you would rather have 300 guests and compromise on the quantity and quality of what you can provide for them, or narrow it down to 50-100 people and provide a the perfect caterer, open bar, etc.  It’s about recognizing what is more important to you and your groom, and not letting the illusion of the greener grass on the other side (which usually comes with unrealistic expectations) cause you to stray from the aspects of your big day that are important to you.

A few ways to cut costs when planning a wedding:

1.    1.  Pay Cash on your bigger wedding costs, if at all possible.  Many wedding vendors offer a   discount for those who pay cash upfront (average of 2%)

2.    2.  Book As Early As Possible!  You tend to get a better deal for booking far in advance than if you’re trying to fit into their schedule with late notice!

3.    3.  Tie the Knot in an off-season!  As we’ve discussed before, it can pay to have a wedding in the off-season.  If you avoid holidays and the spring and summer wedding season, you may get a good discount AND have a wedding date that isn’t surrounded on all sides by weddings of people you know! If you have your heart set on a spring wedding right in the middle of the buzzing season, consider a day other than Saturday for your nuptials.
4.   
4.   4.  Ask for help!  Whether it’s assembling those DIY invitations, or putting together out-of-town guest gift baskets you made yourself (instead of paying for ready-made ones), or tying bows onto wedding favors, there are plenty of people who would love to be included, and if you save money and time, it’s a definite win-win!

5.    5.  Shop Around!  Although many times you find something and just know that it’s what you want, it’s important to still look around.  Like we talked about, you gotta save the splurges for the things that are really important; and if you haven’t price shopped, you may not know you’re spending above average.  Research vendors and costs, because finding a discount in one department opens up more funds for other department.

We get it, it’s not the fun part!  Just don’t lose sight of what you’re working toward.  Your wedding is one of the only times, possible the only time, in your life that the most important people from both of your worlds will be in one place.  Not to mention that it’s for the day that you and your best friend make it official that you are doing the rest of your lives TOGETHER.  First comes budget talks, but then comes marriage!  


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