Hey bride-to-be, I know budgeting for your wedding can be a challenging process, and there are many ways to go about it.
If you’re planning a wedding, budgeting is probably the last thing on your mind. But budgeting for your wedding can be incredibly important—not just for keeping things simple and staying within your means, but also for ensuring that you have enough money to pay for all of the things that matter most to you.
Here are some tips to help you get started:
Start with a number
The first thing you need to do when budgeting for your wedding is deciding how much money you have available to spend. This can be tricky, especially if both of you are working or if only one of you is working, or if there isn’t a lot of money coming in right now. But it’s important to know where to start so that later on down the line when unexpected expenses pop up or other people offer their services at reduced rates or free of charge, you’ll know whether or not they fit into your budget or not.
Make a list.
Make a list of all the things you’d like at your wedding and then prioritize it. You can have the DJ or not, but there’s no point in having both a DJ and a band—deciding what is most important will help you save money.
Know what things cost beforehand
The next step is knowing what things cost beforehand, and this includes everything from the venue rental fee (if applicable) down to how much it costs per person just for dinner at the reception hall with drinks afterward.
Set maximum prices.
Set a maximum amount of money that each category can spend per person (or couple). Once you know what things cost, set a maximum amount you can spend on each of them. For example, if you find out that an average wedding dress costs N250,500, set a particular amount you can afford to spend on a dress, maybe between N100,000 and N250,000 as the maximum amount you would spend on your dress.
Start budgeting early.
You might be tempted to wait until after you’ve booked your venue and caterer before starting to budget, but that’s when things can get tricky, and expensive! You’ll have fewer options available if you wait too long, and you might find yourself having to settle for what’s left or paying more than you wanted to. Get started now so that as you start booking vendors, you’ll have enough time to sort out pricing and figure out what works best for your vision of the day.
Set a date budget and stick to it.
When it comes down to it, there are only two things that matter when planning a wedding: people (and their feelings) and money (and how much of it you have). You want everyone who matters most in your life there with you on your big day, so don’t skimp on the “people” part by cutting corners on food or drinks! If money is tight, focus on keeping costs low.
Consider alternatives.
If something seems out of reach but is still important to you and your future spouse-to-be (such as a dream honeymoon destination), look into ways that it could be achieved through alternative methods (such as taking advantage of hotel promotions or booking flights at off-peak hours).
Set up a spreadsheet.
Set up a spreadsheet with all of your expenses broken down into categories like venue rentals, catering costs etc. You can easily see how much money is going where without having to do too much math! This will also help keep track of how much money comes in vs goes out over time—and make sure there aren’t any surprises when it’s time to pay those bills!
Look for deals.
Don’t be afraid to look for deals and discounts wherever possible! You may find some great deals online or in store if you shop around enough!
Get creative.
You don’t have to spend money on everything; there are lots of ways that couples can save money by getting creative with their decorations, food choices etcetera! For example, if you really want fresh flowers but can’t afford, them then consider using silk flowers instead. They look just as good (if not better!) than real ones but cost less which means more money leftover at the end of the day.
Cut costs where possible.
There are many ways to cut costs when planning for your wedding day. These include cutting back on things like table decorations or certain types of food rather than getting rid of them entirely. This will allow you to save more money in other areas while still helping keep things affordable for everyone involved with planning the event!
Prioritize
You must prioritize what’s most important when deciding what aspects of your wedding day should receive more attention. Aspects such as venue location or flowers versus music or entertainment. You can choose to have an large venue which is usually expensive and have less expensive music and entertainment options available at the location.
To sum it all up, you have to know yourself, your partner and the amount of money you both have to spend on your wedding. Be fair with your budget, write everything down and stick to this amount! Don’t get stressed out about the whole process because that might spoil it for your partner.
Yours in Financial Independence, Temitope.
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