Posts Tagged "wedding budget"
Wedding Priorities: Budget Planning
Establishing your wedding budget upfront permits you to stay in control of your wedding guest list and realistically invite the number of guests that you can afford to entertain, which will prevent you from exceeding your wedding budget.
The wedding guest list is one of the leading factors that causes couples to exceed their wedding budget, followed by misallocation of funds, for example spending too much of your wedding budget on one aspect of your wedding. My advice to you is to let your wedding budget dictate how many people you can invite to your wedding, not other way around and this starts by taking the time to figure out how much of a wedding you can afford to have and then plan from there.
Failing to establish a wedding budget will cause you unnecessary stress, frustration, and make for an unpleasant wedding planning experience. However, you can prevent this stress by establishing your wedding budget early on. In this way, you can realistically put things in perspective and make smart decisions when planning your wedding, not ones that are going to put you (or your parents) in debt the first year or couple of years that you are married.
Featured above is a wedding expense chart that I created to provide you with a working guideline of the percentage of your wedding budget to allocate to each component of your wedding. Please note actual percentages may vary for certain aspects. However, the cost of your reception (venue, food, drinks, and the wedding cake) with the cost of flowers and decorations will almost always take up about 50 percent of your total wedding budget, which is influenced by the number of guests you invite to your wedding.
Read MoreAverage Destination Wedding Budget
Here are a couple of current facts about destination wedding budgets for those of you considering hosting a destination wedding away, in lieu of a traditional hometown wedding lasting for just one day.
FACT: Spending for destination weddings has actually increased over the last decade and has exceeded the average budget for a traditional wedding in the last three years, despite the recession.
As reported by Destination Weddings & Honeymoon Magazine:
“…the average traditional wedding budget has decreased by 7 percent in the last year from $21,814 to $20,398.”
whereas
“The average destination wedding budget has increased 4 percent, from $19,800 in 2006 to $20,600 in 2009…”
What does this mean?
It means that hosting a destination wedding with your closest family and friends does not necessarily mean that you will spend less money on your wedding than if you were to host a traditional hometown wedding.
However, one benefit to hosting a destination wedding is that you may be able to do more with your budget (plan a nicer wedding) and create a more memorable time for your guests, especially when you consider that the average number of guests attending a destination wedding is 48.
Although your guest list is more likely to be smaller than when hosting a traditional wedding, you are likely to spend just as much because you will be entertaining your guests over a period of days, usually three and as a result, you are spending more money per guest.
Of course, it is also important to keep in mind that the average cost of a destination wedding also will vary depending on the location you choose and the things you want to do and plan for your guests.
Are you thinking of hosting a destination wedding? If so, what is your biggest concern?
Read MoreFour Reasons Couples Exceed their Wedding Budget
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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.
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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.
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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.
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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?
Planning a Wedding? What is Your Budget?
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How much can you and your fiancé afford to spend on your wedding that is if the two of you will be paying for or contributing to the cost of your wedding?
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Will your parents be contributing to the cost of your wedding? If so, you need to find out how much they are willing to spend.
Average Cost of a Wedding in Raleigh, NC
One of the most common questions that I get asked and that often pops up in my blog’s statistics is how much does a wedding cost. Following are a few statistics that may help you to set your wedding budget.
First, the national average cost of a wedding in the United States is $20,398 according to The Wedding Report, a wedding statistics and market research firm.
“However, the majority of couples spend between $15,299 and $25,498 while their wedding budget is typically 50% less than the amount spent. This does not include cost for a honeymoon or engagement ring.”
In addition, it should be noted that the average cost of a wedding will vary depending on where you are located. For example, in our primary service area of Raleigh, NC, bridal couples spend between $20,959 and $34,932 on their wedding excluding all costs associated with going on a honeymoon, such as airfare and accommodations, etc.
If you would like to get an idea of the average cost that other brides are paying for their wedding in your area, please visit Cost of Wedding, a website published by The Wedding Report, which will provide you with general statistics about wedding costs in your area. All you have to do is enter your zip code and it will generate the statistics for you. In addition, the website also provides a wedding cost estimator tool.
Please note that this is tool is should only be used as a starting point and their are many other factors to take into consideration when planning your wedding.
Note: These figures listed here were published in 2009.
Read MoreBe Realistic About Your Budget!
It is true that wedding planners have great contacts, excellent negotiation skills, are creative and work to save you money. But, we are not miracle workers. We can not give you a $25,000 wedding for $5,000. In other words, we can not miraclously feed 300 guests, laviously decorate your venues, and arrange for you to have 3 limousines on a $5000 budget.
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