In 2023, the average cost of a wedding exceeded $20,000. It goes without saying that your wedding budget can be partially out of control if you're not careful or paying attention to the details. And while you don't need in excess of $20,000 to have an amazing wedding, you can invest as much or as little into your big day as you wish; setting a budget and tightening the reins will serve you well and avoid things spiraling out of control.
These tips can help you to keep track of your wedding budget and keep control of those purse strings.
Divide The Budget Up
When you set your wedding budget, don't just leave it as a lump sum pot you can dip into. You need to look at all the components of your wedding and decide how best to spend your budget. It might be that you wish to spend more money on a stunning wedding venue and your dress, or you would rather invest some of your money into the decor or catering or providing an open bar for your guests. Look at what aspects of the big day means more to you and allocate your budget accordingly.
Remember you don't need to stick to these figures; you can move things around as you wish; ie if you get a good deal on your venue by booking midweek with some extras included, you can then use the funds you set aside for this for something else.
Don't Shop Outside Of Your Budget
We've all seen "Say Yes To The Dress," where a bride falls in love with a dress way over her budget, and nothing else compares. If you are serious about keeping to your budget and not splurging, do not shop above your budget. Tell your wedding party, planner, or suppliers your maximum price, and don't be afraid to walk away if they cannot give you what you need within this budget. Don't let people show you options you cannot afford, and be resolute about not going over. Because if you do spend an extra $2,000 on your wedding dress, this will need to come from other areas of your budget unless you are confident you can add the extra in and absorb the additional cost.
Have A Contingency Fund
Things don't always go to plan; vendors might cancel, there might be things you have forgotten about, or you might experience hiccups along the way. A wedding contingency fund can help you stay in control of your budget and give you something to fall back on should anything not go to plan. This doesn't mean you can splurge on other aspects because you have the extra money. The aim is not to use this fund or do so only in an emergency to avoid costs spiraling out of control. The last thing you want is to find a venue that can no longer host you, and you need to find extra money to book a last-minute venue while you await the refund so you can secure the date.
Staying on track with your wedding budget isn't easy, and if you're not careful, you can find yourself in hot water by committing to details that take you way beyond what you can reasonably afford. It doesn't matter if your budget is $2,000 or $20,000; stick to it and avoid the urge to splash out.
