Weddings are a big financial undertaking – and one that can easily get out of control if you’re not careful. The average cost of a wedding in the United States is around $33,391.  But that’s just the average. If you’re planning a more lavish affair, the cost can easily balloon to $50,000 or more.

No matter your wedding budget, it’s important to be strategic about how you spend your money. That’s why we’ve put together this step-by-step guide to help you create a budget for your big day. Read on to learn more!

Step #1 | Determine your total wedding budget: Start by deciding on the overall amount you are willing to spend on your wedding. This will serve as the foundation for allocating funds to different aspects of the wedding.

Step #2 | Identify your top priorities: Discuss with your partner and identify the elements of your wedding that are most important to you. This could be the venue, food, photography, or entertainment. Allocate a larger portion of your budget to these priorities.

Step #3 | Make a comprehensive list of wedding expenses: Create a list of all the possible expenses related to your wedding. Include categories such as venue, catering, attire, decorations, flowers, invitations, photography, entertainment, transportation, and any other specific items you plan to include.

Step #4 | Research and gather cost estimates: Research and gather cost estimates for each item on your list. You can contact vendors, check online resources, consult with recently married friends, or use wedding budget calculators to get an idea of the average costs in your area.

Step #5 | Allocate funds to each category: Based on your priorities and the estimated costs, allocate a portion of your budget to each expense category. Be realistic and consider any additional costs such as taxes or service charges.

Step #6 | Keep track of your expenses: As you start booking vendors and making purchases, keep a record of your expenses. This will help you track your spending and ensure you stay within your budget.

Step #7 | Consider a contingency fund: It’s wise to set aside a portion of your budget for unexpected expenses or last-minute additions. A contingency fund can provide peace of mind and help you tackle any unforeseen costs that may arise.

Step #8 | Review and adjust your budget: Periodically review your budget throughout the planning process. If you find that certain expenses are exceeding your allocated budget, consider adjusting other categories to maintain a balanced overall budget.

Step #9 | Prioritize cost-saving strategies: Explore cost-saving measures such as DIY projects, borrowing or renting items, negotiating with vendors, or opting for off-peak wedding dates. These strategies can help you stretch your budget without compromising on your vision.

Step #10 | Regularly track and reassess your budget: Stay proactive in managing your budget by regularly tracking your expenses and reassessing your priorities. Adjustments may be necessary as you make decisions and bookings along the way.

Remember, creating a wedding budget requires open communication with your partner, careful consideration of your financial situation, and realistic expectations. By planning and monitoring your expenses, you can have a beautiful wedding that aligns with your vision while staying within your budget.

About Elizabeth-Jamey Rand

Elizabeth-Jamey Rand is the President/CEO of Oasis Consulting Group, a consulting agency based in Miami Beach, FL that not only specializes in various aspects of business management, but also in event planning. She utilizes her with great organizational and multitasking skills to ensure that your event will go off without a hitch.  To learn more, contact her at (786) 562-7601 or via email at elizabethjamey@gmail.com.