Your Wedding Budgeting Guide - Making the Most of Your Money

29 Jun

Let's face it, talking about money isn't always the most romantic part of wedding planning. But trust us, setting a clear budget from the start will save you loads of stress down the line. So, grab a cuppa, sit down with your partner, and let's crunch some numbers.

Setting Your Overall Budget

First things first, it's time to figure out how much you can realistically spend on your big day. This might involve some frank conversations with your partner and any family members who've offered to contribute. Remember, there's no "right" amount to spend on a wedding – it's all about what works for you.

Consider these questions:

How much have you saved specifically for the wedding?
Will you be setting aside a portion of your monthly income?
Are any family members chipping in? If so, how much?
How long do you have until the wedding to save up?

Once you've got a ballpark figure, it's a good idea to add a 10% buffer for unexpected costs (because let's be honest, there's always something, isn't there?).

Factors to consider

Now that you've got your total budget in mind, let's think about some key factors that will influence how that money gets divvied up:

Guest count: The number of guests can make or break your budget. Each additional person means more food, drink, invitations, favours – you get the picture. Be realistic about who you really want there on your special day.
Venue: London wedding? Cornwall coast? Scottish castle? Your choice of location and venue will have a massive impact on your overall costs. Don't forget to factor in travel and accommodation if you're planning a destination wedding.
Season: Getting hitched in peak wedding season (May to September in the UK) often comes with a heftier price tag. Consider an off-season wedding for potential savings.
Day of the week: Saturday weddings are typically the most expensive. A Friday or Sunday celebration could save you a pretty penny.
Style and formality: A black-tie affair at a swanky hotel will naturally cost more than a relaxed garden party. Think about the vibe you're going for and how it aligns with your budget.
Priority splurges: What's the one thing you're not willing to compromise on? Amazing food? Live band? Designer dress? Identify your non-negotiables early on.

Creating a Detailed Budget Breakdown

Now we've got the big picture sorted, it's time to roll up our sleeves and get into the nitty-gritty of your wedding budget. Don't worry, we'll take it step by step.

Essential categories to include

Think of your wedding budget like a big pie. We need to slice it up into different categories to make sure everything's covered. Here are the key pieces you'll want to include:

Venue and Catering: This often takes the lion's share of your budget. It includes hiring the venue and feeding your lovely guests.
Attire and Beauty: Your wedding outfits, accessories, hair, and makeup.
Photography and Videography: Because you'll want to relive this day again and again!
Music and Entertainment: From ceremony music to your evening disco.
Flowers and Décor: To make your venue look absolutely stunning.
Stationery: Save the dates, invitations, place cards, and thank you notes.
Rings: Those symbolic bands of love.
Transport: Getting you (and possibly your guests) from A to B in style.
Gifts and Favours: Little thank-yous for your wedding party and guests.
Miscellaneous: For those "just in case" moments – trust us, you'll thank yourself later!

Percentage allocation guidelines

Now, how much of your budget pie should go to each slice? While every wedding is unique, here's a rough guide to get you started:

Venue and Catering: 40-50%
Attire and Beauty: 10-15%
Photography and Videography: 10-12%
Music and Entertainment: 5-10%
Flowers and Décor: 8-10%
Stationery: 2-3%
Rings: 2-3%
Transport: 2-3%
Gifts and Favours: 2-3%
Miscellaneous: 5-10%

Remember, these are just guidelines! If you've always dreamed of arriving by helicopter, you might want to bump up that transport budget. Or maybe you're a whizz with a glue gun and can DIY your décor, freeing up more for that live band you've been eyeing.

The key is to be flexible and prioritise what matters most to you both. And don't forget that 10% buffer we talked about earlier – it's not included in these percentages, but it's your secret weapon against unexpected costs.

Prioritising Your Expenses

Now it's time for a heart-to-heart about what really matters to you both on your big day.

Every couple is different, and that's what makes weddings so special! Before you start allocating your hard-earned cash, take a moment to think about what aspects of your wedding day are non-negotiable. Here's a fun exercise to try:

Separately, jot down your top three wedding priorities. Don't peek at each other's lists!
Come together and compare notes. Do you match up? Are there any surprises?
Chat about why each item is important to you. This is a great chance to learn more about each other's wedding dreams!

Remember, there are no right or wrong answers here. Maybe you're foodies who want your guests raving about the meal for years to come. Or perhaps you're music lovers dreaming of a live band that'll keep the dance floor packed all night. It's your day, so make it reflect you!

Allocating more funds to high-priority areas

Now that you've identified your must-haves, it's time to put your money where your heart is.

