HOW TO PLAN YOUR WEDDING BUDGET LIKE A PRO
Does the word “budget” bring you out in a cold sweat? Creating a wedding budget doesn’t have to be as stressful as you think, and if you do it in the beginning then it’s actually a huge stress-buster while your planning the big day.
This is part two of my Wedding Planning 101 series - if you haven’t read part one all about setting your wedding priorities then I would pop over here and read that first to get the most out of this advice.
If you’ve already done that - YAY, we’re ready to start the next phase. Watch the video below or read the highlights, and good luck budgeting babes.
WHY SET A BUDGET FOR YOUR WEDDING?
A lot of couples skip the actual budget planning step because they think if they just constantly try to save money along the way then they’ll be fine. But I tend to disagree with this common belief, and here are the reasons why I think it’s a great idea to make a budget breakdown first:
The most obvious reason is that it helps you save money on your wedding.
Planning a budget in advance also helps you pace your spending throughout your engagement, so that you’re not dropping all the cash right at the end (which can be quite a shock to the system let me tell ya).
Setting your budget early also helps you set the tone for your wedding. It helps you make decisions about the kind of wedding you and your partner are hoping for.
Planning a budget means no nasty surprises later on, so you can go about your wedding plans with much less worry and stress.
So now, on to the steps for planning a wedding budget like a pro:
Look at your money picture
Sit down and have a good look into your financial situation. Look at all your existing savings, calculate potential savings, think about how much you want to put away each month and create a realistic savings plan. Have conversations with any of your family who might want to contribute, and try and settle on concrete numbers with them. This can be a really awkward conversation, but having it now will save way more awkwardness later on, and it helps you know what to plan for and what to expect.
Set your wedding priorities
If you still haven’t watched the first video in the series then now is the time to do that, and fill out your wedding priorities checklist. This step really helps you work out what you want from your wedding together as a couple, so don’t skip it.
start a wedding budget spreadsheet
Spreadsheet nerds, this one’s for you. It goes without saying, but if you’re going to plan a budget you’ll need a place to keep a record of it, somewhere you can update as you go along. I have a free budget planning spreadsheet you can download here, so that’s half the work done for you.
PRIORITISE YOUR SPENDING
Go back to your wedding priorities checklist, and put those big important things in first. This ensures that you’re creating a budget for the wedding YOU want to have, and not just responding to outside pressure. Then once all those things are plotted in, then work the rest of the stuff around them.
Do Your Research and Get Real Quotes
It’s no good just guessing, because that won’t give you a realistic picture of how much your wedding will cost. Don’t be afraid to chat to the suppliers you’re interested in, do your research, ask for quotes and compare them. This helps you plan out your budget in a realistic way instead of stabbing in the dark.
SET A MONTHLY WEDDING CHECK-IN
Put a date in your diary every month to check in with each other over your budget sheet, fill in any spending you’ve done, or any updated quotes you have. These monthly check-ins are really useful for keeping you organised and on track with your to-do list as well, so it’s a win-win.
MAKE IT WORK FOR YOU
Finally, make your wedding budget work for you. Don’t give in to family or societal pressure. Don’t compare your wedding to other weddings on the internet, and don’t feel any shame or guilt around your personal money story. Everyone’s financial situation and priorities are different, so celebrate that and do what you want works for you ALWAYS, then as long as you’re happy you can never go wrong.