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Importance of Budgeting


 

Big or small, everyone needs a wedding budget. Knowing how much you can spend helps to maximize the value you can get. To help with establishing a budget suitable for your wedding, download our Budget Planner that has thought many steps ahead for you!


Jackpot! Photo by Plush Photography. Wedding of Melissa and James.

BUDGET EXPLAINED
To ensure you have not missed out the essential components, cross check your budget list with the ‘To Do Checklist'. Go through the list and set a budget for each item. Speaking to friends who have experience in weddings will certainly help with setting a realistic figure. A basic estimate in percentages is listed below for your reference:

Food and Beverage – 50%
Attire – 13%
Photography & Videography – 14%
Favour and Wedding Stationary – 7%
Transport and Entertainment – 6%
Flowers – 5%
Gifts / Red Packets – 4%
Others – 3%

BUFFER
Always cater a buffer of approximately 5 – 8% for unexpected surprises - that extra bit of lace in your wedding gown, or that special bloom you simply must have in your hand bouquet!

HIDDEN COST
These costs usually hide in small items that can be easily overlooked. Just imagine GST alone can increase your budget by 7%! Also, having a fancy idea like an open bar for your guests leaves that portion of the budget exposed. For every decision you have to make, there is always a more luxurious choice. For example, you can always have a better wedding gown, a more expensive wine, more fanciful décor and so forth. Even though cost between the budget and better options may be marginal, they will eventually add up.

WHO PAYS?
The answer is different for various cultures therefore the best way are to discuss the issue with your other half. Involving parents is important as they may have certain expectations which are better known from the start rather than at the end. More and more so, couples are paying for weddings out of their own pockets. However some may be surprised with money tokens from the parents. Speak openly to each set of parents to see if they are willing to finance a particular aspect of the wedding such as reception, furniture for new home or honeymoon.

SMART SAVING!

  • START NOW
    If you have yet to amass a wedding fund, start now! Consider opening a separate bank account for wedding expenditure. This way you can monitor closely if you are under or over budget. Charging your expenses to a single credit card is wise as that translates to air miles or rewards.
  • GROW YOUR FUND
    If you have sufficient time to save before cash starts flowing outwards, it may be a good idea to put money in a rollover account to gain that extra bit of interest. Longer term deposits pay better interest but be careful not to tie up funds for too long as you never know when you need to start paying wedding dues.

Working through your budget will highlight priorities, which you may not have realized in the first place. Now that you’re armed, go ahead and have fun with budgeting for the party of your life!




Related Images
Theme: Do-It-Yourself
Keywords: Wedding Budget, Wedding Planning



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