Creating A Realistic Wedding Budget
When all’s said and done, every bride and groom wants their dream wedding but everything comes with a price tag. We get it, this can be a stressful process. Not to worry we’re only here to help! byPeterandPauls.com has put together a few suggestions that will help create a realistic budget to give you the fairytale wedding you want.
Who Is Paying For The Wedding?
We are in the era of independence. Gone are the days where the bride’s family picks up most of, if not the whole tab. Now-a-days both parties are pitching towards the special day therefore the best way to decide on who is contributing what is to have a separate conversation with each family. “Well, that’s going to be uncomfortable…” you’re probably saying, we’ve been there and thought of that. Take our advice and you’ll be one step closer to saying “I Do”.
- Discuss with your other half what the two of you can put towards the wedding
- Discuss with each family what they are willing to contribute – then add them up to create your budget OR ask each family to finance a part of the wedding ie; ceremony, food, decor etc.
How Much Does a Wedding Actually Cost?
In Canada, the average wedding costs between $25,000 and $30,000 including honeymoon. Needless to say this number can change depending how many guests, where you decide to go on your honeymoon and what your budget bottom line is. Just like purchasing anything else in life, you should decide how much it will cost to get exactly what you want. This will help you prioritize what you really want versus what you’re willing to pass on (or splurge on). Below is a general breakdown of how people save for their weddings.
- Reception: 40%
- Honeymoon: 14.5%
- Photography and videography: 10.5%
- Wedding attire: 7%
- Engagement rings and wedding bands: 6%
- Flowers: 5%
- Music: 5%
- Invitations: 2%
- Miscellaneous: 10%
The miscellaneous category is typically used as a backup, or for those last minute expenses.
How to Save for a Wedding?
First things first, consider what month you’d like to get married in. Getting married during off peak times can substantially lower the cost of the overall budget, as you can get a better deal. Once you’ve figured that out, the general rule of thumb is cut back on minor spending. Nobody is asking you to stop paying your car payments however, limit your movie dates and cook at home rather than going out to eat. You should work towards putting away as much as possible during the months between the engagement and the wedding in order to give yourself a cushion when it comes time to paying the bills.
Once you’ve followed these steps and created your budget, planning your wedding will be a breeze!