![]() ![]() The average engagement lasts 16 months, according to 2021 data from The Knot. You could spend $10,000 on a couture wedding dress or $200 on an off-the-rack gown. This is where creativity, vision and negotiation duke it out as the majority of these are variable costs depending on who you hire or what you order. ![]() If you’re way off, reevaluate your choices. Some experts also recommend putting aside a percentage of your budget for surprise fees and taxes (more on that below).Ĭalculate the cost for your three highest priority items based on your wedding budget ($25,000) and average percentages: band ($3,250), flowers ($1,750), and photography ($1,750). You might also have an officiant fee, makeup artists, guest transportation and any number of other expenses. The Knot’s wedding budget breakdown shows average percentages of total cost for common line items based on a survey of couples it doesn’t add up to 100% since not all weddings include the same expenses. Starting from the top, assign estimated costs to each expense. Do you need a 10-piece band? Orchids? An ice cream bar? List your wants and wishes in priority order. “Focusing on your priorities ensures your investment is based on what you personally value most,” says Gore. Together as a couple, decide on three must-haves. The other half of your budget will go to everything else: invitations, flowers, favors, music and other decor items. Use a wedding checklist to estimate your expenses Trimming a guest list to fit your budget can be stressful, so Sherry offers this advice: “If you wouldn’t give someone $100 today, then don’t invite them to your wedding.”ģ. So if you have a $25,000 budget, estimate about $12,500 for per person costs, which equals 125 people. That number will vary based on your preferences and location-you could have a lavish affair with 40 people for the same price as a huge buffet in your backyard-but it’s a great gauge to determine whether you have to cut your guest list, says wedding planner Elizabeth Sherry of Minneapolis. To estimate how many people you can afford to invite, divide your bottom line in half, then divide that number by 100 (an estimated $100 cost per person for a sit-down dinner with dancing). Couples spend about 53% of their total budget on venue, catering and alcohol, according to The Knot Real Wedding Study. “Each guest translates to more food and beverage, venue space, staff, rentals, transportation, flowers and more,” says Gore. Your guest count has a significant impact on your total costs. The next step is to consider your wedding size. That brings you to a $25,000 wedding fund. Family contributions + existing savings + future savings (more on this later) = wedding fundsįor example, say each set of parents provides $5,000, you each have $5,000 in savings, and together you plan to save an additional $500 a month for 10 months ($5,000).Then get to your bottom-line budget number with this formula: You may want to schedule a wedding budget meeting of the minds with family members to understand if they are able to help pay for the wedding and how much (specifically) they are comfortable kicking in. Will your parents contribute? The trend is moving toward a shared responsibility, with most couples paying for about half the wedding with their parents covering the rest, according to the 2020 WeddingWire Newlywed Report. ![]() You don’t want to spend more than you make. Think of it like your salary, says Kristen O’Keefe Merrick, a financial advisor in Fairfield, N.J. Without this initial guardrail in place, you risk overspending. The first and most important part of making a wedding budget is to come up with a total price tag that you don’t want to exceed. ![]() Here’s how to come up with a plan that will set you on the right path. ĭon’t worry, creating a wedding budget breakdown doesn’t have to involve spreadsheets and algebra, but it will involve some list making and simple number crunching. The average cost of a wedding in 2022 was $27,800, up from roughly $24,000 in prepandemic times, according to The Wedding Report founder Shane McMurray. This is true now more than ever as inflation and competition from postponed weddings has pushed up prices. “Many couples overspend early in the wedding planning process as they underestimate what things cost,” says Raela Gore, founder and lead wedding planner of RSVP Events in Nashville, Tenn. To turn your matrimonial vision into a financial reality, you’ll need to create a wedding budget early on (and stick to it). ![]()
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