A wedding will be the most stressful thing you’ll ever have to plan. That’s why it’s important to create a budget and to plan in advance. Below is the most comprehensive wedding budget to guide you through this stressful and beautiful time.
Figure out how much you can afford
We’ve all been there — spending more than we can afford because we failed to plan ahead. That’s why determining how much you can afford to spend should be the very first thing you should do. Afterwards, you’re going to have to split that amount into plenty of different categories, so it’s easy to lose track of where it’ll all go. If you plan it all out and write it down to keep track of it, you’ll have a much easier time.
Wedding spending categories
When planning a wedding, it’s important to consider every single little thing before spending a single penny. Here’s a breakdown of everything:
Food & Alcohol: 31%
Most people think the venue is what will cost the most, when in fact it’s actually the food and drinks! This category will definitely take up the biggest chunk of your budget. At the same time, it’s important that you actually enjoy the food at your wedding. So shop around to try to find the best value for your money.
Rentals: 20%
Another surprising big chunk of your budget will be allocated to rentals. Unfortunately, chairs, tables, cutlery, and bar aren’t usually included in the venue price. That means you’ll have to find a wedding rental company that will rent out all the equipment for you. In some cases, you might even have to rent a temporary kitchen.
Venue: 11%
Although venues are pretty expensive, they usually only take up about 10-15% of your budget! They’re especially inexpensive if you choose to have an outdoor wedding or if you choose to rent out a chalet for a weekend!
Florist, Photographer, Wedding coordination, DJ: 20%
Your florist, photographer, wedding coordinator (if any), and DJ should make up about 20% of your total budget. But again, you could likely cut costs by asking friends for help. Flowers do tend to cost a lot since you and your bridal party will likely be holding onto some and you’ll use some for decorating tables.
Wedding outfits: 5%
Your wedding dress, suit, and accessories will typically cost around 5% of our overall budget. However, if you find something that’s a little more expensive, but more to your liking, don’t be afraid to splurge in this category and make up for it in others. The important thing is that you feel beautiful on your wedding day.
Transport: 3%
Though 3% might seem like a lot, you’ll likely not only be spending money for transportation on your limousine. In fact, you have to consider transportation for your wedding party as well if you want to make sure they all get there on time.
Parting gifts, Gifts for bridal party, Invites: 6%
Wedding favours, gifts for your bridal party, and invites should only take up about 6% of your entire budget. If you want to cut costs, consider e-invites. These are a less expensive option and are gaining much popularity over the years for how simple and easy RSVPs are to keep track of.
Hair & Makeup, Officiant: 2%
Hair, makeup, and your officiant should only take up about 2% of your budget. However, if you’d like to splurge on your wedding part and offer them hair and makeup as well, you’ll wind up spending more than 1% of your budget on that. If this is the case (and it’s always a nice idea), see if you can cut costs elsewhere.
Misc: 2%
You should always save about 2% of your total budget for a miscellaneous category. You’ll likely find yourself having to purchase little knick-knacks here and there. Plus, it’s always nice to have a safety net in case you can’t cut costs elsewhere.
Organize
Wedding planning is more difficult than people might think. Because there’s so much involved in the planning of a wedding, you should keep track of every single cost. The best way to go about this is to create a spreadsheet. After figuring out how much you can afford to pay, split that total cost into the percentages listed above. Then, try to determine how much each category will actually cost. Prices may differ by location, so it’s better to check different vendors before deciding. If the prices are too high in one category, see if you could reduce costs in others.
Start saving
After creating your budget, it’s important that you start saving long before your wedding so that you don’t have to spend so much all in one go. Although you’ll probably receive gifts from your guests, you might not make up all of the money you spent. The last thing you want is to deal with an exorbitant amount of debts right after your big day.
After determining how much you’re going to spend on your wedding, you have to figure out how much you can afford to save for it. If your budget is a little tight, see if you can cut back on other expenses, like your phone or internet bill. You can even try to get another part-time job or side hustle along with your full-time employment. With Allevia’s online budgeting tool, planning is made easy! Keeping track of your budget with Allevia will ensure that you end up planning your dream wedding.
