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INTRODUCTION
Planning a wedding can be exciting, but crafting a budget can be challenging. My engagement was only 4 months, and most Pinterest sites and blogs discussed DIY your wedding or generic wedding budget ranges. Nothing felt like it helped me figure out how to plan my budget without wrecking my finances or going as cheaply as possible. I wanted a wonderful wedding and to continue to build wealth in the process. As someone passionate about personal finance, I learned valuable lessons from budgeting for my wedding. I want to share my top 20 lessons and tips to help you plan a budget for a marvelous wedding day without compromising your financial future.
20 LESSONS I LEARNED FROM MY WEDDING BUDGET
1. START SAVING FOR A WEDDING NOW
I didn't think I would be married, so I never seriously saved for a wedding. Then, my wonderful boyfriend started talking to me about getting engaged. I freaked out because, for the first time in a long time, I had a considerable expense I hadn't saved for. In addition, I also didn't want to use my emergency fund because a wedding is a want, not an emergency. Now, I wish I had saved money for a wedding even though I never thought I'd be married.
To estimate how much to save, you can research wedding budget averages in the area where you plan to get married. By analyzing your wedding cost averages in your area, you'll know regional prices for your wedding. Wedding flowers in Atlanta may be cheaper than flowers in New York, but you'll never know until you look. Researching wedding costs in your area will give you an idea of how much to budget for your future wedding.
Having a dedicated wedding fund prepares you for any future possibilities. Even if you don't get married, a wedding fund can be redirected towards other significant expenses, such as buying a home, starting a business, or traveling. Setting aside this money over time will only benefit your financial journey.
2. PREPARE FOR BUDGET REALITY CHECKS AND ADJUSTMENTS
Initial budgets are rarely accurate. Once you realize the finer details of your wedding vision, the price tag can shock you. To mitigate this, start with a rough draft of your “ideal budget” and then your “max budget.” Budget ranges will give you flexibility as to what you are willing and capable of paying for a wedding without causing excessive strain on your financial future. Also, talk with your future spouse and family to see what you can realistically afford based on your resources. With creativity, you can likely accomplish your wedding vision on almost any budget, but you may need to adjust it.
3. A PROFESSIONAL WEDDING PLANNER IS WORTH THE EXPENSE
With my fantastic wedding planner, I planned my wedding in 4 months. While hiring a wedding planner might seem like an additional expense, their expertise can save you time, stress, and money. I talk more about how wedding planners are great investments here. A professional wedding planner will help you create your vision within your budget and support you in many ways. She can also be very affordable and save money with their vendor selection and creativity. A wedding advocate who respects your vision will benefit you and your wedding budget goals.
4. PRIORITIZE 3 ESSENTIALS IN YOUR BUDGET
Identify the three most essential elements of your wedding—such as the venue, food, and flowers. Once you address the top priorities in your budget, you can allocate more money to these areas. This focus ensures that the most crucial aspects are well-funded and lays the foundation for your wedding budget.
5. CREATE MINIMUM AND MAXIMUM WEDDING BUDGET RANGES
Setting budget ranges rather than fixed amounts provides flexibility to have what you want while staying within your budget. For instance, instead of allocating exactly $1,000 for flowers, set a range of $800-$1,200. This approach accommodates price fluctuations and lets you have a marvelous wedding that complements your financial goals. Having a “no kidding max wedding budget” also makes you focus on keeping your wedding spending within a comfortable range. Read this blog post to learn more about how I created a wedding budget to support my future.
6. ANYTHING RELATED TO WEDDING WILL LIKELY COST MORE THAN YOU EXPECT
Having a minimum to maximum budget accounts for one experience that several brides will encounter: weddings are more expensive than you think. Vendors often charge more for weddings than other events, and this “wedding tax” can catch you off guard. In addition, “fees” and unexpected wedding costs always creep up. Always inquire about prices for similar non-wedding events and negotiate. Being upfront about your budget can also help vendors suggest cost-effective options. Also, work with your wedding planner to help stay within your budget and plan for (and negotiate) these expenses.
7. HAVE A 5-15% CONTINGENCY FUND WITHIN YOUR WEDDING BUDGET
I wish I had set aside some money within my budget for unexpected costs that are almost inevitable in wedding planning. For this reason, I recommend designating a portion of your wedding fund for contingencies. Setting aside 5-15% of your budget for contingencies prepares you for last-minute expenses, such as additional guests, weather-related changes, or unforeseen decor needs. Or use the contingency fund for your wedding to accommodate the extra fees or tips when paying different vendors. These extra unanticipated expenses add up, so reserving additional money will help you.
8. PLAN FOR EXPENSES THROUGHOUT THE WEDDING PLANNING
When you sign the contracts with vendors, you must prepare to pay initial deposits upfront. Then, about 1-2 months before the wedding, you must finish paying the vendors. Knowing when to pay vendors helps you plan your budget so you don't need all the money upfront.
In addition, you can purchase gifts for your bridal party and family during major sales events like Black Friday, Cyber Monday, and holiday sales. This strategy allows you to buy quality gifts at reduced prices, saving significantly. You can also save money using services like Rakuten to get cash back on your purchases.
