Money Monday - Wedding Budget Advice

One of the first things you should decide on when planning your wedding is the budget. You don't want to sign any contracts before you know how much you plan to spend and where the money is coming from (savings account, parents, etc.).

Here's a very basic idea of what you can expect to spend on each part of your wedding:

Stationery - 3-5%
Attire - 6-10%
Cake - 2-5%
Flowers - 7-10%
Rental Items (linens, chair covers, decor) - 3-5%
Photography & Videography - 7-15%
Music - 5 - 10%
Ceremony Site - 2%
Reception (site fee, catering, beverages) - 40-50%
Transportation - 2%
Wedding Coordinator - 5-15%
Gifts, tips, favours, extras - 5-10%

Remember that it's ok to be on the high end for some items, as long as you are on the low end of other items. As you sign contracts, keep track of which items you go over budget on, and which you are under on.  Try to keep a clear head when making decisions.  Consider making appointments with vendors and coming home to reassess your options if they are above your budget, instead of signing on the spot and telling yourself that you'll cut back on other items later. Keep track of spending in excel or with pen and paper, whatever is easiest for you.  And remember that the most important thing is celebrating the love that you and your partner have, and commiting to spending your lives together!

Here's an example of a breakdown of a $20,000 budget:

Stationery - $1000 (5%)
Attire - $1600 (8%)
Cake - $400 (2%)
Flowers - $1400 (7%)
Rental Items - $800 (4%)
Photography & Video - $2000 (10%)
Music - $1000 (5%)
Ceremony site - $400 (2%)
Reception - $8,000 (40%)
Transportation - $400 (2%)
Wedding Coordinator - $2000 (10%)
Gifts, tips, favours & extras - $1000 (5%)