How to Stay Within Your Wedding Budget
It’s no secret that one of the toughest parts of planning a wedding is managing the budget. Today, we’d like to share with you an easy guide to staying within your budget for a wedding or other event. Our tips:
Be smart with your budget
A good first step is to open a new account just for wedding expenses. This makes it easier to track expenditures and deposits and also keeps your budget separate from your regular day-to-day expenses. Another good strategy is to use a rewards credit card for as many wedding expenses as possible. This way, your budget is doing double duty for you by also earning cash back, airline rewards, etc. Make sure everyone, fiancé or family members, making purchases for the wedding uses this card so you can maximize your rewards.
Use a system to keep track of expenses
Setting up a spreadsheet in Excel or Google Sheets is an easy way to help you keep your budget on track. The Knot also offers a great online tool for this, with wedding-specific features built in.
Be aware of hidden and surprise costs
When planning a wedding, there’s a host of costs that can cause you to blow your budget if you’re not careful. Tipping can be expensive if you don’t plan for it, as can overtime if your event goes longer than planned. If you know your guests love to party and the event may run late, work that into your contract with the venue. If your event doesn’t go over, you can get a little extra bonus cash that way. Other sneaky expenses can be small items such as stamps for RSVP cards, ribbons for souvenir bags, and marriage license fees. Even these small expenses can add up to a big budget shortfall.
Plan to go over your budget
If you plan for a little extra, you never actually need to blow your budget. A good rule of thumb is to put 5% of your overall budget toward unforeseen expenses. If an additional family member needs a boutonniere or there’s accidental damage to something at the venue, you’ll be glad you gave yourself a little wiggle room. The weather can be another culprit for incurring last-minute costs, as space heaters may be needed for an unseasonably cold day or shade for an unexpected heat wave.
Even if you’re doing most of the planning yourself, your wedding should be fun for you too! By applying these little tricks for sticking to your budget, you’re sure to be ready for fun when the big day arrives.
As for the food, we’ve got you covered.