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Wedding Budget and Savings Tips

Updated on July 1, 2012

 Congradulations on your engagement!!!  Now that you are in engaged it is time to think about your plans for your big day.  You also have to make a plan for saving the money to cover the expenses.  Relax and take a deep breath...I will walk you through some steps that will help you plan your budget and make a savings timeline to ensure all expenses can be paid without putting yourselves in debt.

Amount You Can Afford

Your first step is to figure out a realistic amount of money you can afford to spend on your wedding without putting you deep in debt before you are even married. Also while figuring out this amount determine how long you will need to save to reach your goal. If your wedding day is already set make sure you have enough time to save and adjust accordingly, if you did not set a date yet consider how long it will take you to reach your goal and go from there. You may want to include any contributions from others into your budget or savings, for ex. bride's parents or groom's parents may contribute to the wedding funds. If you add it to the budget you can spend a little more, if you add it to the savings you can lessen the amount you have to save, the choice is totally up to you.

Savings Plan

You will need to make a savings plan for yourself. My advice would be to treat this like a car payment or an electric bill payment. You have to pay it every month. So if you need to put aside $150 every month treat it just like a bill and do it. It would be great if you can place it in a separate account away from your everyday money. That way you know exactly what you have saved and how far you need to go to reach the goal. Also by having a separate account you will need to treat it like any other bill and physically pay it to that account.

Category 
% of Budget 
Reception Site, Rentals, Food, Drink, Cake 
48% 
Bride & Groom's Attire 
10% 
Flowers & Decorations 
8% 
Photo & Video
12%
Music & Entertainment
8%
Invitations & Stationary
3%
Ceremony Site & Officiant
3%
Wedding Rings
3%
Attendant Gifts
3%
Transportation & Parking
2%

Plan Your Budget

You should figure out a budget before you make any official plans, ex. reserving reception site, attire, etc. This way you will know about how much of your total can be spent on each area of planning. To the right is an example of a budget worksheet that I got from "the knot Ultimate Wedding Planner", by Carley Roney and the editors of The Knot.

There are numerous books and websites that offer similar budget worksheets like this one or more elaborate worksheet depending on your plans. Alot of these worksheets online will calculate each area for you saving you time in doing the math!!

Planning Your Wedding Day

Once you come up with a savings plan and a budget you can start to make arrangements for your wedding day. You will now know about how much you can spend in each category. It is very important to stick within the budget you have set and try not to go over the allotted amount for each area. If you can spend less then the amount allotted this would be very beneficial. The money you save in one area can be used to increase the amount that can be spent in another area, or you can decide to not spend the money you saved and come in spending less than originally expected. Think about it this way - if you go over the budget you will have to save up more money, if you stay under budget it will be instant savings!!! The instant savings can even be used for the honeymoon!!! So try your best to follow the budget.

You can plan your wedding without the added stress of money if you follow these simple steps I listed above. Also remember that everything does not need to be paid in full as you are planning, most categories just require a deposit up front to secure your reservation and then full payment of the remainder closer to your event. Just remember to think realistically and do not overdo it. You do not want to start your married life deep in debt scraping for pennies.

Category 
% of Budget 
Actual 
Reception Site, Rental, Food, Drink, Cake 
$2,425.00 
 
Bride & Groom's Attire 
495.00 
 
Flowers & Decorations 
400.00 
 
Photo & Video
600.00
 
Music & Entertainment
400.00
 
Invitations & Stationary
150.00
 
Ceremony Site & Officiant
130.00
 
Wedding Rings
175.00
 
Attendant Gifts
150.00
 
Transportation & Parking
75.00
 
Total
$5,000.00
 

My Wedding Savings Plan and Budget

I just wanted to share with you my wedding savings plan and budget. My wedding date is April 7, 2012, this gives us about 1 year and 2 months to save. My fiance and I will be paying for the wedding. We came up with the amount of $5000 total that we feel is realistic to save for and spend. We will need to place $2000 aside from this years income tax return, $1950 from next years income tax return, and $75 a month from February to March of next year totaling $1050. I also figured out a budget worksheet so I know about how much I can spend in each category. My goal is to come in slightly less and keep the instant savings aside, and also if anyone does contribute to the wedding I will add it to my savings account which in turn will require us to pay less out of pocket. I am including a table to the right to show how my funds will be delicated to each category. The last column is for the actual amount spent in each category which will help to make sure we are staying within our budget guidelines.

  •  Budget Worksheet was taken from "the knot Ultimate Wedding Planner"

Comments

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    • JillKostow profile imageAUTHOR

      Jill Kostowskie 

      7 years ago from Pennsylvania

      Thank You Simone, As soon as I seen that posted for the daily topic I knew I would be able to write about it easily. I also figured anyone else who is planning a wedding would benefit from my experiences.

    • Simone Smith profile image

      Simone Haruko Smith 

      7 years ago from San Francisco

      Congrats on your engagement and upcoming wedding, and thanks so much for sharing your saving strategy and budget breakdown! It's great to get advice from someone who is actually involved in the saving-for-a-wedding process right now, because obviously you know better how things are than anyone else! Great Hub.

    • JillKostow profile imageAUTHOR

      Jill Kostowskie 

      7 years ago from Pennsylvania

      Dorsi--Thanks for reading and commenting. We are in the planning stage of our wedding now, and I just figured others could benefit from these tips also!!!

    • Dorsi profile image

      Dorsi Diaz 

      7 years ago from The San Francisco Bay Area

      Great hub with good savings tips!

      Thumbs up!

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