The Budget.
Yes, you can have a dreamy wedding without going into debt or breaking the bank. The average cost of a wedding in the US is estimated to cost more than $27,000 (not including the honeymoon)! Imagine what you could do with $27,000 as you start out your new life together. The first thing that comes to mind is a nice down payment on your first home, something many couples struggle for years to obtain.
Budgets are never fun to do, but if you are diligent, all it takes is careful planning, a little research, a dose of practicality and poof, you have a wedding budget.
Putting It All in Perspective
Remember, this day is for you and when all is said and done, what will you have to show for your wedding day? The rings, the bridal gown, the photo albums, and the videos. The bridal gown will probably be packed away, but you and everybody else will be looking at it in photographs for years. The rings will be worn for the rest of your married life and the photos and videos will be shared untold times over the decades. Don't skimp on these items. Buy or rent a wedding gown that you like and that looks good on you. Get a professional photographer. Buy good quality rings that you like.
This doesn't mean you can't save money on these items. You don't have to pay full price unless you want to. Search for discount bridal and wedding shops on the internet. And most of all, be creative.
Set Up a Wedding Budget
A budget is absolutely essential in planning your wedding. Costs can easily spiral out of control, and if you don't document them, you may end up paying far more for your wedding than you planned.
Remember that what determines your costs more than anything is the number of guests you invite. Do you really need to invite that second cousin that you haven't seen in ten years or a neighbor down the street. Why not keep the list down to people you really care to share the biggest day of your life with?
Be sure to consider all of the details when estimating your costs so that you stay within your budget. A Wedding Budget Worksheet to help you estimate and stick to your wedding budget.
One of the most overlooked costs, which can be significant, is tipping. Plan on tipping caterers, limo drivers, photographers, and others 15 to 20% of their total bill if their services are satisfactory.
Who Pays For What?
If you have families that are more traditional, it also helps to know who pays for the various functions and features of your wedding. What does the bride's family pay for? What does the groom's family pay for? Check out our list for who traditionally pays for wedding costs.
Today, things are not so traditional and couples are now having to pick up the tab for their own wedding or if someone else is picking up the tab on some items, they like to pay for things they want to pay for instead of following traditions. Isn't always easier to spend someone elses money than your own? Especially if all you end up with in some photos, rings and a dress you never are going to wear again.
What Are the Average Amounts Spent on Each Category?
The average bride spends approximately 40% of her total wedding budget on the caterer (food, cake, and alcohol), 3% on the facilities for the reception, 8% on flowers, 10% on entertainment, 14% on clothing, 7% on a photographer, 4% on invitations and other printed supplies, 4% on gifts, 2% on transportation, and 8% on miscellaneous items.
How Can I Reduce Costs?
How can you reduce costs and still have a beautiful, memorable wedding? Some of the biggest ways to save money are:
- Reduce the number of guests
- Have a buffet or hors d'oeuvres instead of a sit-down dinner
- Have a cash bar, or close the bar during dinner, or have an alcohol-free reception
- Consider an off-season wedding (November through April) to reduce costs for the reception site
- Consider having your wedding on any day other than Saturday to reduce costs for the reception site
What If?
Not convinced that it's worth it to try to cut costs for the most important day of your life? Consider this: what if you had a small private affair for your closest friends and relatives and didn't buy an expensive engagement ring, spending around $13,000 for your wedding instead of the average price tag of $27,000?
What if you invested the $14,000 you saved in the stock market and left it there until you retired (assuming 40 years later), earning an average of 10% a year? What would you end up with? A whopping $634,000!
It's hard to look so far ahead when you're just starting out in your life together, but the world is full of people who find themselves quickly approaching retirement age without the financial means to retire. When all is said and done, I'll bet many of them would have traded a bigger, fancier wedding for the $634,000 nest egg.
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