5 Steps to Define Your Wedding Budget

Does the following statement sound like how you’re feeling?

“I am elated to be engaged! The thought of marrying my fiancé is a dream come true! I thought planning my wedding was also going to be a fun experience. But after starting the process, I’m really feeling overwhelmed. I had no idea how expensive a wedding could be. When I think about trying to budget for this event, I have no idea where to begin and I start to break out in hives…”

If you feel like this, you’re not alone! I think all brides experience this at some point during their wedding planning process. It doesn’t have to be this way. Let’s tackle your budget head-on by following these 3 easy steps!

1. Have the “money talk” with your partner and any family members who will be investing in the wedding.

Okay, I know what you’re thinking. I said these steps were supposed to be easy and step one is already sounding really hard. Hear me out. Talking about money doesn’t have to be difficult or get weird. First, make the tone of the meeting light and fun. Invite both sets of parents/family members who will be financially contributing to the wedding over dinner, coffee, tea or (in my case) a glass of Meiomi pinot noir. Then make a pact to act as if you are, as Will Ferrell so eloquently put it in Old School, “in the nest”. Which means, for those of you who don’t remember the classic Will Ferrell scene in Old School-in a “safe place”. (And if you’re a Will Ferrell fan, check out the scene here. You’re welcome.) You want everyone to feel safe expressing what they feel comfortable financially contributing to your wedding. The last thing you want to is to spend so much money on your wedding that you’re waking up in the middle of night in a cold sweat because you’re panicking about paying for your wedding. Trust me – this will definitely take away from the experience. Therefore, it’s REALLY important to be honest about financial limitations from the beginning. Also, don’t worry if you find your budget isn’t as large as you had hoped. There are tons of ways to create a beautiful, elegant wedding experience for you and your guests without breaking the bank.

Click here to read more about 5 wedding planning strategies that will save you money.

Once everyone has honestly shared how much money they are willing to invest, use this grand total to move on to step number two.

2. Determine Your Wedding Values

Now is the time to figure out what MUST be included in your wedding day. I would suggest everyone take a little slip of paper and write down the top 3 things he/she really wants to have at the wedding. Suggestions might be: “I really want to have incredible, magazine-like wedding photos to help us remember every detail of the wedding day.” Another might be, “We must hire the best DJ in Phoenix to host a wedding dance party people will talk about for years!”. Or these values might be functional, “Because my fiancé and I are vegan, it is really important our venue/caterer offer vegan menu options.” Once these values are determined, you will then be able to identify where you might be willing to spend a little more money to have the experiences you always dreamt of having on your wedding day.

3. Estimate Your Budget by Categories

Research the average cost of weddings in your area to understand what expenditures you might face. This will help you gauge the reality of your budget and make informed decisions regarding vendors and services.

Divide your total budget into categories like venue, attire, flowers, food, and entertainment. Allocate funds to each based on your priorities and research, ensuring you leave room for unexpected expenses.

To help you get started, here is a spreadsheet that estimates the general percentage of budget spent based on your estimated budget for your wedding.

DOWNLOAD Your Wedding Budget by Category Spreadsheet Here

4. Establish Your Tracking System

Set up a system to track your spending. Whether it’s a spreadsheet, budgeting app, or a wedding budget planner, having a clear record of your expenses will help you manage your finances and stay on track.

If you’re feeling overwhelmed at the thought of this, download this spreadsheet to help you get started.

DOWNLOAD Your Wedding Budget Tracker Spreadsheet Here

Be prepared to adjust your budget as you get quotes and refine your plans. You might find that you want to spend more on photography and less on decor, or vice versa. Flexibility within your budget is key to accommodating these changes.

5. Stick to Your Budget & Communicate with Stakeholders

As you begin to book your vendors, it’s really important you keep this budget tracker up to date. If you continuously update your budget tracker workbook, you’ll immediately know if you’re staying on budget or if you’re going over what you had originally earmarked for certain wedding elements. My budget tracker is also helpful for you to explore “what-if” scenarios. For example, if you select a photographer who charges $6,000 for her services, plug the $6,000 cost into the budget tracker workbook and you will immediately see this decision will force you to spend less money in other areas – like floral décor.

Remember, keep open lines of communication with anyone contributing financially to your wedding. Ensure all parties are aligned and aware of the budgetary constraints and priorities to prevent misunderstandings.

Final Thought: Prepare to go over

No matter how well you track your expenses and try to stick to your original plan, 99% of couples exceed their budget. Therefore, in the beginning, be sure to add a little financial cushion to allow for these unexpected expenses. Another good practice is to always round up your payments. If your linens are estimated to actually cost $785, budget your for $800. This will allow you to always stay a little ahead of the actual wedding cost.

I hope this guide helps you navigate the budgeting process with ease and confidence!

Bonus Downloads

Download the budget tracker workbook (which includes your wedding category estimator) to keep your wedding planning on track and on budget!

DOWNLOAD Your Wedding Budget Tracker Spreadsheet Here

Remember, planning your wedding should be fun! Try not to let financial stresses overshadow your excitement. Do your best to keep everything in perspective and know you are not alone.