How to Stay on Budget When Planning a Wedding

Your wedding is likely to be one of the biggest expenses you’ll ever have (and hopefully the most fun, too!). But it’s fair to say that money and budgets are pretty personal topics and something that should be considered with care, attention, and honesty. Regardless of whether you are planning a DIY backyard wedding with a budget of $5,000 or a fairytale celebration with a blow-out budget of $100,000 (including a wedding planner to minimise stress!), you still need to stay on top of mounting costs and make sure your wedding budget works as hard as possible for you.

Set the budget

Maybe you’ve been saving for a while, or maybe your wedding depends on contributions from parents and relatives. Maybe you need to extend your credit card borrowing, or it’s time to work out how much of your monthly wage packet can be allocated to the wedding fund without compromising your quality of life. OR, maybe your wedding is dependent on a mix of all of these! Either way, now is the time to sit down, get the calculator out, and see what’s possible. There’s no point excitedly splashing the cash now if you ultimately can’t afford to in the long run.

Utilise tech

There’s so much technology available these days to help couples in their wedding planning process. From paper planning journals to Google Docs to wedding websites; do some deep dive research and decide what works for you in regard to organisation, guest management, and staying on track with your spending. Try to get these in place early on, though, so that all your important wedding information can be stored together in an easy-to-use format, which will also help when you want to quickly calculate your budget as you go.

Track your spending

Take advantage of budgeting and money management tricks along the way. For instance, put all your wedding money in one separate account so you can easily track activity without getting it confused with the rest of your day-to-day funds. Pay as much as possible on a credit card to receive benefits like mileage, rewards, or cash back. Finally, make sure everyone making wedding-related purchases on your behalf (your partner, Mum, bridesmaids, and so on) is on the same card system, allowing you to benefit from the rewards and also the ease of tracking purchases.

Allocate a contingency

As much as you try to stay on budget, it’s highly likely that a couple of unexpected expenses will crop up along the way. We would always recommend that 10% of your average wedding budget be reserved to cover these unexpected wedding costs. And if you manage to plan to perfection and keep a tight grip on the purse strings, then your honeymoon pot just got a nice little boost!

Book the big stuff first

Your venue is naturally going to be your biggest expense, so try to get this booked first. On average, couples should allocate 10-15% of their budget to their venue (excluding catering), so make sure to factor this in when starting your research. If you have a dream venue in mind, make sure there’s enough in the pot to cover everything else, from catering to decorations and those all-important finishing touches.

Having your priorities written down in black and white can be really helpful when making decisions around your budget. Ask yourself if this expense is necessary to satisfy your priorities. If, for example, you didn't identify your wedding dress as a top priority but are suddenly tempted to spend 20% of the overall budget on it, it's time to stop and remind yourself of your goals for your big day.

Be aware of hidden costs

Along the way, you will likely come across a few smaller (but integral) costs that could add up to quite a big chunk of your budget. Firstly, when receiving quotes from venues, caterers, photographers, etc., make sure to read the small print and check whether VAT/tax is included in the quote. If you end up adding up to 20% to each of your invoices, your budget could be swallowed up more quickly than you first thought! Other things to consider are wedding dress alterations, accommodation for yourself and your nearest and dearest before the wedding, breakfast/brunch on the wedding day/day after, transport, and legal costs relating to your wedding ceremony.

Find cost-effective alternatives

There are lots of cost-saving solutions/alternatives that you could use when planning a wedding. Getting a little bit crafty and creative can be fun and a nice way to get together ahead of the wedding day. Why not ask a relative or friend to make your wedding cake or help with the wedding flowers? Or get your bridal party together ahead of the big day to help you make the wedding favours. You could even look for pre-loved wedding attire - why not wear something that someone else has loved and enjoyed?

Another guaranteed way to help you save money during wedding planning is to go digital with your wedding stationery. Sending digital wedding invitations and announcements (evites) and directing your guests to your personalised wedding website will save you and your guests time and money along the way.

In summary

Your dream wedding doesn't have to cost the earth; take a little extra time to seek out a couple of bargains (or freebies) along the way. This could help you end up saving a nice chunk of money in the long run and keep your wedding budget firmly in the green! Whatever your wedding budget though, set out a realistic savings plan and track your spending as you go. There's no right or wrong way to track your purchases; it's whatever works best for you, but don't forget to review your budget regularly to avoid any nasty surprises!