Winter ’16: Budgeting

What would seem to be a fairly straightforward way of going about coming up with a realistic wedding budget, many couples get sidetracked due to other people’s expectations and media manipulation.  What should be an enjoyable process is sometimes very stressful. Some couples end up with their wedding budget depleted before they’ve even hired all their vendors. The problem ultimately lies NOT with the actual budget dollar amount itself, but in the allocation of where the money is spent.

wedding-budget-pie-chart[1]More specifically, the problem lies with the source of where this wedding budget information is coming from.  It’s no surprise that couples use wedding budget pie charts and suggested budget breakdowns.  They’re all over the internet and the percentage numbers vary widely.  You’ve seen them (like the one shown here) in wedding books, websites, and other media. They list the percentages of various wedding services that couples “should” be spending their money on. As ridiculous as it sounds, these lists and pie charts are suggesting the percentage that couples should spend on each category like every wedding and every couple has similar preferences.  This kind of logic isn’t used in any other type of major lifetime expenditure. Can you imagine buying a car or a house and the sales person hands you a pie chart with pre-determined categories and preferences that they think you should have?  Of course not.

So how does a newly-engaged couple juggle this jungle of wedding hi-jinx, and come up with a reasonable budget that doesn’t bankrupt them while having the wedding day of their dreams?

The answer is MUCH simpler than you may think….

Spend money in direct proportion to the importance that you place on each service.

First, come up with a reasonable wedding budget amount that you can afford and is not going to put you or your parents (if they are paying for it) in debt.

Second, come up with a realistic allocation plan. Here’s how to do it…

On two sheets of paper, the bride and groom should write their “Wedding Top 3”. This can be a combination of various things such as…

  • What you want the most important part(s) of the wedding to be
  • What you want your guests to remember most about your wedding
  • What you dream about most for your wedding day

You should each come up with a Top 3 but it’s important to write these down separately so you’re not influenced by the other’s answers. Come together, and compare your Top 3’s and rank them in order (3 points for #1, 2 points for #2, 1 point for #3), and combine points for items that are on both Top 3’s. Add up the numbers, tabulate into an overall Top 5, and correlate each item to their respective vendors that represent that service. These are the Top 5 items, in rank order, that you should spend your money on. Hire the best vendors you can find for anything in the top half of the Top 5.  Whatever money is left over after you’ve reserved your Top 5 services, should be spent on anything else you may need, but shouldn’t exceed your overall budget.

Warning… this method goes against the typical wedding budget philosophy, but if you think about it, it makes perfect sense. It requires most couples to develop a different way of thinking about their wedding, but it pretty much guarantees that a couple will have the wedding of their dreams while keeping their budget in check. Most couples can save thousands of dollars by sticking to this plan.

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