The following suggestions will ensure that your wedding turns out the way you want it while keeping your budget in line.

The most important advice we can offer both you AND your parents is DO NOT GO INTO DEBT! Weddings come in a variety of types and sizes; one is not necessarily better than the other based on the size or how much money you spend. Whatever you do, don't start your married life in debt.

BE REALISTIC WITH YOUR BUDGET
Your wedding budget should be handled like a business budget. If your boss said, "The budget for the Christmas party is $10,000," you would use only those services that would keep you within budget. The same is true for your wedding. Find the services that can accomplish what you want within the budget you've designated. Be realistic about your budget. If you have only $5,000 for your reception, it's unlikely you're going to be able to afford a full sit-down dinner for 150 guests, but a buffet with hot and cold hors d'oeuvres may work very well. Follow your budget allocations as closely as possible. This will eliminate financial stress.

DON'T FORGET TAXES AND GRATUITIES
Be sure to ask if all charges for delivery and setup, taxes, and gratuities have been included in the estimates you get from all the businesses and services you have selected. These additional costs can be a very nasty surprise the week before the wedding!

SAMPLE BUDGET SHEET

Service >> Budget >> Actual >> Deposit >> Due >> Balance >> Due
Caterer >> $5,000 >> $5,250 >> $500 >> 5/5 >> $4,750 >> 8/6
Florist
Photos

SETTING UP A BUDGET
It is recommended you set up a separate bank account for your wedding. This way funds can be tracked and kept separate from regular finances. Always pay businesses or services with a check or credit card to better record and track expenses. Allocation of your budget depends on what is most important to the bride, the groom, and the families contributing. Some spend more on music and entertainment or photography than others. The following is a breakdown of average spending by percentage:

• Engagement ring - 14%
• Reception - 40%
• Photography and videography - 15%
• Bride's and groom's attire - 5%
• Music - 4%
• Flowers - 3%
• Invitations - 2%
• Miscellaneous (clergy fees, rehearsal dinner, attendants gifts, limos) - 7%
• Honeymoon - 10%

Labels: budget

It's amazing how fast wedding costs can exceed the planned budget. If you find yourself in the position of needing to trim back to make everything fit within your budget, consider the following:

• Avoid peak wedding days and seasons. You can save money by having your wedding during the months considered to be "off-season" (January-May and late October-November) and on a Thursday or Friday evening or Sunday during the day. Because these times are in less demand, many businesses and services provide what you are looking for at reduced prices. You're also more likely to get your first choices!
• Consider a daytime versus evening wedding. Saturday or Sunday daytime weddings are becoming popular. Considering a weekend daytime wedding gives additional options for your wedding date. Food and alcohol costs are considerably less for daytime events than evening events. People don't drink as much, if at all, and the food itself is far simpler and therefore less expensive.
• Cut back on the guest list. Guest lists can be the first thing to get out of control. Everyone wants to invite anybody and everybody they ever knew. Be firm with your figures of how many guests for each family. If that doesn't work, go back to the old formula of immediate family first, close personal friends second, etc., or have everyone review the list and cut back by 10%, 20%, or whatever is necessary to bring things back in line.
• Determine what is most important to you and put your money into that, but trim back on other areas. If fabulous flowers have always meant the most to you, spend a little less on your wedding gown or wear your mother's, sister's, or a friend's gown. If you've always wanted the most incredible dress in the world, cut back on the flower budget and have a DJ instead of a band.
• Don't be afraid to shop around. A little time on the phone could save you a lot of money. There can be a considerable difference in prices between different businesses for the same items or services. Just make sure that you are going to receive exactly the same item or level of service from the less-expensive company and that no short cuts are being taken at your expense.
• If you're very clear about what budget you have to work with from the beginning, you'll find that the people in the wedding industry can be very helpful with all kinds of clever ideas on how to save money. Don't be afraid to ask for suggestions or ideas.

Labels: budget