Money, one of the 5 most common pre wedding fights between newly engaged couple. There are nearly 8 out of 10 engaged couple indicated, wedding planning without any budget plan can lead to overspend at the end of the day.
To make a budget, you will need to make things clear and transparent so you don’t over during the wedding planning. Here are tips to plan your wedding budget.
1. How much you have
You and your partner’s individual savings, monthly income and contributions from parents determine how big wedding you can afford. Count how much money you have and discuss with your partner and families, decide how much you and your partners can contribute. It is important to set a realistic wedding budget to ensure the financial wellness of you and your partner.
2. How much you need
Some people might spent thousands but some might spent over hundred thousand for a wedding. How much money you need for the wedding is actually depending on your preferences. We have list down wedding expenses statistics to give you a general idea of how much to allocate for wedding budget:
- Wedding Banquet 45-50%
- Attire 10-20%
- Ceremony 5-10%
- Photography & Videography 10-20%
- Decor 10-15%
- Entertainment 10-15%
- Planning 5-10%
- Emergency Fund 4-5%
3. Track expenses
Monitor and track every spending for the wedding. It is important to add every expenses through each step of the planning process. This way you can closely monitor exactly what you are spending. It helps you to understand where’s the money goes and how much balance you still can use, to make sure you won’t over spend.
Bear in mind, your budget and how money is allocated, is changeable and need adjusting throughout the process. Start building your wedding budget with thebigday wedding budget calculator to track and manage your wedding expenses!