How To Manage Your Wedding Budget
From planning your wedding budget to prioritizing the expenses that matter most, here’s how to keep on track.
Are you trying to figure out how to manage your wedding budget, because that’s not really your thing? While budgeting and forecasting is second nature for accounting and finance professionals, managing a budget is not easy for most. And, that’s ok. There are various tools to assist you with preparing your wedding budget, including printables like our Wedding Budget Planner in The Bridal Binder, amongst others. There are even electronic budgeting templates that you can use, if the paper printable isn’t really your thing. Whatever your preference, these tips will show you how to manage your wedding budget.
Tip #1: Get Estimates from Potential Wedding Vendors
Most brides know the vendors they want to work with on their wedding day. Get estimates from those vendors for their services, so that you can plan and budget accordingly.
Tip #2: Use a Budget Planning Tool and Plan Your Wedding Budget
Nothing will help you visually lay out your expenses like a budget planning tool. To plan your budget, think about the funds you have available and plan for big ticket wedding items according to this. Vendors like your photographer, venue, and caterer will absorb most of your budget. So, ensure that your initial budget figures are heavy in those areas, considering the estimates you’ve received.
Tip #3: Plan For Unexpected Costs and Overages
Most experienced budgeters will advise you to build in a certain percentage or some excess to cover unexpected expense or overages. No matter how great you are with finances, it’s always a great idea to plan for the worst case scenario. In this example, your worst case would be running out of money and not being able to pay a vendor.
Tip #4: Prioritize the Details and Expenses that Matter the Most
Now you know how much money you have available to plan your wedding and you’ve received estimates from your vendors. Use this information to determine exactly how you’re going to use the money that you have. You may find that your estimates exceed the money you have available; in this instance, take the opportunity to prioritize the details and expenses that matter the most. (Yes, you could totally skip the white dove release at the reception.)