According to some recent research amongst brides and grooms, budgeting is the most difficult part of planning a wedding. Have created hundreds of wedding budgets in my time I thought I would pop down a few ideas to help….
Did you also know the average wedding (according to the 2020 Bridebook report) costs £17,674 (excluding rings and the honeymoon)? that’s a lot of money right!? Bridebook also say that in their research, 40% of couples go over budget and only 4% come in under budget! So where do you start?
There are eight key questions you should ask yourself at the beginning of your wedding planning journey, you can find out more about them here. You don’t need answers to all these questions before you set you budget but it could certainly help to bear some of them in mind.
How much are you going to spend on your wedding?
You need to set a figure for your wedding that you feel comfortable spending. Planning the wedding of your dreams is NOT about getting in debt. Do a little research on some of the wedding websites to find out some typical prices you might spend on different parts of your wedding day. in my experience none of them are 100% great but they are certainly a starting point for you.
Have a look at:
So now you have a rough idea of a figure, but how are you going to afford it?
You have your end figure so work backwards – how are you going to get to that figure. Sit down with your bank statements and calculate how much money you could save and put aside each month. So if you are able to save £500 per month and you are thinking of a £15,000 wedding then it’s going to take you 30months to save for your wedding. It is therefore, pointless deciding to set your wedding date for next year as you won’t be able to save quick enough to fund it.
2. Are there any other ways to add to your wedding fund?
This is sometimes a difficult one – do you have any friends or family who would be willing to contribute or loan you funds to add to your wedding fund? It can be a difficult conversation and can sometimes come with some unsaid caveats so make it crystal clear and be honest. Maybe now is the time to take up a side-hustle or do a big car-boot and clear out some old stuff – in the words of a famous supermarket – Every Little Helps!
3. DIY options
Do you have any skilled relatives or friends who could help you with your wedding – having an amazing baker in the family could save you a few hundred pounds on your wedding cake or are you arty? Maybe you could make some decor and reduce that area of your budget? There are lots of ways of saving money on your wedding, I have some ideas for you in this blog.
How to Split Your Wedding Budget.
The largest part of your budget will be your venue and catering – this can account for about 40% of your total spend. It really helps if you can prioritise your wedding planning in order of the amount of budget. This means that you will then be able to get the biggest things secured and have more visibility over what money you have left for the lower cost items. This is roughly speaking the order of cost your wedding suppliers will charge, from largest to smallest:
- Food & Drink
- Marquee (if you are having one)
- Hair & Make-up
- Contingency fund (aim for 10% of your total budget)
Of course, you may not need each of these items, or as i said above, you may have friends/family who can provide them in lieu of their wedding gift for example. If you are struggling to work out how to set your own priorities for your wedding budget then you may find my Shoebox exercise a bit of fun to try.
Above all, there is no point setting a budget unless you are going to stick to it!!
If you would like some help with getting clear on your wedding costs then do get in touch and we can arrange a two-hour session to drill down and formulate your own wedding budget.