Setting a wedding budget is a smart way to stay on track on your spending during the process of wedding planning. Figuring out your wedding budget can be hectic. The right process of creating a budget of marriage starts with taking a series of important steps before making your first official version of the plan.
You don’t want to create a plan and get stunned when you realize all that you had planned for is way below the market places. This means before putting together essential items, do a thorough research by investing your time to meet with the right people and other experts to know the price list of items. Then sit down and evaluate your available funds against the things you need, then strike a balance.
Here are practical tips you need to follow towards creating a perfect wedding budget.
1. How much do you need
Just like buying any item, when it comes to financing a wedding, you should determine how much you need to spend and what you want. Depending on your budgetary requirements and personal preferences, you need to determine what elements of your wedding you need to prioritize. Determine how much you are willing to foot, and set your expectations accordingly.
2. Source of funds
You need to set out all the people paying for your wedding. Discuss with your family and friends who will be paying for what. For most couples, the idea of talking to each family separately is the best way to have a productive and open discussion.
Ask both sets of parents to commit a specific amount and then add these contributions to create a budget. Alternatively, you can ask each set of parents to finance a particular component the wedding. You may ask your friends to help you raise a specific amount of money. Finally, decide how much you and your fiancee can each contribute.
3. Set a Realistic Budget
Be realistic and set a budget you can stick with. It can be based on a percentage of your current saving or even your monthly income. When setting your priorities right, determine the top things you care about and allocate each their budget.
Some of the popular things that you can prioritize include; reception, ceremony, attire, flowers, entertainment, stationery, wedding rings, parking, gifts, photography and videography and other miscellaneous. Trim of any other items that are not realistic or necessary.
4. Be Selective with the Guest List
An important step in setting a wedding budget is through determining how many people you will want to invite in your reception and ceremony. The guest list shall help you figure out the space you will need to accommodate them. It will also determine the amount of food to be prepared for the reception ceremony.
This list also determines all budgetary needs you will make that relates to the guests. It is automatic that the fewer people you invite, the less you will spend. It calls for the need to trim this list and only choose the people who matter most to you.