The timeline & budget for the wedding of your dreams
According to Zola, the average cost of a wedding is $28,000, depending on your location.
For example, in New Jersey, the average wedding costs $51,000; in Kansas, it's $16,000. No matter where you live, any expense with three zeroes takes careful budgeting and planning.
Ideally, you should spend 10 to 16 months planning your wedding and pay as much in advance as possible because in 2023, the wedding expense inflation is estimated to be 3.57%.
Paying expenses before costs increase can save you money.
By the way, you shouldn’t forget the honeymoon and the 'starting a new life' expenses, among other common sense reasons to keep your wedding under budget.
But how do you budget for a wedding? It takes a lot of careful planning and important decision-making to create the right budget.
Here are the steps to take when considering wedding budgeting.
Define your needs for your wedding
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To set a wedding budget, you must know what you want from your wedding. Consider the following factors:
- Will you have a large or small wedding?
- Is your wedding going to be a local or destination wedding?
- Will you have a large wedding party?
- Will you have the wedding at a venue or host it at home?
- Are you serving dinner or is it an appetizer and dessert function?
The answers to these questions can help you start your wedding budget.
Making your list
Next, create a list of must-haves and would-be-nice items, and only if I have the money items.
This is where you create a detailed list of everything you want for your wedding.
- The ‘must-haves’ are non-negotiable and must fit in your wedding budget.
- The ‘would-be-nice’ or only if I have money items are items only go in if you can fit them in your budget.
This helps put things into perspective so you don't overspend and put yourself in debt before you say, 'I do.' When you see everything in writing, you can decide what you really need and what you can do without, allowing you to create your dream wedding on a budget.
Look at the Big Picture
As you create your wedding budget, look at the big picture. You aren’t just paying for one day. You should budget for your future, too.
To make it easier, focus on your first year of marriage. What expenses do you need to include in your budget?
Here are some to consider:
- Wedding day
- Honeymoon
- First house or rental
- Furniture for the new house
- Savings for emergencies
- Money for bills for the first year
Looking ahead at your first year puts things into perspective. It might help you make smarter decisions when spending money on your wedding. For example, you could spend $2,000 on a luxury for your wedding and enjoy it for a few hours at the wedding, or you could use that $2,000 for furniture or toward your home’s downpayment to build a future with your spouse.
Consider your wedding planning timeline
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When planning a wedding budget, it’s important to consider the timeline you have to reach your goals.
1 – 1 /2 Years Before the Wedding
Choose your wedding date and set your wedding budget. Choosing your date early allows you to lock in venues and vendors at today's prices, versus more inflated prices in the future. The earlier you set your date and the more time you allow, the lower you can keep