How to Create Your Wedding Budget

Not to be a total buzz kill but the wedding budget has to be added in to the equation...quite literally! Having a budget is an essential part of the planning process. With out having a set budget and knowing where your money is going you could easily end up spending much more then you intended.

The first important decision you need to make is setting your budget. Setting a clear budget before you make your wish list is crucial. This way you don’t end up doing things backwards and regretting it later on. Your wedding day is about celebrating love and happiness, and sharing that excitement with your loved ones. Don’t let anything get in the way of a wonderful start to your life together, especially not a bank statement! Remember that you have the rest of your lives to spend money together, so there’s no need to spend it all in one day.

To begin, sit down with your partner and discuss who is paying for the wedding. Are you going for tradition with the bride’s parents paying, are both families helping out, or are you using your savings as a couple? Research and make your guidelines together as to how much you’re both willing to spend. There are ways to compromise and to get a day you are both over the moon with, without breaking the bank.

Typically the wedding cost break down is pretty simple:

Wedding Planner: 10%

Venue: 15%

Catering: 30%

Attire: 7%

Entertainments: 10%

Photography: 11%

Miscellaneous : 8%

Invitations and Paper product: 7%

Transportation: 3%

Floral: 10%

Obviously these percentages aren't set in stone, each couple has a different approach on their spending. But having an idea of where your money is being distributed makes for more understandable financial conversations.