9. GET HELP FROM FAMILY AND FRIENDS
Family members are often willing to contribute to your wedding in some capacity. However, this doesn't have to be just financially. Maybe your family is exceptionally generous and plans to pay for your wedding. Perhaps they agree to cover specific costs, lend a hand with DIY projects, or offer their services (e.g., baking, photography, sewing). Utilizing their gifts and talents to support you can be invaluable and save money. If your family is unable or willing to help in any capacity, you can still plan around this, but you'll never know unless you ask.
One caution when anticipating money from others to help fund your wedding. When you plan your budget based on anticipated money, what happens if the expected cash doesn't come? What happens if your aunt's roof leaks so that the $10,000 she planned to give you for the wedding goes toward the roof? It is good to remember that things change, and you must adjust. When considering money from others, ensure your wedding budget can work even if the anticipated cash gifts don't come. That is why it is essential to start saving for your wedding now so that you don't have to rely on money that may not come.
10. CREATE A CASH FUND IN YOUR REGISTRY
A cash fund helps handle small, immediate expenses during the wedding planning process. It prevents you from constantly dipping into your primary savings or wedding budget for minor costs like tips, small decor items, or emergency purchases. In addition, this cash fund can be the start of your new family emergency fund, travel, house, etc.
Another consideration is where to host your cash fund. The Knot.com can help you create a registry and a cash fund so people can easily contribute to your fund. With the cash registry from The Knot.com, you need to add it to a bank account. Consider choosing an online bank offering more interest on your account than a typical bank. Online banks that offer higher APYs, like Fidelity Cash Management Account, offer 2.72% APY as of this writing compared to 0.08% from other interest on checking accounts. Fidelity's account also has several features you want in a checking account, such as no account fees, minimum, a secure debit card, and FDIC insurance.
Another account to consider is a high-yield savings account to create long-term savings or emergency funds. A high-yield savings account offers more interest that helps grow your fund. Wealthfront has high-yield savings accounts that offer up to 5.00% APY at the time of this writing. Earning 5% on your savings is a huge bonus for continuing to grow your savings from your cash registry. A cash fund that grows for you will further establish your financial foundation, so set one up.
11. PEOPLE PLEASING CAN MAKE YOUR WEDDING MORE EXPENSIVE
According to Forbes Magazine, the average cost of a wedding in 2024 in the U.S. was $33,000. Venue, guest count, and extra features are significant cost drivers. Other expensive elements are the engagement ring, band/DJ, photographer, videographer, florist, or wedding dress. You can spend or save as much as you want on these items. Nonetheless, planning a wedding comes with the pressure to meet the expectations of family and friends, which can quickly escalate costs.
Trying to create a wedding to impress other people will become expensive. From upgrading the venue to accommodate more guests to adding extra menu options or elaborate decor, striving to please everyone can strain your budget significantly. For instance, inviting an additional 10 guests could add over $1,000 to your expenses. If your goal is to impress others, you will likely spend more time getting approval rather than paying in a way that reflects the future you want to have with your future spouse.
It's easy to lose sight of your preferences and financial limits when making everyone happy. Don't let people pleasing wreck your wedding budget! Instead, focus on what truly matters to you and your partner, setting clear boundaries and prioritizing your budget to reflect your values and priorities. Doing so can create a memorable day that's meaningful and more aligned with your financial goals.
12. IT IS EASY TO OVERSPEND ON YOUR WEDDING
Weddings are emotional, beautiful events. However, it's easy to get carried away with upgrades, add-ons, and the glamour of weddings. To prevent overspending, track every expense meticulously and compare it against your budget regularly. The Knot.com has a wedding budget tracker you can use during planning. In addition, it is also good to talk with someone who can help you align with your wedding and overall financial goals. This accountability partner, your wedding planner, or your future spouse can help you intentionally spend on things that matter and not overspend on other things.
Here are some tips for how to talk to your partner about money. When you dedicate your money to serve your goals and values, you are more mindful of your money. Intentional spending makes you more conscious of your purchases, and this awareness can help you curb overspending at your wedding.
13. IT IS TEMPTING TO MAKE THE WEDDING ALL ABOUT YOU
Everyone says the wedding is about the bride, but it isn't all about you. You have a wedding to celebrate marrying your spouse with your family and friends. Your wedding day is one day in the rest of your life that can significantly impact your marriage and financial future. If your wedding is about you, then you may be tempted to overspend beyond your budget.
If your wedding goal is to feel like a princess for a day, go for it and make your budget reflect that. But if your goal is to marry your spouse and not have your wedding wreck your finances, you can't make your wedding a self-directed fairy tale about you. While it's natural to want everything perfect, balancing this desire with financial reality is crucial. With your “why” for your wedding in mind, set boundaries on luxury spending. Remember that your financial health is as essential as having a fairy-tale day.
