There is a lot that goes into planning the wedding of your dreams. What colors will the flowers be? At what venue will you say your ‘I dos’? How much will it all cost?
The budget is an important factor in planning and knowing what you can reasonably afford. Once you have a solid budget in mind, the planning process will be easier because it will help you determine the details of your day.
Start here with our top tips to budget for your wedding so you can tie the knot without plunging into debt. You’ll want to begin your married life together in a stable place financially and not immediately with credit card bills from your nuptials. Read on to learn how to budget and still have the wedding you’ve always wanted.
1. Find Out Any Contributors
Parents, grandparents, aunts, uncles or other family members may want to help contribute to your wedding day dream. Every family and circumstance is different. Some bride’s parents are traditional and insist on paying for the wedding entirely. Or, maybe it’s just you and your fiancé paying for it all yourselves. Either way, it’s best to begin here to get an idea of your where you’re starting with your budget.
2. Decide How Much You Want To Spend
How much you want to spend on your ceremony and celebration depends on your preferences. The national average wedding cost in 2022 was $30,000. That number is higher than the 2021 average cost and it doesn’t seem to be decreasing in the future. People love throwing lavish weddings but that’s not necessarily everyone’s wants or reality.
Take a look at your savings account, investments, and even the cash you have stashed under your mattress. Total the funds you have available to spend on your wedding day.
3. Make Your Guest List
Making your guest list is important to not only planning your budget but also staying within your budget. The size of your guest list determines the size wedding venue is needed. If you have 100 guests on your list, you can decide to look at venues that will fit this number comfortably. This will help in saving money on the venue itself by not spending on space you don’t need.
Determining your guest list will also help you budget for other items that are priced per person, like invites, meals, drinks, place settings, and more. The smaller the guest list, the more you’ll save on costs overall.
4. Choose Your Must-Haves
The goal is to have the wedding of your dreams without breaking the bank, not forgoing everything for the sake of saving money. Don’t skimp on things that mean a lot to you or will help define the style of your wedding. Discuss with your partner and make a list of items that are important to have or have good quality of to make your day special and truly yours. Maybe it’s priority that you have a gourmet meal that everyone will rave about after the wedding, or maybe the decorations are the key item for you. Either way, this will give you a clear idea of what to focus funds on and where to save.
5. Do Your Research
Shop it out! When choosing quality vendors, you will want to talk to multiple companies so you have someone else to compare them to. This will help you determine the quality of product they have, pricing, and their organizational skills and communication style. Maybe you find a great DJ but they take weeks to email you back. This isn’t ideal for anyone and can cause an abundance of stress during your planning process. Be selective and whittle down your choices until you have the best vendors and pricing that works within your budget.
While you do your due diligence finding the right vendors and begin booking, track all spending in a spreadsheet. This is key to making sure you’re staying on track with your budget and accounting for all taxes and fees.
Book Your Budget Wedding at FIVE
FIVE Event Center is the premier wedding venue in the Uptown Minneapolis area. This dual-level venue is the perfect spot to tie the knot and stay within your budget. Have both your ceremony and reception on the second level of our stunning, historic space. Your guests can head downstairs to our first level bar for a cocktail hour, while the room is flipped and prepared for your reception. Your guests will love the convenience and you’ll love not having to rent two venues! We work with you at every step of planning to make the process easier. We believe in being honest and transparent with our clients so you don’t have to worry about any hidden fees popping up to surprise you.
Contact us to meet us, take a tour of our space, and let us help you plan your dream wedding while staying in your budget.