Why Should You Have a Wedding Budget (& Stick to It)?
We need to talk.
Don’t cringe. We’re referring to your wedding budget, of course.
According to the Washington Post, online lenders are issuing up to four times as many “wedding loans” as they did a year ago. (It’s no wonder why because the costs of a wedding can add up and, well, Instagram and Pinterest have their role in it, too.)
If you’re comfortable doing that for a one-day party, you do what you need to do. This is a judgment-free zone. And if not? Well, read on to learn the reasons why you should have a wedding budget that complements your current lifestyle so you can avoid saying “I Do” to debt.
WHY SHOULD YOU HAVE A WEDDING BUDGET?
1. You’ll save time.
When the search is on for your vendor squad, you need a quick way to narrow down your options because you’re undoubtedly going to come across many venues, photographers, caterers, florists; you name it.
The easiest way to do that? By knowing how much you realistically have to spend on your wedding. You’ll save a good chunk of time reaching out to vendors who fall outside of your spending range or touring venues that don’t match up to your price point. And that’s time you can put towards actually living it up as an engaged couple—like strolling through Crate and Barrel to find more things to add to your registry or going to happy hour to taste test your signature drinks.
2. You’ll keep stress to a minimum.
Let’s be honest. Instagram and Pinterest can be both a blessing and a curse when you’re planning your wedding. Yes, the two social platforms help get those creative juices flowing to make your day your own, and give you the chance to figure out your likes and dislikes. But more often than not, they end up making us feel the pressure to live up to what others think a perfect wedding should look like.
So when you have a budget to refer back to constantly, you’ll resist the urge to go over-budget just for the sake of creating the stereotypical Instagram- or Pinterest-worthy day. And, in the process, you’ll keep stress to a minimum because you’ll be designing a wedding that’s not only representative of you and your future spouse, but it actually aligns with your lifestyle.
3. You’ll save money.
Here’s a fun fact for you: about half of couples spend more than planned on their wedding. (WeddingWire)
That’s because, of the couples surveyed, their initial budget was either set lower than reality, they fell in love with things they “needed to have” during planning, added custom/personalized elements, guest count changed, or they opted for upgrades.
Obviously, a well-defined wedding budget doesn’t guarantee you won’t overspend. (Hey, it happens!) But it can help you figure out obvious and not-so-obvious expenses that might cause you to drop more than you were anticipating. And it’ll allow you to maintain the mindset that while you can have the things that matter, you can’t, unfortunately, have all the things and stay within your spending limits.
Photo : Jill Hoyle
Tent : Sperry
HOW CAN YOU STICK TO YOUR WEDDING BUDGET?
Have an open mind about the date of your big day.
If you just so happen to not be in a huge rush to tie the knot, staying engaged longer will give you more time to scope out vendors and lock in their rate before typical new year price increases. And if you don’t have a preferred date (or season) in mind, getting married outside of peak season or avoiding a weekend affair often offers significant savings.
Take your guest list seriously.
While lower than our average wedding, according to WeddingWire’s 2019 Wedding Report, couples are spending nearly $30,000 on their big day, which is roughly $230 per guest (although we think this number is extremely low - as mentioned in our post here).
That number alone shows the importance of setting aside a good chunk of time to make a realistic list of the people you want at your wedding. If you need to, hold firm to your budget by making it a kids-free celebration, or leaving out your parents’ work friends or acquaintances.
Read the fine print & set aside cash for tips.
Signing on a vendor to join your squad calls for popping the bubbly! But be sure to read the fine print in the contract to avoid being surprised down the road by rental clauses, add-ons, and service fees. You should also familiarize yourself with vendor tipping etiquette so you know exactly how much cash you should plan to set aside.
Track your spending with Google Sheets (or Aisle Planner when you hire us!).
You’re going to need a simple way to hold yourself accountable. And the best way to do that? By tracking your spending. There are many wedding planning budget tools out there. But Google Sheets is free and easy to use, especially when you follow this preferred format:
Column A: Vendor Category (ex. Caterer) / Name
Column B: Total Cost
Column C: Deposit (where applicable)
Column D: Remaining Amount (minus deposit)
Column E: Notes (ex. How much you’ll be tipping)
Then, at the bottom in Column B, you can create a formula to calculate the TOTAL SPEND. You know, to encourage you to keep your budget in check with your “all in” number.
When you work with us, however, you’ll get access to a customized wedding planning experience thanks to Aisle Planner’s software. This includes digital resources like the Design Studio, Contacts, Layouts & Seating, and the Budget Tool, which we use to show you what options you have within your budget, track how much money has been spent, and stay on top of what’s still due.
Hire a wedding planner.
Yes, this might seem like a splurge. But trust us when we say it’s worth the investment. A wedding planner can not only keep you organized and on track but also match you with vendors that are within your price range.
*Looking for tips on how to create your wedding budget? Check out this blog post.
READY TO PLAN YOUR PINCH ME MOMENT?
“Christina was the best money I spent for our wedding! She helped our vision come to life with her design expertise and was my support system through the entire planning process.” - Lena, Bride
Depending on the planning journey you choose, we can offer budget guidance and allocation suggestions, as well as vendor referrals that compliment your budget and style. Contact us to get more information on our packages and to start planning your special day!