The last couple of weeks I’ve been hammering the topic of budgets across our InstaStories and Facebook. But, the topic is one of the most important we can talk about so I wanted to hit you with it one more time right here.
Through social media, we’ve been sharing a lot about the allocation process. But today, I wanted to go all in and put in writing everything you need to know including setting your overall budget, allocating it to work for you and all of my pro tips for not overspending. Are you ready? Here we go…
Setting Your Budget
Setting your budget can be as simple as figuring out how much money you have to spend and going with it. But, when setting your overall budget, you should also consider average wedding costs in your area. You can find this information by Googling your town plus average wedding costs. You may find that the amount available to you is significantly higher or lower than the averages. Another factor to consider when setting your budget is the style of wedding you’re looking for. If you want a casual backyard style affair you can set a lower budget than if you’re planning a formal style wedding. For tips on talking to your families and your fiancé about figuring out how much to spend, check out our previous post.
Allocating Your Budget
I’ve covered this a ton on social media and even did a 10 minute Facebook Live on the subject. Additionally, I’m breaking down all the allocation percentages in the FREE Download below. Here are the two things you really need to know about allocating your budget thought. One, some things are naturally going to cost more, even if you can’t justify the expense. I’m mainly referring to catering and photography here. Unfortunately, you just can’t feed people a meal for $5, $10, or even $15 a person including everything. You’ll want to allocate more to catering or consider having your wedding at a time where you don’t have to feed guests a full meal if you don’t have the budget for it. Another option for reducing catering costs is reducing your guest count. Second, focus your spending on what’s important to you. If flowers aren’t important to you, allocate those funds elsewhere and have non-floral centerpieces. If having a full open bar is your top priority, cut back somewhere else (besides catering) to make it happen.
How to Not Overspend
- Set aside a contingency fund. I always suggest 10-20% if you can swing it. This is there to cover any unexpected expenses or overages. Try not to dip into it though until the very end of planning. If you don’t have to dip into it, feel free to use it for gratuities or just take it back to the bank.
- Download our budget tracker below and track every payment carefully. Check in with your budget at least once a week and record new payment and estimates as you receive them. This way you’ll be sure to always have an up to date budget in front of you.
- Use one method of payment for all of your wedding expenses. Whether you choose to pay with check or credit card (for the points, duh! – don’t ever charge your entire wedding, please!) only use that one source. This will serve as a back up to your budget tracker. Often times, people will only record large expenses like vendor payments. However, smaller details like your guest book, pens, extra lighters, candles, cake topper and more can really add up sending you over budget if you aren’t careful.
- Leave the non-necessities for the very end. Skip ordering favors, purchasing items for welcome baskets, renting a photobooth and any extra add-ons until your major vendors have been secured. You’ll also want to watch how many decor items you’re buying. The signs you see at TJ Maxx may be really cute, but buying 15 of them might not be necessary.
- Keep all your decor items in one place. Anything you purchase as decor should be stored in one place so you don’t forget about a single piece. Additionally, don’t purchase something just because it’s cute. Only purchase decor items if you already have a plan to use them. It’s also important to remember not to go overboard. I know your venue is probably a big space to decorate but sometimes less is more.
Alright, how are you feeling about budgets? Download our FREE budget allocator and tracker below so you can stay on top of every expense.
Stay on top of your budget
This budget tracker will help you allocate your budget, record estimates, track payments and remember due dates. If you don’t want to overspend, download now.
Success! Now check your email to confirm your subscription.
There was an error submitting your subscription. Please try again.
We promise not to spam you or sell your email. Feel free to unsubscribe at any time.
Powered by ConvertKit