First things first — there’s no such thing as the “right wedding budget.” Some spend less than $10,000 while others go even as high as $50,000. But on average, couples in the United States spend $27,000 for this special occasion — from the venue to the cater company that will prepare your wedding reception meals.
The Basic Expenses
Wedding expenses vary from couple to couple, and state to state (Did you know that if you’re in California, you’ll probably pay more to hold a wedding compared with other areas?). But in this section, we’re listing down the fundamental items you have to spend money in.
Venue and reception. Hiring a cater company and booking an events place for your wedding will take up around 40 percent of your budget.
Wedding Attire. From the bride’s gown and the groom’s suit to the entourage’s attire, 15 percent of the wedding budget usually goes to this one.
Decor. Including flowers and venue set-up, wedding decor takes up around 20 percent of the whole wedding budget.
Favors and stationery. These relatively small aspects of your wedding are still considered essential because it’s your way of appreciating your guests’ presence on your special day.
Music and entertainment. Ten percent of wedding budgets is typically allotted to your entertainment supplier.
Documentation. Another 10 percent goes to the photography and videography team tasked to document your day’s most beautiful moments.
Tips on Spending Budget Wisely
With all the items on your wedding to-do list, how do you stay on your budget and spend hard-earned money wisely?
Know first who are contributing. Especially if you as a couple have wide connections (or has some really strong bond with your loved ones), you can actually survey if some of them are willing to contribute to your wedding — in cash or kind.
Analyze your financial situation. After taking into account if anyone is willing to shoulder some of your expenses, it’s now time to take a look at your financial situation. How much are you willing to spend on your wedding? After the wedding, do you still have enough money to start living the married life?
Get an estimate of the number of your attendees. Weddings are but a numbers game. You need to know how many are attending so you can relay to your suppliers how much should they prepare or accommodate.
Research on suppliers. Speaking of wedding suppliers, you have to do your homework and research about them as soon as possible. The early bird, especially at weddings, get suppliers at really competitive prices.
Create a priority list. Settle down with you non-negotiables (read: things you don’t want missing on your wedding). This way you can easily pin down your priorities and the things you can let go of should there be not enough budget.
Track your expenses. Coming up with a wedding budget plan is hard, but keeping things on track can be a lot more difficult. It pays to document everything and monitor how much you’re already spending. But to really prepare for the worst, you need to have a contingency or emergency fund.
Altland House is a top cater company trusted by couples for weddings and the biggest brands for their corporate events. Contact us today and let’s start planning!