One thing that terrifies everyone, myself included, is budgets and money management. And when it comes to weddings, it’s even more terrifying. So, I want to help you better understand what all you should think about with budgets and an introduction of the budget template that I personally created and use.
First things first, you need to have a realistic expectation when it comes down to your wedding budget. Take into account of who is paying for what and just set up realistic expectations. If you only have $25,000 to spend but are planning a $60,000 wedding, its just not realistic. But also remember that weddings cost a lot more than you may actually realize. Some venues alone start at $10,000 just to rent the space. You will have so many categories to actually think about and plan for. So, also take a step back and have a non-compromise category. If it be the venue, music, catering, whatever it may be. In the non-compromising category, have three different vendors that you won’t be compromising.
So, to start actually setting your budget, you are going to have a few different categories. Your estimate, your actual, and the difference if you want. I will always say to do the estimate and the actual amount. Just because you need to know what you have laid out for yourself and how much that you actually spend. When it comes down to the estimate, always do your research first. Take inventory of yourself and what you are wanting to do with your finances when it comes to your wedding. Set the actual amount that you are willing to spend and then break it down from there.
When breaking down your budget, your venue will be the one that you spend the most money on. And depending on what you are wanting to do with it, break down the finances from there. If you aren’t good with finances, I would strongly recommend getting a one time service from a wedding planner.
So, lets explain the template that we have and are using. Its broken into a few parts, the category of the service, what could be included, an estimate, the actual amount, and the difference, so you know how much over or under you are. Here is what the blank template looks like
Its set so that even if you move the template up or down, no matter what row 1-4 doesn’t move so that you’ll always have your header with you. So when you have the blank template, you can honestly just add to the different categories. So, let’s start with what a fake budget for a wedding could look like. Let’s say the ceremony is at a church and the reception is at a hotel. Let’s start with the ceremony portion of it. If we say the estimate cost for all of it is $500 for the site, $100 for the officiant, $200 for accessories, and leaving $100 for any sort of miscellaneous costs. Seeing that on the template, it would look like this:
So, it automatically fills in the estimate and the different between the actual prices. So, after going through and adding each for the estimate prices, go back and add what you actually pay for each vendor. So, lets say that you picked a church for the ceremony and they only require a donation for the use of the church, and you donate the flowers that was used. So, you don’t have a site cost for the use of the space. The officiant is $50, you spend $300 in accessories and $150 in some of the miscellaneous costs. Looking at the template it would be as follows:
So, with the budget, you have that set prices that are going to be laid out exactly for you. You’ll know how much you’re spending, where your money is, and how much you are, or aren’t, saving. Having a budget to work off of is going to be your biggest lifesaver when it comes down to planning your wedding!
Eccentric Weddings' Help 