Weddings are a big financial undertaking – and one that can easily get out of control if you’re not careful. The average cost of a wedding in the United States is around $33,391. But that’s just the average. If you’re planning a more lavish affair, the cost can easily balloon to $50,000 or more.
No matter your wedding budget, it’s important to be strategic about how you spend your money. That’s why we’ve put together this step-by-step guide to help you create a budget for your big day. Read on to learn more!
Step #1 | Determine your total wedding budget: Start by deciding on the overall amount you are willing to spend on your wedding. This will serve as the foundation for allocating funds to different aspects of the wedding.
Step #2 | Identify your top priorities: Discuss with your partner and identify the elements of your wedding that are most important to you. This could be the venue, food, photography, or entertainment. Allocate a larger portion of your budget to these priorities.
Step #3 | Make a comprehensive list of wedding expenses: Create a list of all the possible expenses related to your wedding. Include categories such as venue, catering, attire, decorations, flowers, invitations, photography, entertainment, transportation, and any other specific items you plan to include.
Step #4 | Research and gather cost estimates: Research and gather cost estimates for each item on your list. You can contact vendors, check online resources, consult with recently married friends, or use wedding budget calculators to get an idea of the average costs in your area.
Step #5 | Allocate funds to each category: Based on your priorities and the estimated costs, allocate a portion of your budget to each expense category. Be realistic and consider any additional costs such as taxes or service charges.Continue reading