
Planning a wedding should be a delightful journey
filled with love, creativity, and joy. But, without
a well-crafted budget, it can be unbelievably
stressful.
As any seasoned planner would tell you, starting
with a realistic and complete budget, and keeping a
keen eye on it throughout the process, requires a
keen eye.
Whether you’re envisioning an extravagant gala or an
intimate gathering, understanding the different
facets of a wedding budget can help you make
informed decisions.
Budget planners available on the net and in wedding
planners are, however, often just a list of line
items. Net result, they often only include "money to
be spent", and ignore other equally influential
aspects.
Let's explore the four crucial aspects to consider:
Fixed Costs: The
Foundation of Your Budget
The
Fixed costs are the big-ticket items,
the must-have expenses, together with those that
remain constant, no matter how many guests attend or
what changes you may decide on along the way. While
each fixed-cost item may be available at various
price points, once you have made a decision you are
locked in to that expense.
The must-have expenses:
- Fee for the services of the person authorised
to solemnise your marriage (celebrant,
clergy/church, or registry office
- Cost of the official certificate that is proof
that your marriage is registered
The fixed cost expenses, those where you how much
you spend depends on what you choose, for example
- What you choose to wear
- Your rings
- Items required for use in the ceremony (eg
items for a ritual, hire of a signing table)
- Personal services items (eg hair and makeup,
spray tan)
- Venue hire
Establishing realistic costs for your situation
requires some preplanning that needs to be done
these early because fixed costs
- provide a solid foundation for your budgeting
journey
- are the building blocks upon which the rest of
your financial plan will stand
- comprise a sizable chunk of your overall
spend.
Variable Costs: The
Flexible Factor
The
Variable costs offer some wiggle room for one
simple reason - the number of guests and the size of
your wedding party drive how much you need to spend.
But they also allow you to make adjustments to your
choices, within limits, of course.
For example:
- Catering, there is a cost per guests, but you
also have choices as to type of catering and
which available package you choice. Most venues,
offer several different packages at different
price points
- Ceremony styling. 1 person, 1 chair. But you
have a choice of types of chairs at different
price points. Choice of other styling options,
etc
- Photography packages. How many hours of
coverage.
- Bouquets and boutonnieres. The more people in
your wedding party the more these will cost, but
you have a choice of types of flowers etc.
By keeping a close eye on these expenses, you can
adjust your budget as your wedding plans evolve.
Remember, a little flexibility can go a long way in
ensuring your budget accommodates your dream day.
Time Cost: Priceless
Yet Measurable
Th
On average, apparently, planning a wedding is the
equivalent to a second full-time job. So the first
question is to ask yourself whether you have that
sort of time, and how long can you sustain that
level of effort? But couples rarely consider the
time cost, almost never set themselves a time
budget, and are caught out when they realise that
time vs money is a trade off. If you are short of
time, or time is short, achieving your dream will
cost you extra in hard cash.
DIY projects can save money but often require
significant time commitments. Conversely, hiring
professionals might incur higher costs but can free
up your schedule for other priorities. Balancing
time and financial costs ensures that you enjoy the
planning process but overspending will just move the
stress to after your wedding.
Opportunity Cost:
The Hidden Trade-Offs
The
Opportunity cost is an often-overlooked aspect of
wedding budgeting. It involves
- considering what you might have to forgo to
afford specific wedding elements
- considering how spending on your wedding may
impact your choices in the future
For instance, splurging on a designer dress might
mean cutting back on the number of guests, your
photography package, your honeymoon plans, or taking
longer to save for a deposit or pay off your
mortgage.
Evaluating possible trade-offs can help you
prioritise what truly matters to you and your
partner, ensuring your wedding day aligns with your
shared vision and values, and does not compromise
your financial viability or choices in the future.
Getting it
right
The
Balancing these four aspects
of your wedding budget allows for a more
comprehensive, multi-faceted approach. By staying
informed and flexible, you can craft a celebration
that's not only beautiful but also financially sound
both now and for your future.
PRO TIP 1
Forget the Budget Formula - bridal magazines and
websites generally provide a formula about how to
divide up your budget – e.g. 50% for
reception. That sort-of works for the reception if
you've got a large budget but it does not work for a
smaller budget.
PRO TIP 2
Stop thinking about how much money you have or "can
afford to spend", and start thinking of your wedding
budget as $0.00, an amount you want to go over as
little as possible. There is a good reason for
this. In wedding budgeting the maximum amount very
quickly become the minimum amount, leading to
a budget blow out.
PRO TIP 3
- Prioritise Wisely: Decide what truly
matters to you and allocate funds accordingly. A
breathtaking venue? Stunning photography? You
choose!
- Avoid being blindsided but also Plan for
Surprises: Unexpected costs can sneak up
on you. Don't take a stab in the dark or rely on
what you read. It might not be accurate for your
location. Do your homework. Research what things
actually cost. Read all contracts carefully. But
also build a cushion into your budget for those
"oops" moments.
- Stay Realistic: Dreams are beautiful,
but reality checks keep you grounded. Ensure
your vision aligns with what you can comfortably
afford. There is no such thing as a Champagne
Wedding on a Beer Budget! And buying into the
"You deserve this" trope is a guaranteed recipe
for glossing over the future impact of
overspending.
- Communicate Clearly: Talk openly with
your partner, family, and vendors. Clear
communication can prevent misunderstandings and
last-minute stress.
Thanks for reading!