10 Steps to a Realistic Wedding Budget
1. Determine Your Preferences - Set aside some time to review how wedding expenses should be split. You may want to take a traditional approach, where the parents of the bride and bride pay. Or maybe you want to take a modern approach and cover the expenses yourself. You could also be progressive and share expenses with your fiancee. Take time to come up with what apprach will work best for all parties involved.
2. Ask Your Fiancee - Times have changed and it’s no longer the 40’s. Traditionally, the groom’s family only pays for the rehearsal dinner and possibly part of the honeymoon. Most of the expenses are for the wedding, from flowers to the gown to the cake. You are about to share your life together, so you might as well share the expenses of the wedding.
3. Do Some Research - Brides often set their budgets before doing any research, and then end up going way over budget. Make sure to research vendors and get price qoutes before setting your budget. You may think floral arrangments may cost $500, but the cost can be north of $3,000. Try to compare venues, caterers, florists, and photographers first, as these tend to take up the bulk of your spending. A great place to get price quotes online is at www.weddingwire.com. The service allows you to put in your details, and then sit back and relax as vendors send you quotes. Otherwise, pick up your yellow pages an dget ready to make some phone calls.
4. Track Your Progress - Creae a detailed list with all of the vendor information and projected costs. Try to come up with a good estimate before making all of your bookings. You may find that you want to spend more in one area then another. Track your progress in excel, or you can try www.weddingwire.com and www.theknot.com for easy online options.
5. Share Your Vision - Now that you have determined how to split the costs and done some preliminary research it is time to share you vision with your fiancee. You may be above budget at this point, but make sure to be open with you fiancee of what you would like and what you can afford. You may have to make some sacrifices, but two heads are better than one.
6. Reach Agreement - Come to agreement with your fiancee about how much you will be spending, and how you will be paying. This is not an easy process, but get it out of the way as early as possible. Determine whether you will need to borrow money or take a loan to cover the costs. Some couple feel comfortable reaching out to their parents and relatives, but you must determine the best way to get financial assistance if needed.
7. Meet the Parents - We’re not talking about the movie! Meet with your respective parents and be honest and upfront about the costs and your plan. Discuss how much they might be willing to contribute to your wedding fund. Money from parents always has some string attached. Set their expectations that this is your wedding and that you appreciate their contribution. You don’t want them calling all the shots just because they helped pay.
8. Monitor Your Expenses - Keep a close eye on all of your expenses. There are always small expenditures that come up during the planning process, and these costs add up quickly. Make a detailed list of all the possible expenses that could arrise, and set aside some money for the small things (after all, they make the difference!). Continue to track these costs in excel or at one of the great websites mentioned above.
9. Pay Your Bills - Many vendors offer flexible payment schedules, but make sure to stay on top and pay the bills in time. You may have some expenses that hit after your wedding day, and post honeymoon they may not be top of mind. Try to close your expenses as soon as possible after your wedding day. You don’t want to incur any additional charges.
10. Enjoy the Process - It can be a stressful process and may lead to many headaches, but you are planning the day you will always remember. This is the day you have always dreamed about. Make your dreams come true on a limited budget.
BWG Two Cents: Ask local married friends for suggestions on low cost, but quality vendors.
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