Here's how to make it happen:

Be prepared to splurge: For your top priorities, don't be afraid to allocate a larger chunk of your budget. If having a photojournalist-style wedding album is your dream, it might be worth spending a bit more in this area.
Look for savings elsewhere: For every area where you splurge, try to find another where you can save. If the venue is your priority, perhaps you can cut back on favours or opt for a more simple cake.
Get creative: Sometimes, you can have your (wedding) cake and eat it too! If you're dying for a designer dress but it's stretching the budget, consider sample sales or pre-loved options. Want that fancy venue? Ask about off-peak dates or a weekday wedding for potential discounts.
Communicate with vendors: Let them know what's most important to you. They might have ideas on how to maximise your budget in their area of expertise.
Be flexible: Remember those percentage guidelines we talked about earlier? Feel free to shuffle them around based on your priorities. If music is your thing, maybe you allocate 15% instead of 10% and trim a bit from other areas.
Consider your guests' experience: While it's your day, do think about what will make it enjoyable for your loved ones too. A balance between your priorities and their comfort often leads to the best celebrations.

Hidden Costs to Watch Out For

Even the most diligent planners can be caught out by these oft-forgotten costs. Keep your eyes peeled for:

Postage: Those beautiful invitations you've chosen? Don't forget you'll need to actually send them! With Royal Mail prices these days, this can add up quickly, especially for overseas guests.
Alterations: That dream dress or dashing suit might need a nip and tuck to fit perfectly. Alterations can sometimes cost almost as much as the outfit itself!
Beauty trials: Hair and makeup trials are essential, but they're rarely included in the final day price. Factor in at least one trial run for each.
Vendor meals: Many contracts require you to feed vendors who are with you all day. It's only fair, but it's often overlooked in the guest count.
Service charges and gratuities: Check your contracts carefully. That catering quote might not include the service charge, which can be up to 20% of the bill!
Overtime costs: If you're having such a fab time that you want the party to go on, vendors may charge overtime rates. Worth it, but plan for it!
Delivery and set-up fees: From the cake to the flowers to the rentals, many items incur delivery and set-up charges.
Marriage license: It's not the most romantic part of wedding planning, but it is essential! Don't forget to budget for your license fees.
Breakfast after: Many couples forget about the day after. A post-wedding brunch can be a lovely way to thank guests who've travelled, but remember to budget for it.
Guest welfare: Things like flip-flops for tired dancing feet, baskets of toiletries in the loos, or blankets for an outdoor evening reception are thoughtful touches that can add up.

Building a buffer into your budget

Now, don't let this list send you into a panic! The key to handling these sneaky expenses is to be prepared. Here's how to build a buffer that'll have you covered:

The 10% rule: Remember when we talked about adding 10% to your overall budget for unexpected costs? This is why! It might seem like a lot, but you'll thank yourself later.
Prioritise your buffer: If you do need to dip into your buffer, use it for the must-haves first. That extra hour with the amazing band? Yes. Gold-plated favours? Maybe not.
Keep track: Use a spreadsheet or budgeting app to record every expense, no matter how small. It'll help you spot areas where you might be overspending before it's too late.
Ask the right questions: When getting quotes, always ask "Does this include everything?" You might be surprised at what's not included in the initial figure.
Read the fine print: We know contracts aren't the most thrilling read, but understanding them can save you from costly surprises.
Be realistic: It's great to look for ways to save money, but be realistic about what things cost. If a quote seems too good to be true, it probably is.
Have a contingency plan: What would you do if you suddenly needed to find an extra £500? Having a plan (even if you don't need it) can reduce stress.

Remember, knowledge is power! By being aware of these potential extra costs, you're already one step ahead in your planning.

Negotiating with Vendors

Right, let's talk about a topic that makes many of us Brits a bit squirmy – negotiating! We know, we know, it's not always comfortable, but when it comes to your wedding, a bit of savvy negotiation can save you a pretty penny.

Tips for getting the best deals

Do your homework: Research average prices in your area. Knowledge is power, and it'll help you spot a good deal when you see one.
Be flexible with dates: Saturdays in summer are peak wedding season. Consider a Friday, Sunday, or even a weekday wedding. You might be surprised at the savings!
Bundle services: Some vendors offer package deals. A photographer who can also do your video might offer a discount for booking both.
Ask about off-peak rates: Getting married in November? You might bag a bargain as it's quieter for many vendors.
Offer to pay in full: Some vendors might offer a discount if you can pay the whole amount upfront.
Mention your budget: Be upfront about what you can afford. Many vendors will try to work with you if they can.
Look for emerging talent: Up-and-coming photographers or bands might offer lower rates as they build their portfolio.
Consider DIY options: Could you do your own invitations or favours? Every little helps!
Don't be afraid to ask: "Is this your best price?" can be a powerful question. The worst they can say is no!
Be nice: Remember, you catch more flies with honey than vinegar. A friendly approach goes a long way.

Making the Most of Your Budget Guide

We hope you're feeling a bit more confident about tackling your wedding finances.

At Wed-Start, wedding veteran Isabel Smith has created a selection of wedding guides, everything from getting started to getting you to the day. For a more tailored experience, we also offer 1 one hour consultation with one of our expert wedding planners.

Planning a wedding should be fun, not stressful. With our guides by your side, you'll be able to create the day of your dreams without waking up in a cold sweat about the cost. So why not give yourself the gift of peace of mind? Your future selves (and your bank account) will thank you!

Isabel Smith