The wedding budget is an essential part of wedding planning, helping you manage and control costs. Given that the average cost of a wedding in the UK is now more than £20,000, setting and sticking to your wedding budget has never been more important.
No matter how organised you are and how well you adhere to your budget, the last month is usually when most couples ‘overspend’ on all the ‘small things’. It soon adds up. Overspends of 10% are not unusual. Based on the average cost of a UK wedding – this could be as much as £2,000!
Once you know how much you have to spend, you first need to consider all the potential costs and what you can expect to pay for them. The amount you spend will vary depending on a number of factors including:
The size of your guest list. The cost of your reception will increase for each additional guest invited.
The number of attendants. We’d all like to involve our closest friends in our wedding, but the number of attendants will affect the cost of clothing, hair, make-up, transport and thank you gifts.
The length of your wedding. An all day wedding involves reception drinks, canapes, wedding breakfast and evening buffet.
Type and location of venue.
When you get married – getting married on a Saturday during the peak wedding season will cost a lot more than a Thursday wedding in March.
Prioritise – Once you’ve set your wedding budget – prioritise and decide what’s important to you. If you’ve set your heart on a particular style of wedding dress – you know what you can cut back on to make it happen.
Don’t forget the VAT – As and when you get quotes – check whether the cost is subject to VAT and whether this has been included in the quote. Failing to do so could result in an automatic overspend of 15%!
Track your spend – Set up a separate bank account for all your wedding costs so you can keep track as to how much you have spent/have left.
Regular savings – if you haven’t done so already, set up a standing order to help you save a regular amount every month.
Keep the bottom line constant – it would be naive to suggest that you’ll stick to a wedding budget once it’s been set. As time moves on, your priorities might change or the unexpected might happen. If your budget increases in one area, look to where you can cut back in other areas to prevent any overspend.
Allow for contingencies – just in case you haven’t thought of everything.