Wedding bell budgets

The average American wedding now costs almost $20,000. That’s enough money to buy a new car or start a nest egg for your first home. Save more of that money for after the wedding by creating a wedding budget first. Your wedding budget needs to include a lot of important information, and it’s going to change as you start booking vendors and buying supplies.

Know what you need

Start by making a list of everything you need to make the big day happen. Remember food, attire, invitations, decorations, locations, music, photographer, an officiant and, of course, rings.

Next break each one of those simple words into its different parts. For example, flowers will include your bouquet, corsages, boutonnieres and any flowers you need for the reception and ceremony.

When your list hits two pages it's time for you and your groom to sit down and talk about what you need at your wedding (rings and an officiant) versus what you want (doves and a 15 piece band).

Know what you have

These days it’s common for couples to pay for their own weddings, but often the bride and groom’s families want to help out. If someone has offered to “help” with your wedding expenses, as strange as the conversation might seem, ask what they mean by help.

Until you really know what you have to spend, you can’t start your budget. Add those amounts to the money you and your groom have decided to spend and you have a starting point.

Know what it costs

The reception generally accounts for 50 per cent of the cost of a wedding, so start there. Caterers generally price their services by the number of people invited to the wedding and usually give you the final price as X dollars per person. Buffets often cost less than a traditional sit down service, and guests can make their own choices about what to eat.

Call several local caterers and ask for general quotes based on the number of guest you plan to invite. When you have some numbers check with friends or family to see if they’re familiar with any of the caterers, and try Yelp or other social rating sites for user reviews.

Do this with all of your vendors. At the end of all of your phone calls you’ll have a range of prices and options to chose from. Remember, the best price isn’t always the best deal, so once you have a short list of candidates feel free to ask them for references.

Know what you’ve spent

One of the easiest way to keep an eye on your wedding budget is to use a spreadsheet program, like Excel or an online app like Google Docs. Use one sheet to keep track of what services you’ve already booked and paid for, the date the balance is due and a running total on your entire big day. If your total runs higher than your budget, the spreadsheet offers you an easy way to really study each expense and decide if it’s what you really need.

A second spreadsheet can help you keep track of your vendors names and contact information. Make notes in your spreadsheet after each conversation you have with a vendor to keep all of the important info you’ll need leading up to your wedding in one place.

Remember:

Your wedding is one of the biggest events in your life, but it doesn’t have to be the most expensive. When you stay on top of costs, and spend only what you’ve budgeted for you’ll have more money to start your married life together.