3 Tips For Setting a Realistic Wedding Budget

Most people have no idea where to start when it comes to wedding planning budgets. To help shape our conversation, let’s look at some numbers. The average wedding spend in the US for 2021 was $28,000 and the average wedding size was 105 guests. Getting the average per guest cost is a good way to start building a budget, but this can vary widely based on a number of factors. Certain states and cities tend to be more expensive than others. Different catering options, venue and decor choices, and entertainment selections will also contribute differently to your overall cost per head. With all those decisions, it can feel overwhelming to think about your budget. Not to worry though - we’ve got you covered with our best tips, including our own itemized expense guide below!

1. Talk with your partner about a budget you both would be comfortable spending

Throughout the entire wedding planning process, the most important thing is to communicate with your partner. You two may be coming to the table with two completely different visions of your wedding so starting these conversations early is important. Talking through the size of the wedding you want, the location, and the overall vibe of the wedding will help shape your discussions around how much it might cost you.

Throughout the entire wedding planning process, the most important thing is to communicate with your partner.

Next, how do you plan to finance the wedding? Will you be financing it through savings, loans, or other contributing members such as parents or extended family members? If there are other contributing members, are there strings attached? These are all important things you’ll want to talk and work through with your partner before planning anything else.

It’s important to form a budget at the beginning of your wedding planning process, otherwise the expenses begin to add up quickly, and that’s thousands of dollars being spent on your wedding day rather than towards something you might find more worthwhile like your honeymoon or a down payment on a house.

2. Use an itemized expense list to calculate what your budget translates to

Breaking down the cost into concrete amounts per line item will help you when it comes to shopping around for vendors and if you decide to make trade-offs later on in prioritizing your expenses.

Our second tip comes founder approved and highly recommended! Wedding budgets can sound huge but once you break down the expenses that go into a wedding, it can begin to feel tight. Itemized expense lists take historical data from other couples to identify the percentage of the overall budget each line item costs on average. For example, couples on average have spent 2% of the total budget on stationary, while catering can range from 20-30%. Breaking down the cost into concrete amounts per line item will help you when it comes to shopping around for vendors and if you decide to make trade-offs later on in prioritizing your expenses.

Our founder Katherine shares “I remember when I had finished negotiating with our venue. I had gotten the cost of our all-inclusive venue (ceremony, catering, open bar, rentals) down by $10,000, and I was feeling like a ROCKSTAR! Before I had dug into all the items that went into a wedding, I thought that our all-inclusive venue would make up most of our wedding costs, and since I had just gotten a great deal on our venue, we would be underspending our budget. Then we did this exercise. I found out my great negotiation skills had only gotten us barely within target of how much we should be spending on according to our budget. I was shocked and incredibly thankful I had negotiated! Now this is the first tip I tell couples who are wedding planning.”

Hopefully with our guide you can avoid the shock that came after the fact by being well informed early on!

3. Pad your budget with an “Unexpected Expenses” line item for 5% of the total budget

Lastly, reserve 5% of your budget for an “Unexpected Expenses” line item because they. will. come. up. There will be missed and forgotten expenses that you suddenly remember 3 months before the wedding or emergency expenses that come up last minute. Moreover, let’s not forget that as much as weddings are a celebration of love, they can also become political affairs where keeping the peace sometimes means spending a little extra. You just simply won’t know what situations you’ll find yourself in, but trust us, when the time comes you’ll be glad you put some money aside!

With these tips we hope creating a realistic budget will be easier. Good luck planning pals - you got this!