Recently married couple dancing at wedding Recently married couple dancing at wedding
Recently married couple dancing at wedding

Your wedding is an exciting but stressful time. No one’s ever called planning a wedding an easy job. Luckily, with Fox Finance Group, the financial component can be taken care of. Whether you’re putting a wedding together for yourself or a close family or friend, you need a budget.

To figure out your budget, you’ll need to do quite a bit of planning. This should start well ahead of time, giving you plenty of room before the big day.

In this guide, we’re going to cover three of the most important steps you’ll need to take to determine what your wedding budget will be. That way, you can make sure you have the funds you need for the party of a lifetime.

How to Budget for Your Wedding

In the days, weeks, and months leading up to your wedding, you might be nervous about spending any money at all. That’s a good thing.

You’ll want to cut out any unnecessary spending leading up to the wedding to ensure you have as much money as possible.

Once you’ve determined what you can go without, it’s time to get serious about making your wedding budget. You need to see if you have enough money without getting a wedding loan.

Let’s talk about it.

What to Include in a Wedding Budget

The first thing you’ll need to think about is what is actually included in the wedding budget. What are the costs that will soak up your budget? How much money should you allocate for each of these things?

Some of the things you’ll want to have in your wedding budget include:

  • Venue
  • Reception
  • Table and chair rentals
  • Fees for officiants
  • Marriage licence
  • Catering/food
  • Alcohol
  • Cake/desserts
  • Wedding favours
  • Gifts for bridal and groomsmen party
  • Bachelor and bachelorette party
  • Flowers and decorations
  • Tablecloths, seat covers, and centrepieces
  • Photographers and videographers
  • Music and entertainment
  • Wedding invitations
  • Tuxedos
  • Dresses
  • Makeup
  • Wedding bands
  • Transportation to the wedding

If you’re still with me and your head isn’t spinning, you may be realising that the costs will add up incredibly fast. If you had a number in your head for your wedding budget, this might throw off your entire plan.

Weddings are incredibly expensive. Understand that you can consider many of the things on this list optional, as long as you’re willing to go without them.

Set a Spending Limit

If your wedding is 12 months away and you have a goal to save $24,000, you know that you need to save $2,000 per month, right?

The best way to set a spending limit on the wedding is to figure out how much each of those items above will cost. You don’t need a “hard” number — a reasonably accurate estimate will do.

It’s best to figure out the big things first. That includes deciding on what you’re absolutely not willing to go without.

For example, you can’t go without a venue for the wedding. The wedding needs to take place somewhere, right?

So, get an estimate for that based on how many guests you think you’ll have. Then, factor out the percentage of everything else.

If you have a $24,000 budget on the wedding and the venue itself is going to cost $6,000, then you know that you have 75% of your budget left for everything else.

Know Who Pays for What

Asking people for money is never ideal, but it’s important to understand this ahead of time. Keep in mind that the tradition of the bride’s family paying for the wedding isn’t exactly the case anymore! Wedding loans are available if you need them.

3 Ways to Manage Wedding Finances

Now, let’s talk about some of the actionable steps you can take to financially prepare for the big day.

Figure Out What You Have

The first step is to figure out how much money you have. Take a look at your personal finances and what you think you’ll be able to put towards the wedding.

Consider how much time you have to save and how much money you think you’ll be able to save by the time you need to start paying for things.

Account for any unexpected costs that you might run into and always be conservative in your estimates. When things can go wrong, chances are they will.

Then, add in any contributions you’ll get from your family and you’ll end up with a total.

Figure Out What You Need

Now, you need to figure out what the wedding will cost. It’s likely that the price of your wedding is going to be higher than the amount of money you currently have saved or plan to have by that time.

Also, if you’re building out a spreadsheet, which you should be for the wedding costs, add a section called “extras” and allocate at least 10% of your total budget to that. There will be a lot of things you didn’t think about. That could include paying for an organist, invitation postage, hotel fees, and more.

Determine the Difference

Figure out what the difference is between what you plan to save and what your wedding will actually cost. If that number is a little higher than you think you’ll can save or receive from friends and family, don’t panic.

You have two primary options:

  • Option A: Cut back on the venue and reduce the guest list
  • Option B: Apply for a personal loan to bridge the difference

Benefits of a Wedding Loan

A wedding loan is a great option that can help you fund the cost of your big day. They say you only get one wedding. Why cut back when you can apply for an easy to get wedding loan? Receive a same day approval as well as favourable wedding loan rates.

  • Know your repayment options before you apply
  • $10,000 to $80,000 loan amounts
  • One low fixed rate for the life of the loan

Apply for a wedding loan today with Fox Finance Group and a specialised wedding finance expert will be in touch with you as soon as possible!

About the Author

Rowdie Lang

Rowdie has been a part of our Team since 2020. He has witnessed firsthand the ongoing evolution of the finance industry as technology continues to change the way customers' access financial services. He has a passion for helping people and relishes the opportunity to work alongside our teams every day as they help our customers financial dreams come true.

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