The wedding industry continues to be big business. Reports show that pre-pandemic, the sector market value was at $3 billion in the US and $72 billion globally (and the sector is expected to easily reach this value again in the near future). In 2017, the average cost of a wedding per household was $33,391, which is more than half of the median annual household income. This is caused by the string of expenses you acquire when having such a big event like a wedding. It is important to have a budget so you won’t end up spending more than you intended to, and here are some ways you can avoid making any mishaps and blunders when it comes to your wedding:
Outline your expenses
Before you start planning, it is important to set how much you are willing to spend. Outlining expenses is a way to set a budget per item. The price of certain things may change per state and location but looking at the average costs will help you have an idea of how much you should allocate. A Florida wedding may cost you $30,600, while a Pennsylvania wedding can be around $35,900. You’ll also have to factor in the price of a dress, tux, photographer, and much more. With so many other expenses when it comes to planning and the day itself, it is important to outline them to help you create and stick to your budget.
Choose the right vendors
It is important to choose vendors that you know will give quality service. This includes the transportation, venues, catering, and the musicians. If you’re looking into hiring a live band, make sure to ask them the right questions to ensure that you are getting the service you deserve. If you want other musicians for a different atmosphere, you can choose a DJ for something more upbeat or a string ensemble for something more refined. Remember that your vendors can make or break your wedding, so choose ones that you like but still fit your budget.
Get some guidance from a professional
Wedding planning can be difficult because there are so many things to think about. Many people find it overwhelming, so seeking out a budgeting professional will help. A financial advisor will teach you the right ways to budget your expenses and how to manage your money before and after your big day. Thankfully finding an expert is very easy. Online financial services programs have led to a rise in the number of professionals available, as more students have been able to access the education they need to become personal financial advisers. These financial planners can work with you through digital mediums, and will be able to give you a complete overview of how to budget for your big day. Another person you can turn to is a wedding planner, if you don’t already have one. They have connections with different people in the industry and may even help you get services at a discounted price.
Be ready for miscellaneous expenses
What people often forget to add to their budget are the hidden expenses. This can rack up quite a bit and you’ll end up paying out of pocket if you don’t include it in your expense outline. Some examples of these are name change fees, staffing costs, overtime expenses, and meals for your vendors. If you have been careful making sure every cent is spent wisely, discovering overlooked expenses is never a great situation to have. To avoid this budgeting blunder, always have an extra amount of money set aside just for unforeseen circumstances. If you don’t end up using it, you can always put it to use somewhere else, like your honeymoon. You’ll be thankful to have the excess in the future if the time arises when you have to use it.
With a wide array of factors to consider when planning a wedding, it is best to keep things as organized and well thought out as possible. Use these tips to help prevent you from breaking your budget and making any expensive mistakes.
Written by Alisson Mary Cousins
Exclusive for cto.com