The best way to start your wedding planning is by creating a Budget Tracker. Plan & Wed offers you a free budgeting tool so head over and create an account for your wedding. You dont want to jump into booking a venue without really knowing how much you can spend on hiring the venue. Continuing in this manner can really take you down the path of overspending in the thousand of pounds. Many people don’t realise how much a clearly budgeted wedding can really save you. There are so many services to hire or items to buy for a wedding so even the smaller overspends can really add up.
But what are the benefits to budgeting at the start of wedding planning?
- Budgeting will help you to see upfront what you can do within your budget
- When shopping for gifts, dresses and wedding services, knowing how much you can spend will narrow your search and direct you the right suppliers within your price range. You really don’t want to be looking at a dress that is £2000 if your budget is £1000. This will save you time and effort – which is totally needed when planning a wedding
- If you have all of your costs identified beforehand you can avoid spending more then your overall budget.
- Having everything listed and budgeted will take away the stress and feeling that you may be missing something.
As soon as you know you will be getting married the first thing you want to do (after celebrating of course!) is to get both sets of parents together and decide which events you will be having, who will be paying for what and of course what the overall budget it. Now this is sensitive topic between two sets of parents who probably don’t know each other well – so this blog on Discussing Wedding Finances to see how best to approach this sensitive topic.
Once you know your entire budget you want to divide that budget between the number of events you are going to have. Our advice is to take your budget, and split it 70% for the wedding & Reception and 30% for all other events. so if you have a budget of 100K for 5 events Sangeet, Vidhi, Mendhi, Wedding & reception, 70K will be go towards the wedding & reception and 30K should go towards the other events – and you can divide this 30K according to how large or small you want event to be. For example 10K Sangeet, 15K Mehndi, 5K Vidhi.
These are just guidelines and of course you can adjust them according to you and your families requirements. The above percentages are defined on you having most of your wedding budget being spent on the wedding and reception.
After you have determined the budget for each event, take 10% out of that budget for contingencies – back up funds for in case you overspend – which is very likely 🙂 So for example from the 70K budgeted for the wedding and reception take out 7K for contingency which will leave you 63K as your wedding and reception budget. If you don’t spend your continegies – just remember that is more money towards your honeymoon 🙂
Now that you have all your overall budgets in place for each event, what I’m going to tell you to do next is time consuming but will save you soooooo much time and stress during the rest of your wedding planning!
Log into the Plan & Wed Budget Tracker and begin to make a list of everything that you need to either book or buy for each of your events. As an example here is a list I have creates for a Mehndi night:
- Venue / Marquee
- Venue / Marquee Decor
- Venue / Marquee Lighting
- Dinner – Starters, Main Course, Dessert
- Mehndi Artists for guests
- Bridal Mehndi Artist
- Mehndi Dress
- Hair & Make Up
- Mum’s & Siblings hair and makeup & Jewelry
- Mum’s, dads and siblings outfits
- Entertainment – I.e Dancers, Musicians etc
Once you have listed everything in the Plan & Wed Budget Tracker, research suppliers and approximate costs and start adding a budget cost next to each item. Make sure the total doesn’t exceed your overall budget that you have allocated for the event. Some costs will be variable depending on how many guests you have. I.e. Catering, Favours – so the more guests you have the lower the cost per person.
There are also some costs that can’t be allocated to a specific event and so these costs should come under your wedding budget. This will include costs like Flights to India for you and your family if you go to India for wedding shopping or your Invitations that will encompass invites for all your events.
Once you have all your budgets in place then you can move on to the fun part – Shopping!!! As you buy things or book services, make sure you update the tracker with the deposits you have paid. Also add to the Plan & Wed To Do List when the remaining payments to your wedding suppliers need to be made.
To avoid a huge overspend be diligent in tracking your costs. Without this in place you could quite easily spend tens of thousands more then what you plan too. We really hope this blog helps you get your wedding planning kicked off the right way!!
Plan & Wed will soon be providing a free document on how to find and book your wedding venue in two weekends – Watch this Space!