Four Reasons Couples Exceed their Wedding Budget

• They failed to establish a budget. Establishing a budget is the first step to marking the boundaries and managing your expenses. If you do not have a figure in mind, you cannot create a plan for spending your funds. That said it is imperative that you sit down with all those contributing to the cost of your wedding early on to come with a realistic figure and create a plan for your wedding budget.

• They failed to track expenses. Equally importantly to determining your budget, is tracking your expenses. Your wedding is an investment and as with any investment, you should monitor and track the progress. So, once you have established your budget and started the planning process of hiring vendors and making wedding related purchases, set aside some time to regularly track your progress and monitor your spending.

• They failed to manage the guest list. The guest list—who to invite and who not to invite—troubles many bridal couples and is the leading reason couples exceed their budgets or parents spend more than bargained for. When you let your guest list get out of control, it drives up the cost of everything—catering (food, drinks, and staff), rentals (tables, chairs, linens, etc.), the cost of table decorations, invitation sets and mailings, and even your choice for a wedding venue because you will need to find space large enough to accommodate your guests. You get the idea. More guests will always equal more money. So, when it comes to the guest list, it’s about marking the boundaries and that starts with establishing the budget. In other words, your budget should determine the number of people you invite to your wedding, not vice versa.

• They failed to include hidden costs. The most common types of hidden costs related to hosting a wedding are as follows: overtime fees for venue, staff, and band; gratuities, service charges, and sales taxes; and setup, delivery, and breakdown fees. The fees associated with catering an event alone, often times come as a sticker shock to bridal couples or parents of the bride footing the bill. When determining your budget and creating a plan for your spending, you need to factor these costs into your budget. I will further discuss these hidden costs in a future blog post.

Are you on top of your wedding budget?