How to Plan your Perfect Wedding Budget
As wedding and event planners in Chicago and all over the country - one of the biggest wedding planning mistakes we see couples make is not starting their planning process with a budget! Unless you have an unlimited budget for your event or celebration, you need to put pen to paper and plan how you’re going to spend your money. We know money talk and decision making can stress folks out to the point where they avoid it all together. But trust us, the last thing you want is to avoid this very important discussion. Avoiding this topic can lead to indecision, stress and paying for something that may not be a priority! It’s better to set your expectations before you sign a contract rather than being surprised at the amount of money you spent after your wedding! Below are tips to help you plan your perfect wedding budget!
wedding planning budget tips
Research the average cost of a wedding in your area.
Do your research about what it costs to host an event in your area. If you don’t have the time or energy to figure this out - hiring a wedding planner is key. We know exactly what catering, photography, and venues cost depending on the type of celebration, guest count, location and more.
For example, the average wedding budget in Chicago for 150 guests is $60,000. This is not to say you can’t have a wedding for less than that, or more for that matter, it all depends on your guest count, location and priorities. The national average wedding budget for 150 guests is $33,000.
I’m sure you’ve heard the old myth that if you tell vendors you’re throwing a birthday party instead of a wedding that they will charge less? This is FALSE! Why? Because they are two completely different animals! Why do weddings cost more than a birthday party? Because weddings are a full day from 9am to 1am. During the course of that day you will have activities like getting hair and makeup done in a hotel, then transporting all of your guests to the venue. Generally rental times are longer because you need to fit in a ceremony, cocktail hour and dinner. And you will be feeding all of your guests and supplying liquor to those gets for the majority of the rental time. You will also need to have tables, chairs, linens and all of the table tops items (china, flatware, glassware) for each of those guests. Plus flowers, a photographer and/or videographer who is there for 8 hours, and your attire. Compare that to a birthday party and you can see that they are two entirely different events.
2. Set your Guest List
The smaller your guest list the smaller your budget. Your guest list is one of the main determining factors in your wedding budget. 50% of your wedding budget is made up of your venue, catering, rentals and cake. Your venue, catering, rentals, cake and flowers are all dependent on your guest count. On average you should budget about 8% on flowers. If you want to have a 200 person wedding keep in mind you are feeding each one of those guests, providing drinks for each guest, plates, flatware, glassware, cake and a floral arrangement for each table. Ask yourself what’s more of a priority: that you stay in your budget or you have a wedding where you can invite every one of your friends and coworkers. See the paragraph on priorities below for more on this.
3. Gather your resources.
It’s time to source the money for your wedding! Here are some questions you should ask yourself: Are you going to be investing in this wedding on your own? Are you splitting it 50/50 with your partner? Do you have a savings account devoted towards your dream wedding? Are you planning on setting your wedding date a couple of years in the future to save more money? Do you have family who can support?
Do you have a great uncle or parent who has offered to help support you in the past? Did your mom explicitly say she would pay for your catering? If so don’t be afraid to take them up on it! We know how complicated money conversations can be especially with family but if they have offered to help you create your dream wedding - take it!
Fundraise! If you don’t have a family member who has volunteered don’t be afraid to ask. The worst thing that can happen is they can say no. Always start with a specific request. “Hey dad. Would you be open to contributing towards our catering for our wedding? The cost is going to be X. Anything you can help with would be amazing.”
4. Research your venue.
Your wedding venue is another big determining factor for the amount of money you spend. Your venue, catering and rentals make up 50% of your overall wedding planning budget. Don’t make the mistake of selecting a venue without researching it first. We can’t tell you how many times we’ve met with couples who are locked into a contract with a venue who didn’t realize that the average wedding there is way more than they hoped to spend.
Every venue has its own way of doing things. Some wedding venues are BYOB friendly and have an open catering list while others have exclusive caterers that you must use. Some venues have their own tables and chairs and some only offer the space which means you have to bring everything in. All of these different factors determine how much money you will be spending on your catering and rentals which is always the most significant line item of your budget.
When you are touring venues always ask:
What is the average cost of a wedding at this venue?
Do you have a preferred or exclusive catering list? If so, what is the general range of pricing per person for catering?
Do you have any other exclusive vendors like decor or lighting?
5. Understand catering costs
Your caterer provides your plates, linens, flatware, glassware, staff, food, beverage and in some cases your tables and chairs. Your caterer prices these items per person. Typically we see anywhere from $75 to $250 per person depending on your guest count, menu items, and bar. Your caterer will provide your standard poly linens, standard glassware and silver flatware. If you want to be extra and get some shantung linens or iridescent glassware (which we love by the way) this is not included in the cost. This is considered an upgrade. These upgrades are also priced per person. Buffet isn’t necessary a savings - we hear this all the time and actually it can be more per person because people typically eat more at a buffet!
6. Prioritize, prioritize, prioritize.
Your wedding planning budget breakdown should include a list of priorities. Unless you have an unlimited budget, you need to prioritize your spending. What is the number one thing that is most important to you while wedding planning? Is it having a dream wedding venue with a skyline of Chicago and cutting down on decor or are you okay hosting at a DIY venue in an art gallery and going big with your bar menu?
7. Get Organized! Don’t spend as you go!
Create a wedding planning spreadsheet. If you aren’t an excel wizard - here is a great wedding planning budget template and spreadsheet. Here are some tips of how to not overspend. Check out this quick wedding budget checklist with: a general percentage of spending on each wedding planning category. For an even more detailed checklist check this out.
8. Break down your budget in Percentages
Here’s a Wedding Budget Breakdown with Percentages for each category to help you!
Transportation - 2%
Beauty - 2%
Cake - 2%
Stationery - 2%
Wedding Bands 2%
Venue/ Rentals/Catering - 50%
Wedding Planner - 15%
Photographer /Videographer- 12%
Flowers & Decor - 8%
Entertainment - 5%
9. Don’t forget the not so obvious expenses!
Keep in mind in addition to the percentages above you will need to plan for such as your wedding favors, your attire, wedding gifts for your party, upgraded linens, upgraded rentals, your rehearsal dinner, your hotel room, breakfast, lunch, vendor meals, vendor gratuities and little details like alternations, flower girl’s dress, jewelry, accessories, and maybe even an after party location. See an example of a breakdown of these potential additional expenses below.
Example of a Budget for Bride & Bridesmaids Fashion
10. Consult with a wedding planner.
If you are feeling stressed out and overwhelmed over wedding planning consult with a professional wedding planner! We know this industry like the back of our hand and can help guide you through the nuances of wedding planning. Contact us for a complimentary consultation. We can answer many of your questions and help guide you!