A step-by-step guide to making a budget you can stick to
We’ve already talked about how much a wedding costs, discussed why weddings are so expensive , and given you tips on how to save money on your big day. But do you actually know how to work out your wedding budget? Some couples pluck a figure out of the sky. Others bury their head in the sand entirely. And some couples have a working figure based on what they either have saved or feel happy to spend, but they never really know if it’s realistic. So today, we’re sharing our step-by-step guide to working out your wedding budget – and sticking to it!
1. Work Out How Much You Can Afford to Spend (And How Much You’re Happy To Spend, Too!)
This might seem like a straightforward step, but there are a few things to remember:
No matter how much or how little money you have, a wedding can be a huge financial expense and the last thing you want is anxiety, ill-feeling, or regret about how much you spent after the fact. So before you part with a penny, find a figure you’re happy to live with spending on your big day.
Lots of newly-engaged couples tell us that they have no idea how much a wedding costs, which is only natural if you haven’t planned a big event, done any research or chatted frankly about it with married friends. If this sounds familiar, we recommend having a browse around our wedding budget breakdown pots, which detail what real couples spent on the big day.
So you have €7,000 in the bank, but you think you can get to €18,000 by your wedding? Be realistic about how much you can save in the time you have. While you’ll be dipping into your savings for deposits and expenses throughout the planning, the bulk of the cost comes right at the end, so you don’t want to get in over your head, if you won’t have the money at the end to cover it.
If you know your parents want to contribute to your wedding, try to have the money conversation with them early on. That way, you you know how much you have to work with, if they want their money to cover specific items (like your dress or the wine, for example), or if there are any other caveats to them contributing.
More handy reads for planning your wedding budget: