Tip of the Week: Budget 101

So I am going to try to keep up with a "tip of the week" each week. This week is Budgeting for a Wedding.

There is probably nothing more stressful in a wedding than going over cost and where all that money is going to come from. My first suggestion to any bride or groom would be to hire a wedding planner. Any wedding planners first job is to keep you on budget and to keep the prices low. But what if, you just don’t want that planner to be involved. Then what? Well, here are the basics, in all their glory, to having a budget.

Find out who is paying. Talk with your families. They are going to be your greatest support in many aspects, and one of them is definitely going to be money. Traditionally, the bride’s family picks up the tab of the wedding, but this is the 21^st Century! Now, it is more often than not, that either the bride and groom themselves are paying for their own wedding or all sides of each family are contributing.

• Talk with both sets of parents and determine a specific amount that each will be willing to pay.
• Another way is for each set of parents to determine what they will be paying for rather than a specific amount.
• Lastly, determine how much you, as the couple, can contribute to the festivities. A good way to start  is by figuring out how much of your total income you can put a way in a month. 

 How much do weddings cost? Keeping everything straight can be stressful and overwhelming. But determining where your money is going to go can be easy. Here are basic percentages of where your money should be divvied out:

• Reception: 48-50% (This includes venue, decorations, cake, catering, favors, etc.)
• Photography: 10-12%
• Attire: 8-10%
• Flowers: 8-10%
• Entertainment: 8-10%
• Ceremony: 2-3%
• Invitations/Stationery: 2-3%
• Transportation: 2-3%
• Gifts: 2-3%
• For Everything Else: 8%

This is just a generalization to help you. What can help more is a tracking sheet of some sort. There are so many budgeting trackers online that you can download and use. My suggestion would to be to get one and make sure not to lose track of your expenses. Keeping on your budget is hard but if you keep track and have a visual aid, it can make it easier for you.

If you have any questions on budgeting for any event, not just weddings, I would be more than happy to answer general questions. I hope you enjoyed this, and Happy Planning!