Creating a Wedding (or event) Budget

The benefits of crafting a detailed budget are innumerable. Your budget will keep you organized and provide clarity when decisions need to be made; it will also assist vendors in crafting the most fiscally effective design plans. 

FIRST: Have a heart to heart with those involved with the planning process/paying for the event (significant other, your parents, your in-laws -to-be); talk specifics. How much money is everyone contributing? What elements are really important to you and your partner? Are there any special elements the parents would like you to consider incorporating?

You should walk away from your meeting with a clear picture of what your overall budget is.  While there are not hard and fast rules, a typical Milwaukee wedding will cost between $25,000 and $75,000.  That being said, don’t assume that is what you need to spend to have a stunning affair.  I strongly urge you to figure out what funds are available and allocate your resources in an appropriate fashion.

NEXT: Re-cap your priorities list… What are your top 3 priorities?  (See Previous Post)

1 –

2 –

3 –

 

NOW: Allocate…

The following list demonstrates how to portion your budget.  Allocate monies first to those elements of your event that matter most.  Utilizing percentage points allows for greater flexibility; if you and your groom are culinary aficionados, you may want to splurge on catering/bakery (30%).  To offset the splurge, you might decide to select more economical bridal attire and printed materials.

Catering/Bakery - 15-30%
Ceremony/Reception Site Fees - 5-15%
Fashion (bride/groom only) - 5-10%
Flowers/Decor – 15-20%
Lighting - 5-10%
Linens - 5% or less
Misc. (gratuities, planners, etc.)- 5% or less
Music - 5-10%
Photography - 5-15%
Printed Material – 5% or less

 

FINALLY: Meet with vendors to acquire written estimates. This is a time to be forthright with vendors; express your wants and desires and share your budgeting requirements. If you are uneasy about providing a concrete number, at least give a range with no more than $1000 between the high and low numbers.  Being open with your vendors helps them advise you on how best to allocate your resources.  Select vendors that fit your budget requirements, but also fit your style and collective personality as a couple.

Remember, crafting a Wedding/Event budget doesn't have to be overwhelming and awkward. Approach the situation logically and be honest with all involved parties (including vendors). There are no hard and fast rules for weddings these days; instead, you should craft an event that truly speaks to your personal style yet fits within your budget.

Cheers!
s.