14. YOU WILL OVERSPEND SOMETIMES
No one is perfect, and no budget will be flawless. Recognize that some level of overspending might happen despite your best efforts. Allowing a small margin for error in your budget can help you handle this gracefully. Your contingency fund can absorb some overspending. Trouble occurs when you overspend on your budget but don't make any adjustments. When this happens, adjust your plan. Plan for this possibility, and don't beat yourself up about it.
15. START OR KEEP INVESTING
Why mention investing when talking about wedding budgets? Because your wedding finances are just a part of your financial journey. Investing in stocks or other assets can help grow your overall wealth and have your money work for you while planning your wedding. Several books talk about investing, but one that can help get you started is “A Random Walk Down Wall Street” by Burton G. Malkiel, which walks through the history of Wall Street and is an excellent introduction to the world of investing. Investing can also provide a financial buffer for your wedding expenses. By maintaining investments, you ensure that your overall financial health remains strong, even if you dip into savings for the wedding.
16. HAVE A PLAN FOR MAKING WEDDING PAYMENTS THAT BENEFIT YOUR FUTURE
How will you pay for your wedding expenses? Some vendors preferred Venmo. However, others are okay with credit cards. The benefits of cash back or travel points can be excellent if you use credit cards responsibly. I chose the Amex Platinum Card for the travel awards, but you can select a cash-back card like the Fidelity Rewards Visa Signature Credit Card, which offers 2% cash back on purchases at the time of this writing. Using a single credit card for all wedding-related purchases helps you track expenses and accumulate points or rewards. These points can be redeemed for honeymoon travel, future vacations, or other costs, adding extra value to your spending.
17. DON'T LET DEBT WRECK YOUR FINANCES
Don't start your new life with crushing debt. Avoid credit cards or loans if you tend not to pay bills on time or can't pay off your bills in full every month. Figure out some other payment method that benefits your financial future. Use one debit card or checking account to pay for things if you have issues or concerns with debt. Choosing one payment method allows you to help track your expenses and ensure your wedding budget aligns with your overall financial goals. Don't let debt pay for your wedding and ruin your finances! Stick to what you can afford to so that you reduce post-wedding financial stress and move towards your future goals.
18. SOMETIMES, IT IS WORTH SPENDING MONEY ON WHAT YOU WANT
It might be worth spending more on critical elements of your wedding that are particularly important to you. My partner and I decided to spend more money using real china than plastic cutlery. Why? Even though it is a slight touch, it gave us the feeling of “classy” that we wanted for our wedding. Is using plastic silverware a bad thing? No. But we did not wish to use plastic silverware for our wedding, so we spent the money. We also kept investing, so our finances improved during the wedding planning. Ensuring these splurges align with your priorities for your wedding and financial journey brings significant joy or value to your special day.
19. PEOPLE ARE GENEROUS
Friends and family are often more generous than expected through financial contributions, gifts, or volunteering their time and services. I was humbled by how much love, joy, and cash gifts family and friends showed us. Their generosity and well wishes added to the wonder and joy of this season. Being open to accepting these blessings can significantly reduce your costs and enhance the wedding experience.
20. ALIGN YOUR MONEY WITH THE REASON WHY YOU ARE GETTING MARRIED
Your wedding day celebrates love and commitment with your future spouse and prepares for your future. The joy and memories created make it a worthwhile investment, both emotionally and financially. Going into excessive debt, overspending, or being as cheap as possible may not reflect that you are celebrating your union or the future you want. Your wedding budget is just one part of your total financial journey. Let your wedding support you and your future goals. Balancing your wedding dreams with sound financial planning ensures a beautiful day without jeopardizing your future.
CONCLUSION
Planning a wedding while maintaining financial stability can be challenging, but with these 20 lessons, you can create a memorable and financially responsible celebration. You can achieve your dream wedding without compromising your financial future. Remember, the goal is to celebrate your love and commitment while laying a solid financial foundation for the future you hope for.
IN SUMMARY
20 Lessons I Learned from My Wedding Budget
- Start saving for a wedding now.
- Prepare for budget reality checks and adjustments.
- A professional wedding planner is worth the cost.
- Prioritize 3 essentials in your budget.
- Create minimum and maximum wedding budget ranges to support your future.
- Anything related to weddings will likely cost more than you expect.
- Have a 5-15% contingency fund within your wedding budget.
- Plan for expenses throughout the wedding planning. Check out Rakuten to get cash back on purchases.
- Get help from family and friends.
- Create a cash fund in your registry. Check out The Knot.com, Fidelity Cash Management, and Wealthfront.
- People pleasing can make your wedding more expensive.
- It is easy to overspend on your wedding.
- It is tempting to make the wedding all about you.
- You will overspend sometimes.
- Start or keep investing. Consider reading “A Random Walk Down Wall Street” by Burton G. Malkiel.
- Have a plan for making wedding payments that benefit your future. Check out the Venmo, Amex Platinum Card, and Fidelity Rewards Visa Signature card.
- Don't let debt wreck your finances.
- Sometimes, it is worth spending money on what you want.
- People are generous.
- Align your money to the reason why you are getting married.
What lessons have you learned from your wedding budget that can improve your financial future?
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