How to Create and Maintain a Realistic Wedding Budget
/
For most couples, their wedding is the first time they will host an event of this size or spend a large amount of money for one event. You might be asking yourself how much it costs to host a wedding, or how you get started with paying for one.
Weddings in the United States currently average around $28,000. Keep in mind that the average in local markets will be different. In New York City and New Jersey for example the average is much higher, averaging around $50,000, while the Midwest averages are lower, closer to $20,000. No matter where you are planning to host your wedding or how much you have to spend, budgeting is the most important step to make sure you stick to your plan and don’t overspend.
Creating a realistic budget for your wedding starts before you sit down to your computer with an excel spreadsheet. Check out my previous post about what to do when you first get engaged for a longer explanation. Your budget starts with figuring out who will be contributing financially, and also having some idea of what is most important to you.
Getting Started on Your Wedding Budget
It’s not glamorous, but it is crucial that you have a carefully crafted financial plan for your wedding before you get started. Knowing how much you have to spend overall and planning ahead will help keep you from overspending. Your wedding planner will be a valuable resource to help put together this budget, but in case you don’t have one yet, here are a few tips to get you started.
The three big topics to discuss before starting the budget are your priorities, guest count, and location.
Priorities
Daydream a little and imagine what you want your day to look like and how you want your guests to feel. Would you prefer something that is more formal or laid back? Coastal, tent or ballroom? Is there something that would be really meaningful to you as a couple? Have you been dreaming about a certain band from your college days or did you see a photographer’s work that is exactly what you want? Keep these priorities in mind, but dream with caution as you’re still working to define a budget. Use these priorities to guide your budgeting, but don’t let them draw any lines in the sand that might cause you to overspend.
Guest Count
Write out a list of the people you think you may want to invite. This is a draft to give you a starting point, you will refine the guest list later. This initial list will give you an idea if you want to invite everyone you know, or if you would prefer a more intimate occasion. Your budget will be drawn out very differently for 30 people as opposed to 200.
Location
Location will be a big driver in the cost. Traditionally weddings were held where the bride’s parents live, but a more modern take offers endless possibilities. These days it is common for couples to get married where they live, or even to opt for a world class destination that is unlike any other. Although I do still see a lot of couples going back to their hometowns too. You can expect that an urban setting will usually cost more than a rural setting.
Here’s an example. We worked with one couple who knew up front that their venue was the most important thing. They wanted the wedding to be on a specific beach, where they got engaged and had spent time as a couple. So the budget was built around that priority. With a little research we learned that the venue required using the on-site restaurant for catering, as well as a buyout of a certain number of cabins. Those details were factored into the budget from the beginning, so they knew what they had to spend on everything else.
Another couple we worked with knew from the start that they wanted a specific band. They had known the lead singer for years and music and dancing was important to them. Since we knew that from the beginning, we budgeted for the band and travel costs for them to come in from another state with their equipment.
Budget Categories & Percentages
Once you have counted the cash available and have considered your must haves, now it’s time to break it down to help guide your decision making as you start your wedding planning journey. Brain dump all of the categories you think you might need onto a spreadsheet with subcategories if you know them. You can estimate the dollar amount you need for each category based on the list below. You may also need other categories, or even leave some of these off of your final list.
The categories and percentages below are what we typically see as an average–you might spend more or less depending on your unique priorities, guest count, location and vendors. For more details on each category and subcategory with full ranges, check out this post.
Wedding Planning: 5-20%
Ceremony Venue: 5-8%
Reception Venue: 10-12%
Catering: 15-25%
Drinks & Bar: 10-15%
Cake & Dessert: 1-2%
Photography: 8-12%
Cinematography: 5-10%
Flowers & Decor: 6-12%
Attire & Accessories: 7-9%
Beauty: 2-5%
Entertainment: 8-15%
Stationery: 2-5%
Favors & Gifts: 1-2%
Transportation: 1-2%
Rentals: 3-10%
Extra Fees: 3-5%
Cushion: 3-5%
Researching Your Local Averages
Remember, you want a realistic budget, not just a budget. Doing a google search is a good start, but prices vary so much by location, and with inflation so high, prices are adapting rapidly.
First hand research is going to be key to planning a budget you can stick to. We recommend checking out local vendor blog posts to get an idea what they charge for their average services. It’s even worth getting you local vendors on the phone to ask them. Let them know that you are trying to create a realistic budget and would like to know what their typical couples spend so you can plan it out properly.
Keep in mind that within a vendor category you’ll find varying market segments based on their experience and packages. That’s why if you are doing this on your own, I recommend calling three vendors per category to get a good range for your area. Based on your overall budget available you should have an idea if you are looking for luxury vendors, affordable vendors or somewhere in between. Try to reach out to vendors in those ranges (a lot of online directories give you the ability to to sort by budget range).
Tips for Managing your Budget so you Don’t Overspend
Track your spending throughout. On your spreadsheet, create a column for “Budget” and a column for “Actual.” Then every time you spend money, update your actuals column. This way you’ll always be able to see where you stand.
Prepare for surprises. You’ll notice on the categories list above that there is a line item for “Cushion.” This is an important category. This gives you some freedom to splurge on something if you need a little more on one of the categories. And it protects you in case something comes up last minute.
Hire a wedding planner. A wedding planner will either do the vendor research for you or provide you with sample budgets from past experience to get you started. They may also do all of the tracking for you and help you make decisions to keep you from making emotional decisions.
Remember to consider tips in your budget. I usually include this in the “Other Fees” category, but it’s one of the things that often gets overlooked. So plan on tipping your vendors from the beginning.
I know you’d rather be doing a wine tasting or picking out flowers, but planning a budget will help you to start off your marriage without unexpected debts hanging over your heads. As a planner, we’d love to help you plan your budget. Connect with us to learn more about planning your wedding in New Jersey and throughout the Northeast.