Wedding Budgeting: Essential Tips to Plan Your Dream Day Without Breaking the Bank
Congrats! You’re planning a wedding. “So how much are you going to spend?”
If you’re like me, the ‘big B’ - budgeting - is essentially the key part of planning a wedding. And it’s stressful. Where are you going to get married, how many guests will you have? Do I pay for the wedding party’s attire? These are valid questions that often determine what your wedding looks like.
According to MoneySmart.gov.au, the average cost of a wedding in Australia is $36,000 (bye, house deposit). Have I still got you? Don’t fret, instead, let’s take out our spreadsheets and manifest a way we can enjoy our special day without worrying about overspending. Here’s a step-by-step guide to help you budget for your wedding and some savvy tips to bring costs down.
Wedding Budgeting guide:
1. Set your total budget: Begin by determining how much you can afford to spend on your wedding. Consider your savings, contributions from family, and any other sources of income. Once you have a total figure, stick to it.
2. Prioritise your expenses: Identify the most important elements of your wedding. Is it the venue, the clothing, the food, or the entertainment? Allocate a larger portion of your budget to these high-priority items and be willing to compromise on the less crucial aspects.
3. Break down the costs: Create a detailed spreadsheet to track all your expenses. Categories should include venue, catering, attire, flowers, rings, photography, entertainment, celebrant (hi!), and miscellaneous costs. This helps you see where your money is going and make adjustments as needed.
4. Get multiple quotes: Don’t settle for the first vendor you meet. Get quotes from multiple vendors to compare prices and services. Negotiating with vendors can also lead to discounts or added value services. Check out wedding planning sites such as Easy Weddings or WedShed.
5. Choose off-peak dates: Consider having your wedding during the off-peak season or on a weekday. Venues and services are often cheaper during these times, which can significantly reduce your costs.
6. DIY where possible: Take on DIY projects for decorations, invitations, or even your wedding cake. Involving family and friends can also add a personal touch while saving money.
7. Limit the guest list: A smaller guest list means fewer mouths to feed and fewer invitations to send. Be selective and invite only those who matter most to you.
8. Track and adjust: Regularly review your budget and adjust as necessary. Unexpected costs can arise, so having a contingency fund is always a good idea.
9. Consider a micro wedding or elopement: Reduce costs overall by staging a smaller, more intimate ceremony.
10. Be open with your partner about money: Talking about money doesn’t have to be awkward. Check out the Money Smart website on how money matters in a relationship.
You can plan a beautiful wedding that fits your budget. Remember, the most important part of your wedding is the celebration of your love and commitment, not the price tag.