3 Steps to Create Your Wedding Budget

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

“I am elated to be engaged! The thought of marrying to 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!

Have the “money-talk” with your fiancé 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 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 for dinner, coffee, tea or (in my case) a glass of Cook’s “champagne”. Then make a pact to act as if you are, as Will Ferrell so eloquently put it, “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”. 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.

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.

Stick to your Budget. Once your overall budget amount is determined (Step 1) and you’ve identified your values (Step 2). It’s important you create a budget tracking system to help you stick to your plan. To help you get started, I have created a budget tracker workbook for you to use. Be sure to click the link at the bottom of this post to download the workbook. As you begin to book your vendors, it is 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. This 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.

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 in 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 blog post is helpful. Download the budget tracker workbook to keep your wedding planning on track and on budget!

Bonus Downloads:

Download Your Budget Workbook

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.

Action Items: What budget strategies are working for you? Please share your genius ideas below in the comment section.

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