Creating & Managing Your Wedding Budget

Communicate Clearly with Family
Identify the following expectations between you and your fiancé:

1. What are your priorities? Do you love food, wine, flowers or music? Be prepared to invest a bit more into wedding categories that will make the most impact with you.

2. Who will be paying for what? What will you pay for? What will your fiancé pay for? What will your parents pay for? What will his parents pay for? Are there other family members (grandparents, godparents) that have expressed in interest in making some type of financial contribution to the wedding?

3. Build and set your budget. After you know the numbers, add them all up to get your budget started. Do you have any shortfalls? Discuss how you'll compensate for those shortfalls, if any. Will you find resources that fit within your budget? Will you cut your guest list? Will you sell items to come up with extra funds? Will you take on seasonal work for the extra funds?

4. Identify and assign expectations between bride's parents and groom's parents. Put those expectations and verbalized commitments in writing. Put those commitments to a timeline. Who will be paying for what? If your in-laws have committed to contributing $5K toward your wedding, find out when they'll be able to make those funds available so that you can put down deposits with wedding professionals.

Things to Think About
When setting your budget you'll want to simultaneously create your guest list. Depending upon how much you have to spend per person, for the type of wedding you have in mind, your guest list may make or break that vision.

The average wedding of 175 guests costs approximately $22K. Based upon that figure, here's how the cost per person will break down by wedding budget and guest list:

$25K wedding, expect to pay approx $125/ guest (based upon a 200 guest list)
$20K wedding, expect to pay approx $133/ guest (based upon a 150 guest list)
$15K wedding, expect to pay approx $125/ guest (based upon a 120 guest list)
$10K wedding, expect to pay approx $133/ guest (based upon a 75 guest list)

You're getting approximately the same value for your budget, but you're cutting your guest list to fit within your financial parameters. If cutting your guest list isn't an option, then reevaluate your budget to find categories that you feel comfortable cutting (ie, DJ instead of band; alternate centerpieces in lieu of fresh flowers; a backyard wedding instead of a rented venue, etc).

Sticking to your budget
Collect funds from all contributing sources. Pool all funds and open a joint checking account for you and your fiancé to be used for wedding purchases only. If you start to run over budget, then you need to re-visit your priority list and start making some budget cuts. Write out your budget and account for each dollar. Keep your budget at the front of your wedding planning binder to remind you of your financial guidelines and goals. Include an envelope to store all receipts

Shop Smart
Ask friends and family about reputable wedding professionals that they've heard good things about or have had a positive, personal experience with. When you begin shopping for a particular wedding vendor find at least three professionals within each category to set-up appointments with and obtain proposals. This may seem like a lot of work, but you're investing a significant amount on your wedding and chances are you'll need to stretch your dollar as far as possible. Be sure and read the fine print. While the pricing may not vary much between vendor proposals, the details of vendor contract requirements might make or break the deal.

Communicating Clearly with Vendors
Be sure and collect photos of what you envision, be prepared with questions and clearly outline your expectations. All of the details should be clearly outlined within your proposal. If there's a detail left out, make sure that you and your vendor can agree upon it and get it in writing. Make sure you keep tabs on all deadlines; there may be additional costs involved, such as interest or late fees, if payments aren't made as scheduled.

Places to Save
Bridal and Bridesmaids Dresses - Bridal boutiques frequently host trunk shows for new bridal lines from various designers. Discounts are usually offered for purchases made during a trunk show event. These events are often by reservation only, so you also have the advantage of getting a more personal shopping experience as opposed to big box stores.

Flowers - Try a tied bouquet of one type of flower for your bridesmaids. Purchase flowers at Costco, Fresh Ideas (located in Modesto, CA) and even your local grocery store. If you visit these places in advance, most can assure you the flowers you want. Leave the more complicated arrangements (bride's bouquet, boutonnieres and corsages) for an experienced florist.

Centerpieces - A cluster of clear vases with candles can create an elegant ambiance. If real candles are not allowed, wrap clear vases with a white vellum paper (available at craft stores) and place an alternate light source such as battery operated candles or other LED light. Also, a collage of photos, when placed creatively, can create a fun and personal display of you and your fiancé as a couple and can also be a good conversation starter with guests.

Cake - Dessert bars can be just as elegant as a tiered wedding cake. Purchase pre-made desserts; use plate stands, cake stands and platters to create a tiered display of desserts. You can still have a small cake for your cutting photos.

Handmade Details - Try a DIY project. For the cost of materials (and time) you can make bridal party gifts, reception favors, invitations and much more. Put those creative talents to work! You'll not only save money, but really personalize your wedding with details that reflect you and your style.

Don't Break the Bank
Of course you want an elegant, memorable wedding. Isn't that what all bride's want? But starting off your marriage with debt from wedding purchases can cost you more than high interest rates. Be smart about your spending, stick to your financial plan and use this as an opportunity to create new spending practices in your married life. Being financially responsible and accountable sets you up for healthy spending, and saving, habits for your future.