How do I Create a Wedding Budget?
It is easy to get carried away when you are planning your wedding. However, it is important to ensure that you stick to the budget for your wedding. The last thing that you want is to get into debt because you didn’t create a wedding budget. There are several important components of creating a good wedding budget that you will be able to stick to, while still having the wedding of your dreams. At The Little Vegas Chapel, we are happy to help you work within the constraints of your wedding budget to have the best wedding possible. Here are a few tips for helping you to create a wedding budget.
Envision your Wedding
When you first begin to determine your budget, it will be important to decide on the kind of wedding that you want. The expenses associated with a destination wedding will differ from the expenses of a traditional chapel wedding. The extravagance that you desire for your wedding will also determine what you can expect to pay for your wedding. By taking some time to consider your dream wedding, you will be able to come up with a more accurate estimate for your wedding’s budget.
Count What you Have
In order to create an effective budget, it is important to understand what exactly you can afford. There are multiple aspects you will have to consider when determining what you can pay for. For one thing, you will want to consider contributions from your loved ones. While you certainly can’t expect your loved ones to pay for your wedding, they may be willing to contribute to the expenses. Determine whether you will have this support when you are deciding on a wedding budget. You will also want to look into the savings that you and your fiancée have available. What can you afford to spare from those savings? It is also important to consider your current income. What are you able to set aside from each paycheck to help pay for the wedding? Once you have carefully analyzed each component, you will be able to set a wedding budget.
When you are deciding on a budget, it will be important to be realistic regarding what you can afford. For example, an extravagant wedding will require a bigger budget than a more modest affair. Do some research regarding various wedding expenses. This will help you to learn what you can expect regarding the average costs for the wedding that you want. Consider these various estimates and add them up to get a realistic idea of what your desired wedding will cost.
Decide on Priorities
Consider the priorities that you and your betrothed have for the wedding. These priorities, or “non-negotiables,” will help you to identify the minimum expenses for the wedding. Maybe your priority is the location of your wedding. This will limit the leverage that you have regarding the cost of your venue. Alternatively, one of your priorities might be a large guest list. This will impact how large you have to plan your wedding to be. When you have considered your priorities, you will be able to plan far more effectively for your wedding.
Consider your Guest List
One of the best places to start when it comes to your wedding budget is to consider your guest list. If you simply can’t cut your guest list down below a few hundred people, you can plan on having a larger wedding, which will impact your minimum expenses. If you are happy with limiting your event to close friends and family, you may be able to get away with a more modest budget. The guest list will help give you a good idea of your necessary budget.
Once you have identified your budget, it is important to ensure that you stay within that budget. If you don’t hold yourself accountable, you are likely to get into debt by going well outside of your budget. It is important to break down your budget into percentages to ensure that you are staying within your budget with the various factors of your wedding planning.
Track your Spending
Tracking your spending is an incredibly important part of staying within your budget. If you don’t know how much you are spending on the wedding, you will be unable to ensure that you are staying within your designated budget. You may want to consider a spreadsheet or another strategy to help you track your spending. This will help you to stay on track and within your budget.
Choose your Venue ASAP
The venue is often the biggest expense that you can expect to face when it comes to planning your wedding. When you decide on your venue early on, you will be able to budget more effectively for the other aspects of your wedding. This can be extremely beneficial when you want to keep your wedding planning and spending on track.
Tips for Staying on Budget
A few strategies can help you to stay on budget while you are planning your wedding. For one thing, you may want to plan your wedding during the off-peak season. This can help to greatly reduce your expenses. It can also be beneficial to work with fewer vendors. When you get multiple services through a single vendor, you can often obtain deals on a wedding package. Reducing your guest list or foregoing a live band can also help you to stay on budget while planning your wedding.
A wedding budget is an incredibly important part of ensuring that you can plan your dream wedding without getting into debt. At The Little Vegas Chapel, we are experienced in working with your budget to ensure that you can have the wedding that will meet all of your needs. We can also help you to identify the expenses to expect to obtain your wedding. For more information about the best strategies for creating a wedding budget or how to stay within this budget, contact us at The Little Vegas Chapel today!