Your wedding will be one of, if not, the most expensive party you will host in your life. To start budging it, a great way to start is to make your Wants and Needs list, tally up your savings, and a spreadsheet to organize the money.
- Tally up!
Tally up the savings you and your partner have. Do not use your emergency funds ( 3 months of salary in case of job lost or medical use). If you are at the beginning phase, you can save about 10-20% of the income after all the expenses are taken care of. Setup an automatic transfer so you don't use the leftover from expenses. If you have savings already you can add it to your budget as well. Everyone's situation and saving strategies are different, so there are no strict rules. This is just a guide and no one should be pressure while saving for their wedding.
- Wants and Needs
We want the perfect wedding, but sometimes when we are working on a budget we can't have it all. But that doesn't mean you can't get the amazing wedding you been waiting for.
These are some vendors that should be on your Needs list.
-Venue
-Photographer
-Videographer
-Makeup Artist
-Florist
-Entertainment ( DJ and Emcee)
These are some vendors that might be on your Wants list.
-Photobooth
-Wedding Planner
- Live Band
-Face Painting
-Tracking the Expense
In the spreadsheet, you can have on column for funds on hand, needed to reach goal, and the vendors you wish to have. You can check the average price of each vendor in your area to get an idea for your budget. When you get quotes from the vendors, filter out the ones you want to work with and put it in your spreadsheet with the pending tab. That way you can have a glance of the expenses. Once you narrow down to the vendor you want with the final quote, put that on the spreadsheet with the tab label total. Now you
will know how much additional funds you need for the wedding and plan accordingly.
*Tips- Save 15% of the total budget in case you missed something. RSVP cards, Thank You Cards, extra albums, service fees, transportation, hotel, etc. Do not use this money for your vendor or upfront. Use it for things such as mention above.
I hope after reading this post you will have some directions on planning your wedding and a budget to work with. If you have any other questions feel free to email us at letschat@kevinkoophotography.com