Tips & Ideas | Planning a Wedding? Stick to Your Budget to Start Your Marriage off on the Right Foot
Planning a Wedding? Stick to Your Budget to Start Your Marriage off on the Right Foot
 Posted by:  admin | Category: Tips & Ideas  | Posted: Thursday, Mar 26, 2015

Preparing for a wedding is a test for many couples. The cost of a wedding might be the single biggest expense a couple has ever had to deal with in their lives. Finding ways to pay for what you really want and cut out things that aren’t necessary is an excellent way to really find out how your partner deals with big money issues if they haven’t come up in the past. Passing this budgeting test without calling off the wedding entirely is an excellent way for couples to learn about their own spending habits as well as those of their partner.

The average cost of a wedding in the United States is about $25,000. Of course, that average cost is skewed a bit by the most expensive weddings. Couples usually end up spending between $18,000 and $31,000 and the majority of couples spend less than $10,000 on their special day. Still, $10,000 is a lot of money for most people, especially when you consider it’s all spent in one day. And keep in mind that this cost doesn’t include the honeymoon.

The biggest wedding expense for many couples is the wedding venue itself. Of the $25,000 spent on the average wedding, approximately $11,000 of that will be spent on the rental fee for the venue and catering services. It makes sense to spend more on the venue because it will be the setting for the entire day, or at least the entire reception. Why spend a ton of money on an expensive photographer if all of the pictures have a cut-rate venue in the background? Also, when you rent a venue, you’ll likely be assigned a coordinator who will work with you or your wedding planner to make sure everything goes smoothly on the big day. Paying more for the venue will likely mean a more competent venue coordinator. When you and your partner are drawing up your budget, plan on spending roughly half of it on the venue.

The second highest expense is usually the cost of the engagement ring and the wedding bands. For the theoretical $25K wedding, the cost of jewelry is about $4,000 or roughly 15%. After that, comes the cost of photographer and/or the videographer. Be prepared to spend about 10% of your total budget on a photographer. Like the venue, the photographer is not an area to skimp on; you want to make sure your memories are preserved beautifully forever.

Be sure to also factor in smaller expenses like the dress and tuxedo, flowers and decorations, entertainment, gifts and favors for the wedding party, and invitations. It’s also smart to reserve part of your budget for a wedding planner, because he or she will be able to help you stick to a budget. The small cost of a wedding planner makes a lot of sense when you compare it to a ballooning budget that has gotten out of control. 

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