Its estimated 6 million people get engaged on Valentine’s Day. Now that a week has gone by of posting, calling, & texting the great news, what is the next step for these lucky couples? Time to make a budget! It is the least exciting part of your wedding, but it is the most essential. Here are things you should think about when breaking down your wedding budget.
Wedding Budget Breakdown
The typical percentage spending for each part of your wedding goes like this: Venue 30%, Catering 23%, Band 13%, Wedding Rings 7%, Photography 7%, Alcohol 7%, Flowers 7%, Videography 6%, Attire for Bride & Groom 6%, DJ 4%, Transportation 3%, Stationary 2%, Hair & Makeup 2%, Cake 1%, Favors 1%, and Officiant 1%.
Allocating Your Wedding Budget
When determining how to allocate your funds start by determining what you can afford. Also, what each of your expectations is for what the wedding will look like. This includes how many people you will be inviting, what type of venue you prefer, the time of the year you want to get married, and whether you are looking for a more formal event or a casual intimate party.
Avoid These Common Wedding Budget Mistakes
So there are no wedding disasters, make sure to keep the following in mind. Make sure to follow your budget guideline and spend more than you allocated. Remember you also have to pay for a honeymoon. So, adding little items here and there can add up. Keep track of your spending in order to ensure you are sticking to the plan. Another important thing to remember is to include special event insurance. If the last few years have taught us anything it is that you need to be prepared for any circumstances so you do not lose out on a lot of money.
The key here is to be open and honest about what your priorities are when it comes to your special day. Be realistic about what you can afford, stick to the plan, and have a happily ever after.
Need some help financing your special day? We have excellent options, such as Visa Credit Cards, Signatures Loans, and a Line of Credit to make your day stress-free and affordable. Visit our website to learn more.