Engaged? Do this FIRST!
Congratulations, you’re engaged! Before you look at venues, try on a dress or even look at Pinterest, there is one task you absolutely need to do first. Stop all of your wedding planning. Don’t do another thing. The one, and only thing, you need to do right now is set your wedding budget. I know, it’s not very sexy, but trust me, it is everything in your wedding planning.
Did you know that couples like you underestimate the cost of their wedding by 40 percent? 40 percent! Having a true understanding of what things cost and setting a reasonable budget, will save you from overspending and fighting about money being spent. I see it all the time. Taking the time to do your budget first, is the smartest way to happy wedding planning.
So, how do you set your wedding budget? I want you to think of a concrete amount of money that you will not consider going over. What is your breaking point? Is it $15,000? $40,000? $102,350? Every couple’s financial circumstances are different. Pick the number that is comfortable to you. That’s it. Then, you fit the wedding plans to your budget, not the other way around.
Once your budget is set, then you allocate it. In general, wedding budgets are broken out like this:
50% venue, food, cake, beverages
10% photography, videography
10% flowers, decor, rentals
20% attire, transportation, stationary, favors/gifts, planner
There are no hard rules to wedding budgeting though, so if you have always dreamed of being married under a ceiling of orchids, then you would allocate more money to your flowers and decor and take that extra percentage from another category. The trick is to take any extra money needed for one category from another, so you don’t go over your total budget. Make sense? I promise if you set your budget first, your wedding planning will be much easier.
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