Setting Your Budget

Have you ever heard “it takes a community”? This doesn’t just apply to child rearing. Marriage is a huge milestone in many of our lives. It’s understandable to want celebrate with something spectacular, involving all of your loved ones.

Now, in order for us to determine just what that means to you, it’s important to have a bridal vision and a bridal budget. I will be focusing on the budgeting aspect for this particular article. If you aren’t sure of your wedding vision, it may be helpful to check out my link located below to set your vibe before you get too far into the planning process.

Right off the bat, let’s ask yourself, how much do we need? And where is this money coming from? Whether you’re planning on eloping at the courthouse with a BBQ to follow or if you’re booking an evening with your 300 closest friends at Carnegie Hall, money matters. Do your research-learn industry standards for every aspect of the day. Once you’re informed on the averages for bridal expenditures, compare that to your personal needs and budget. Is there a gap between what you have and what you’d need to supply for your bridal vision?

*Time for a mental check in* Is your bridal vision-financially feasible? Of course, I want you to have everything you want for your day and more. But, I also do not want you starting your marriage off riddled with wedding debt and excess stress! Keep in mind the purpose behind this celebration and see if you can forgo riding in on a unicorn to keep costs manageable.

Now that you see where you are and where you’d like to be; how are you going to get there? I’ve heard it all from plasma donations to picking up a second job-much of wedding budgeting comes down to cost vs. importance.

Fluid Funds Chart Example

Talk with your partner to configure a list of priority spending. Once you have made this and ordered each category by importance, I find it helpful to turn it into a pie chart. From there, you can award specific funds to each slice.

If photography is at the top for both of you,you’ll want to provide a little more cushion for that aspect of the day vs something like guest party favors(Opt for those wildflower seeds over the monogrammed koozies.)

It’s good to give your pie chart a bit of fluidity in case you have to make some shifts in your fiances throughout your journey.
Remember, there are always corners you can cut in a wedding, its all about being innovative and crafty.

Now, that we are diving into numbers, its often a good time for a date to the bank. Setting up a joint account for wedding expenses will keep you both on top of whats going on. I also find that this is a really good transitionary step for couples who are looking to move towards merging all of their fiances. Be sure to keep the lines of communication open as you begin to make larger financial decisions! Once you two have set up an wedding account, it’s time to set amounts that each of you will be able to contribute between now and the wedding.

Find out if there is anyone else who is planning on chipping in towards your day, as this may impact your budget. It’s never comfortable to talk about money, especially, money that doesn’t belong to you. But, there are many times that your loved ones really want to help. After expressing much gratitude,check in with this person, where is their interest to contribute? Sometimes it’s in a number,many times its in an action, but, its always heartfelt. Maybe, your best friend’s mom has her own catering business and wants to cook for your dinner rehearsal. Now, there’s no need to fuss over funding that meal!

At the bridal shop, I run into many bride’s families expressing interest to help purchase the gown for their bride. If this something your Grandma Rose was interested in doing for you, be very open with her about what you’re budgeting. Sometimes, she will want to cover the entire purchase, other times it’s a veil or earrings.

Now that you have the numbers you are working with, its time for detailed research on the venues and the professionals you are considering. For more on this, check out my picking trusted vendors post.

One point that is worth mentioning in both however is, financial awareness. Make sure your selected professionals are able to work within your specified budget. As you proceed, keep yourself accountable. Check in with your fiances each time you go to cross off a task on your wedding to do list. Maybe you decided you want your videographer to hang around for a little extra footage and you hadn’t accounted for that in your initial conversation. These are the sort of instances that its helpful to have a little cash tucked away for unexpected or miscellaneous spending. Any of what is left in your miscellaneous spending can go merge with your honeymoon fund!

If you are ever unclear about the costs of something, ASK. This is your money! Trusted wedding professionals will be upfront and open with all of their rates. If you If you notice that you may have given more than you intended to one portion of your chart , look for where you are willing to sacrifice other funds. This is also a great opportunity to find yourself an extra money making opportunity to keep yourself on track.

I hope this was a step in the right direction for setting your wedding budget! If you have any questions or need further clarity-reach out!

Trust the process and pour some Prosecco!