Whether you are planning a lower-budget wedding or throwing a huge party, keeping track of your costs is key. You will find that expenses add up quickly (think minimum five figures… minimum!). Even the \u201csmallest\u201d of weddings can turn into a very expensive event if not planned strategically. Here you will find the most important things to consider when creating your budget, common budgeting mistakes, where hidden costs will often turn up and how to save yourself some money so you and your partner can tuck some away for other big expenses coming up in your lives.<\/p>\n
So, how much does a wedding cost…really?<\/p>\n
It seems silly to say, but when planning your budget you need to know how much money you have to spend. This can be harder to figure out than you may think. You need to consider you and your fianc\u00e9\u2019s individual savings and how much you can save before your wedding month, plus any contributions you will realistically receive from parents or loved ones. Once you have this total amount, decide upon your venue<\/a> or banquet hall (this will be your biggest expense and you can expect to spend around 50% of your budget on it). Then determine you and your partners\u2019 non-negotiables. This could be your wedding dress<\/a>, the number of guests, open bar etc. Once you figure out these three things you’ll know how much you can spend on everything else.<\/p>\n Reminder: Finding a venue requires a lot of research. Some require you to use their fittings i.e. chairs, dishware, glassware, etc. Determining exactly what is included in the venue and any extras you included is key to budgeting accurately. You Forever<\/a> has a wide variety of venue suggestions suiting any style and size of wedding you are planning. We’ll discuss all of these options with you if you wish to book a wedding consultation.<\/p>\n When budgeting, most couples can usually find their ballpark wedding budget. However, they forget to keep track of the money they are actively spending. Creating a spreadsheet with 3 expense columns labelled \u201cestimated cost\u201d (for how much you are anticipating on spending before speaking to vendors), \u201cmodified cost\u201d (which you’ll have a better idea after meeting with vendors), and \u201cactual cost\u201d (that being exactly what you\u2019re spending). Your actual cost will often look very different from your estimated and modified costs because of hidden fees and gratuities. Financial calculators can be great tools to help you keep track of (and stay on!) budget.<\/p>\n Planning your guestlist is another aspect that often generally fluctuates greatly until you are looking at exactly how much your dream wedding is going to cost. Remember: you do not need to invite your entire extended family! Your number of guests determines the amount of food, alcohol, chairs, invitations, etc. that add up to your wedding cost. Keep in mind that taking even 10 people off your guestlist will often save you over a thousand dollars. This is why it is important to sit down with your fianc\u00e9 and make 2 guest lists. The first one should be as ruthless as possible (think only your dearest and closest family\/friends that you have seen within the last year). The second should include everybody you would like to invite. From those 2 lists you should be able to meet in the middle to figure out your final guest list.<\/p>\n A hidden wedding cost can be extra vendor\/caterer\/photographer fees<\/a> that you haven\u2019t anticipated, or simply costs that you have overlooked or not even considered. Wedding vendors know people are willing to spend big bucks on their wedding day, so they will often tack on extra fees (and often gratuities) to different services. When meeting with vendors, make sure they outline every single cost for you so you know exactly how much you are spending on each aspect of your wedding.<\/p>\n Commonly overlooked costs can be guest transportation, setup and cleaning fees, custom cocktails, digital access to photos, envelope stuffing, extra decorations, hair and makeup trials, overtime, etc. The best way not to miss any costs is to map out exactly what your wedding will look like. From invitations being sent out to the day itself, imagine you\u2019ll have to pay for every single thing. Also, open communication with your vendors (and reading the fine print!) will ensure that you have budgeted for every aspect. Just in case some things pop up unexpectedly, which they always do, set aside 5% of your wedding budget. This will be a safety net for extra little splurges and these hidden costs you might not be expecting.<\/p>\nWedding\u00a0Budgeting\u00a0Mistakes<\/h2>\n
Prepare\u00a0for\u00a0Hidden\u00a0Wedding\u00a0Costs<\/h2>\n
Saving Money\u00a0on\u00a0Your\u00a0Wedding\u00a0Where\u00a0Possible<\/h2>\n