If you’re getting ready to tie the knot, there are a lot of costs to consider. From flowers to the attire to the venue, planning a budget-friendly wedding is all about your priorities to prepare for a day that’s both special and affordable.
1. Determine your wedding budget
As with many financial goals, starting with a budget can set you up for success. Creating a wedding budget can be an emotional process, especially if you’ve dreamed of a lavish celebration. But it can also be a great opportunity to communicate and bond with your partner ahead of your marriage.
Consider a ballpark total of how much you’d like to spend. Costs for both the ceremony and reception average around $35,000 — with weddings in major cities averaging as much as $63,000. These amounts can be a helpful place to begin, but your budget should be based on your own financial situation.
Read more: Buckets and boosters can help take some of the stress out of saving for your wedding.
Next is determining how to pay for the wedding. You may have family members who would like to contribute or have a shared pool of savings with your partner. Keep in mind anyone who is helping financially with wedding costs may want a say in how the money is spent.
Finally, look into average costs of expenses like venues, food, flowers, and professional services like photography, to help you determine how to start breaking down your overall budget.
2. Set your priorities
Planning your wedding will give you an opportunity to celebrate your love in the way that feels most appropriate to you as a couple — but that will require you to determine which parts of your wedding are most important. Whether that’s the enduring memories captured by a top-tier photographer or a dinner your guests will never forget, determining your non-negotiables will highlight the places you want to splurge.
Talk to your partner and identify two or three areas of your wedding you’d like to focus your finances on. Agreeing on your priorities will help you work together and keep yourselves accountable — and ensure your wedding stays on-budget.
3. Create a detailed budget
Once you’ve assessed which parts of your wedding day are most important, you can start getting into the particulars of your budget. Contact the vendors and venues you’re interested in to receive price quotes and descriptions of what exactly is included. Now is the time to ask questions and get clarity on what you’ll be paying for ( including tips).
Once you start receiving quotes, you can tally up your totals and set concrete budget limits for each category. This process can also help you identify areas where you can cut costs.
Don’t forget to factor in extra room for the unexpected and other miscellaneous costs. It’s possible you won’t need to address them, and any money you have left over can be applied to your next goal as a couple, like taking a honeymoon or purchasing a home together.
4. Stick to your budget
When it comes time to start spending for your wedding, you’ll be well-prepared to stay on budget. Be sure to track your actual expenses and compare them to your estimates. With an Ally Bank Spending Account, buckets can help you keep tabs on where your wedding budget is going.
Don’t forget to factor in extra room for the unexpected and other miscellaneous costs.
Some items may end up costing more, but areas where you found deals are important to note, too. Remember: You have the ability to negotiate with vendors, so try to stay flexible. And if you find opportunities to thrift or DIY for your celebration, those budget-friendly choices could help offset any expensive surprises you may encounter.
5. Deal with wedding budget challenges
If your wedding costs are starting to grow significantly past your initial expectations, it might be time to revisit your budget. Your options in reducing costs may be limited with contracts you’ve already signed, so look for other areas of your budget to pull back on instead. When you notice overspending, it may be helpful to closely monitor your expenses to help you avoid taking on wedding-related debt.
Make wedding planning your first shared success
Your wedding is just the beginning of you and your partner’s life together. With clear communication, compromise and proper planning, you can make a wedding budget that will help set the stage for a strong financial future.
