How to Create A Wedding Budget For Every Important Cost
By Lindsey Sachs
COLLECTIVE/by Sachs was recently featured with our wedding budget recommendations with Northwestern Mutual. Read "How to Create a Wedding Budget for Every Important Cost" to educate yourself on the aspects of a wedding budget and how to approach your planning.
According to the 2018 Wedding Wire Newlywed Report, couples underestimate their wedding budget by 40%! Because this is likely the first time couples are planning an event of this magnitude, many rush into the planning giddy with excitement before establishing a realistic budget. We don't want you to make this mistake!
We recommend prioritizing budget management first, which includes a few considerations.
1. Who will be contributing to the wedding? You as a couple, family, or close friends? Speak with these individuals candidly up front about how much they are willing to contribute. With their responses, you can create a more realistic top line budget that can be broken down by vendor category.
2. Spend time visualizing your wedding day and defining what is most important to you. There are numerous components to a wedding, so by prioritizing, you’re able to allocate your budget to those items accordingly.
Your percent budget allocation to each wedding category truly depends on your priorities. For example, many will opt to reduce their florals in favor of hiring a live band. And some, while they’d love to have upgraded linens and charger plates for their guest tables, opt to go with the free option offered by the venue so they can spend more on a quality appetizer display. Spend time considering your tradeoffs to increase your chance of staying on track.