How to Plan Your Wedding Budget

Start ringing those wedding bells — you’re getting married! Once the excitement subsides, or at least settles down a bit, you’re probably going to start planning your wedding as soon as you can. But before you start picking out flowers and china patterns, you need to plan your wedding budget first.

How to Plan Your Wedding Budget

Most wedding nowadays aren’t cheap. When it comes to planning your budget, the general rule of thumb is to break up your costs as follows:

• Venue: 45%
• Photography/Videography: 12%
• Attire/Beauty: 9%
• Music: 6%
• Rings: 6%
• Flowers: 5%
• Favors: 5%
• Transportation: 3%
• Stationery: 3%
• Cake: 2%
• Decor: 2%
• Miscellaneous: 2%

What to Consider When Planning Your Budget

Who’s Paying for the Wedding?

Are you and your fiance taking care of the costs on your own, or are you getting help from your your parents? And if your parents are contributing to the costs, what part of the wedding are they willing to cover? (It’s usually easier to have them contribute to a specific aspect, such as the ceremony or catering, rather than give a dollar amount.)

How Many Guests Are You Having?

The more people you invite, the more mouths you have to feed and the more plates you have to pay for. If you don’t want to spend as much on catering, you should consider only inviting close family and friends and leave out the extended family members and acquaintances you haven’t seen since college.

Dates and Settings

Spring and summer weddings are typically more expensive than fall and winter weddings, and different kinds of venues vary in costs. Catering halls will be more expensive than city parks, but vineyards or farms may cost you more since you’ll have to bring in all outside catering and entertainment.

Once you get engaged, your best bet it to start saving as much as you can for the wedding. At American Investment Planners LLC, we make it a priority to help you prepare for the best financial future possible. From managing your cash to estate planning, we’re here to help with anything you may need. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.