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Welcome to our blog! In today's post, we dive into one of the most critical aspects of wedding planning—setting a wedding budget. While it might not be the most glamorous part, having a realistic and accurate budget is crucial to making the most of your wedding funds and ensuring your big day goes off without a hitch.
Setting the Foundation for Your Dream Wedding
Hi there! Welcome back to part two of our short blog series on planning a wedding. Today, we tackle everyone's least favorite topic—The Budget. Although budgets might seem daunting, having an accurate and realistic budget is crucial to making the most of your wedding funds.
Previously, I reviewed the basics of starting to plan your own wedding in the blog post “How to Plan Your Wedding Like a Pro,” so if you missed it, make sure to check it out!
The Influence of Social Media on Wedding Expectations
Today's social media world inundates you with images telling you what the internet thinks you should strive for with your wedding. Platforms like Pinterest, Instagram, and others bombard you with images of gorgeous weddings and styled shoots, making it easy to get swept up in a dream world. However, these images of bliss and perfection are not always attainable or realistic.
The Importance of a Proper Budget
When I ask couples to describe what they want from their weddings, nothing makes my heart sink more than a couple who hasn’t properly thought out their budget. Often, they start with "we have our hearts set on this venue" and "we want to do this and that." After I ask about their budget and guest count, things get difficult. Why? Because a couple who "has their heart set" on certain wedding ideas without a proper budget inevitably starts saying contradictory things. My job is to explain and educate what is possible and what isn’t before they get too far along in the process.
Understanding Your Wedding Budget
Unless you work in the wedding industry or have been through a wedding before, you probably don’t understand exactly what goes into a wedding budget. Let's start by breaking down what goes into your budget and how much, on average, everything will cost.
Breakdown of Costs
For the vast majority of couples, catering and venue will be two of your biggest expenses. Sample budgets often group bar/beverage, cake/dessert, and rentals with these numbers. I urge you to make them their own categories, making your budget more detailed and realistic.
Flexibility in Your Budget
The beauty of knowing how much everything will cost and how much you have to spend is that you can easily reallocate funds from one category to another. For example, if you feel there is something you don’t need, then use those funds for something higher on your priority list.
Variable vs. Fixed Costs
There are two types of costs you need to be aware of: variable costs and fixed costs. Variable costs, like food & beverage, desserts, transportation, stationery, and rentals, vary with your guest list. Fixed costs, like photographers, are set at a certain amount regardless of the number of guests.
Hidden Costs
The breakdown does not include all costs, so you need to thoroughly think through everything you will be spending money on. For example, some couples like to have engagement photos done, which requires the service of a professional photographer. Other obvious examples are additional events surrounding the wedding like the rehearsal dinner or a farewell brunch.
Whether you are having help from family or going it alone, setting a budget is crucial and is one of the first things you need to establish when starting your wedding planning journey. Before you get carried away with designing your dream day, have an honest conversation about numbers.
For Wedding Planners
If you’re using a modern wedding planner, they will need a budget estimate to price their services accordingly. With full planning fees based on a percentage of your overall wedding spend, it’s important to have a number in mind for your wedding planner to work to, in order to give you an accurate quote for their fees.
Setting an Effective Wedding Budget
Here are our top five tips on how to set your wedding budget:
Have an Honest Discussion: Sit down as a couple and discuss not just how much you can spend, but how much you want to spend on your big day. If your family wants to help, discuss what they are happy to contribute.
Do Your Research: If you’re after a luxury wedding, do your research on costs. Use your wedding planner to gauge costings and see whether it’s affordable within your price range.
Prioritize: Be clear with your wedding planner about your priorities. Focus your budget on the most important things to you while also suggesting areas for potential savings.
Be Realistic: Your wedding budget is your wedding budget – and you have to work within your means. Avoid getting carried away with Pinterest and Instagram; take breaks to maintain perspective.
Build in Contingency: Whatever your wedding budget, build in some contingency (say 10-15%). This allows for any unforeseen additions or upgrades and avoids last-minute financial stress.
Download this adorable wedding budget sheet to kick start your wedding preparations !!
Laying the Groundwork for a Memorable Day
In closing, your budget is one of the foundations of planning. There is a lot of misinformation out there about budgeting and weddings in general. So sit down and put some real effort and thought into your budget to better understand what to expect and set yourself up for success!
Once you’ve established your budget, your wedding planner will do the work from there – creating a tracker, sticking to it, and highlighting any potential deviations to manage your cash flow effectively. A well-planned budget ensures that your wedding planning journey is as stress-free and enjoyable as possible.
Wedding Budgeting Services by Seyi Fasan: Plan Your Perfect Day
Looking for reliable wedding budgeting services?
Discover Seyi Fasan, owner of The Fasan Experience. Seyi provides personalized assistance in managing your wedding expenses, ensuring every detail of your special day is covered. From initial budget discussions to final financial reviews, Seyi is dedicated to helping you plan a financially secure wedding. Trust Seyi’s passion for wedding planning to help balance your desires with realistic financial strategies, making the planning process smoother and more enjoyable. Focus on celebrating your love without budget worries with Seyi Fasan’s dedicated support.
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