Budgeting

Why a budget is so important

A wedding can potentially be one of the biggest expenses in a couple's life. That is why it is critical to create a budget when you first start planning. And even more important, the budget needs to encompass all possible expenses, even the small ones. Particularly in today's economic times, it is important to save where possible and not spend more on your wedding than you can afford. You don't want to start your married life with debt because you didn't plan your wedding expenses accordingly. With all the different bills and expenses related to a wedding, the question is, where do I start?

Where to start

Start your budget with a general idea of what kind of wedding you want. How many people would you like to invite? Is it a local or destination wedding? Where would you like to have the ceremony and the reception? Generally speaking, the reception is one of the biggest expenses for the wedding. Start by calling a few places and asking them to give you a ball park figure on the price per person and other costs related to having a reception at their venue. With a few choices to select from and an idea of how many people you want to invite to the wedding, you can get an idea of how much the reception will cost.

What items are included in a budget

You cannot include too many details in your budget. You should start with a list of standard items. Search wedding planning websites for a basic list. Some of these sites will suggest a percentage of your overall budget that you should allocate to each item. If you would like to take your wedding planning a step further, sign up for online wedding planning software. There are several sites that will help you keep your budget on track. They will give you a list of items to start with and a suggested "spending limit" for each item based on your overall budget. In addition, the software should give you a place to customize your budget based on what is important to you. Lastly, the software should help you compare your personalized wedding budget against the actual amounts you are spending.

What items are most important in a budget

Most people will not be able to afford to have the most expensive vendor for every part of their wedding. Therefore, it is important to get an idea of what is most important for you and your fiance and choose those vendors first. Maybe having excellent pictures is your top priority. Look into a few top notch photographers and get an idea of how much you might need to spend on photography. Then see if you can potentially cut expenses on your other vendors to make room in your budget for your top choice. You may be able to cut some items from your budget entirely. Some people feel that having a great wedding video is not that important. For example, you may be able to find a friend with a video camera that would do it for free. That would give you more money to allocate to your photographer.

Staying within the limits

The key to keeping your budget on target is to keep close tabs on your ACTUAL spending. It is easy to overspend just a little in each area, which could cause you to be over A LOT in your overall budget. You may also find that you are able to spend less in some areas than you originally anticipated, which allows you to splurge in other areas. Rank the items in your budget from most important to least important. If you go over your budget in one area, you can find an area where you can cut back that is not as important to you. This will ensure that you stay within your limits. Weddings and all the events and celebrations that surround them are expensive and can add up quickly. Keep an eye on your budget and update it every time you spend money or get a quote. A budget can quickly get out of control if you don't watch it. Having a plan and sticking to it will help take some of the stress off the wedding and make it more enjoyable for those responsible for the bills.