If there’s one thing you need to be in tune with all along your planning journey, this is it: your wedding budget. Budgeting is probably the most important, and unfortunately most difficult part of your planning.
Reading through these hints and tips will give you the direction and confidence to manage your budget like a boss!
1. Set the Budget
The wisest place to start with your wedding budget, is by working out what you can spend. Weddings can be expensive, but they do not have to be. There is beauty in extravagance, and there is also beauty in simplicity! Do some research on rough costs to get an idea of what to expect. Deciding between you and your families who will be paying for what (and if any financial assistance from family is likely), early on, will prevent any tension later down the line. Also be patient here, don’t assume that yours and your partner’s spending priorities will be the same – now might be the time to start perfecting the art of compromise 😉
Discuss what elements of your day are most important, so you know where to allocate the bulk of the costs. Do you want a lavish venue? Or a mid-range venue but amazing food? Did you always dream of having a live saxophonist for your first dance? You won’t regret allowing funds for those special elements you always wanted, however covering parking fees for all guests in Central London because you silently agreed to a lavish central venue will leave a bitter taste for years to come!
3. Help suppliers to help you
When you speak to your suppliers, and they ask you for your budget, be realistic. Suppliers are always looking to do their best for you, and maximise their offering within your budget. Stating a lower budget will likely lead to the supplier not being able to create what you want – for example, understating your budget by 20% will not necessarily lower the charge by 20% because the supplier has the same overheads for your day.
Don’t be nervous to have honest conversations with suppliers, if you feel something is costing too much, explain it to them. Their desire is for you to be happy. If it turns out that they can’t lower their costs further, and it’s still out of your budget, it’s a tough decision but it’s best you find another supplier that can accommodate. (Provided you haven’t signed any contracts of course!)
5. The Small Print
Always check the terms and conditions carefully with supplier contracts, understand what they will be providing, who will be taking care of set up and de-rig, and if there are any additional costs you might need to pay. For example – most venues will require skips to be hired for catering disposal, will the caterer hire these, will the venue, or is it your responsibility? Check if the quotations include VAT, and lastly check the payment terms, cancellation policies and service charges.
6. Organise Your Banking
Set up an account solely for wedding funds. This way, you can clearly see payments out, the remaining balance, and keep your wedding budget up to date!
7. Keep Track
Set up a spreadsheet to track your expenses. If you start to tip over, readjust your budget as you go along. Do NOT be tempted to cover additional costs on plastic – starting married life in debt is not the way!
Generally, no matter how hard you try to stick to your budget, you are likely to tip over. Allow a 10% buffer for this, just in case!
Don’t forget to buy wedding insurance! This will protect you for a range of eventualities, and is definitely worth having.
Coco Blush Events’ final thought: the amount you spend on your day does not represent the strength of your commitment to one another. Your wedding day is a joyous celebration, shared with your loved ones, to signify the start of your happily ever after, so remember, it’s not about the money, money, money!
I hope you found these tips useful, good luck!
(And if you need me, just get in touch!)