Who’s Paying?
Talk with your families about who will pay for what: Some brides’ families still pick up the entire tab, but more and more groom’s families are participating too. How do you bring up the conversation? For many couples, talking to each family separately is the best way to have truly open discussions. When you do talk, here are strategies for determining your initial budget.
Ask both of your folks if they’re planning to contribute to the cost of the wedding. If so, ask them to commit to a specific dollar amount, and then add up all the contributions to create your budget.
Alternatively, it may be easier to ask each set of parents to finance a aspect of the wedding (such as the ceremony, honeymoon, or catering) instead of just committing to a dollar amount.
Decide how much you two can contribute between now and the wedding.
Cost Considerations
If you’re planning on a formal candlelit dinner in the grand ballroom of that amazing hotel downtown, your budget is clearly going to have to be much bigger than if you’ve sketched out an afternoon tea and dessert party in your parents’ pretty backyard. In general, there are several major factors that will really affect what you’ll need to set aside.
Guest List Size
There’s a per-head cost for food and liquor, and these two are typically the biggest expense in the whole wedding, so changing the guest list size is the surest way to increase or decrease your costs. On top of that, the smaller the guest list the more you’ll save on all your other details, including décor, stationery, favors, and rentals, because you won’t need as much of everything.
Date and Time
Highly sought-after seasons and days of the week are pricier for obvious reasons. An evening reception is usually more expensive than a brunch or afternoon reception, not only because of higher catering costs for dinner, but also because people tend to drink less during the daytime, and many couples choose to go more low-key on elements like lighting, music and décor.
Wedding Style
The more formal the affair, the more expensive, because you’ll have to match the site, food, and musical entertainment to the overall upscale tone. The outlay for a full six-course meal is typically greater than for a cocktail soiree with mostly hors d’oeuvres; the fee for a twelve-piece band is greater than that for a DJ or a quartet; all-out décor like lighting, specialty linens, and dramatic floral displays also will run up the bill. Plus, fancier affairs tend to be larger.
How Much Do You Actually Need?
Just like buying shoes, an apartment, or a pair of jeans, when it comes to financing a wedding, you should figure out how much you need to spend to get what you want. Set your expectations accordingly. The average wedding cost is $31,213.
Here’s a basic breakdown of what you can expect to pay:
Reception: 48-50 percent
Ceremony: 2-3 percent
Attire: 8-10 percent
Flowers: 8-10 percent
Entertainment/Music: 8-10 percent
Photography/Videography: 10-12 percent
Stationery: 2-3 percent
Wedding Rings: 2-3 percent
Parking/Transportation: 2-3 percent
Gifts: 2-3 percent
Miscellaneous: 8 percent
To avoid stress, allot 5 percent of your budget for a “just-in-case” fund.
If you’re paying for your honeymoon yourselves, remember to budget for that as well.
NOTE: Remember this day is about the both of you, be respectful of families wants but at the end of the day it should be what the two of you want. This is a stressful and most exciting time of your life all at once but enjoy yourself and make sure you sit down and take into consideration all angles. You do not want to get into a financial bind that will put you in a bad situation down the road. Just because the average wedding is $31,213.00, does not by any means mean you need to spend this. Use the monies you receive wisely and know if you can save in certain areas (time, location, décor) then do so. Who doesn’t want the leftovers to use towards a down payment on a house or a great vacation? If someone offers to help, take it! The people in your life want to be there for the both of you and if they have some ideas on something that you have not thought of it may change your view. Most importantly, take every minute in and enjoy it!