The time has come to talk about the dreaded topic…the wedding budget. With our economy in a recession, the dollar just doesn’t stretch very far. As if that wasn’t bad enough, you’ll soon realize that the mere mention of the word “wedding” drives prices up through the roof. I call it the “wedding tax.” This is how the wedding industry remains a multi-billion dollar industry year after year.
Since most of us have never planned a wedding before, wedding budgeting can be a real challenge. The first step is to find out who is contributing to the wedding and how much. It’s quite common for couples these days to pay for the entire wedding themselves. Tally up the total and take 80% of that figure. This is your budget. You will want some breathing room because you will soon realize how easy it is to go over budget.
Next, find out the average cost of a wedding in your area by going to CostOfWedding.com. This is a very good resource. They show you the average spent by couples in your zip code and they also break down the costs into categories such as, wedding dress, ceremony & reception locations, flowers, wedding cake, etc. You can get a good sense of how far your budget will take you.
After you do some research, create a budget list for yourself. I like to use The Knot’s Wedding Budgeter. It’s a great tool to keep you on track. Remember…when entering in your budget, put in 80% of what you can afford to allow yourself some leeway.
This should be a good start to your wedding budgeting. I will get into finances at a later time. Happy budgeting!