CONGRATULATIONS!!!! You’re newly engaged, already thinking of wedding dates, and have hundreds of pictures collected on your Pinterest Board. But before you start making any decisions, it’s super important to understand what your budget will be.
I know, I know… talking about money is never a fun topic. In fact, having “The Budget Conversation” is often a mood killer. However, it is truly a necessary discussion that should take place prior to any other decisions being made. So how can you decide on what is an appropriate budget for your wedding?
First, an important factor in determining your budget is understanding how much you can afford for your wedding. This amount may be comprised of your personal savings and any additional financial sourcing, such as contributions from parents. Having an understanding of the maximum amount that you can spend on your wedding will create financial parameters that you are now aware of.
Now that we have discussed knowing how much of a budget you CAN spend, next, it is important to explore how much of a budget you WANT to spend. For example, you may be able to allocate funds for a wedding budget of $200,000.00, but that doesn’t mean that you actually want to spend that amount, as it may be your desire to spend $125,000.00, $60,000.00, or another total under your maximum financial sourcing capacity. Now here is the kicker! Knowing how much you desire to spend should align with your desired wedding experience.
Are you okay with a self-served buffet of southern cuisine, or is a plated entrée duo featuring filet mignon and salmon an absolute must? Do you desire an intimate wedding with 75 of your dearest loved ones, or do you prefer to have 200 of your family and friends? Are you open to a weekday wedding celebration, or is a Saturday date absolutely required? All of these decisions, plus so many more, will directly impact what you should expect from a budget/cost perspective.
So how does a couple know if their vision is aligned with their budget? You could do market research with venues and vendors within the geographical area where you’re looking to host your wedding. In my opinion (but I may be biased), a better option is to hire a wedding planner that will be able to advise you with the allocation of your budget and share with you what is realistic with the amount that you desire to spend. A good wedding planner will be able to share with you the best way to get the maximum value from your budget.
Below are three tips that I’ve used with my couples to maximize our budget potential.
TIP 1:
Having dinner served in a family-style presentation instead of plated.
While this tip may lead to little savings as every catering company operates differently, having the reception dinner served family-style could cut some staffing costs while still allowing guests to remain seated for their meal.
TIP 2:
Re-purposing your ceremony decor in the reception area.
On average, ceremonies last roughly 20 – 40 minutes. Consider incorporating the design elements from your ceremony into your reception area, especially if the ceremony and reception are in the same location. Using this tip should definitely lead to savings.
TIP 3:
Choosing a wedding day/date that is during an off-season time.
This is based upon the location/region in which you are getting married, but there are typically very popular times of the year to have a wedding. Therefore, to save a little, consider having your wedding during a time when the demand is lower. Also, Saturdays are usually the highest in demand in regard to the days of the week. Therefore, having a weekday wedding could save as much as 75% off your venue costs alone.
In the current financial climate, costs have been at an all-time high, which can impact the amount of budget maximization. However, regardless of the budget, having the “money talk” while developing a realistic expectation of what your budget can achieve eliminates the possible stressors that could occur later in the process… and eliminating the wedding budget stress indeed leads to a more enjoyable wedding planning process.
