Money Monday - Wedding Budgets (reposted)

With wedding planning really kicking off this month, I thought I'd repost this article on budgets that I wrote in 2009:

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. The worst thing you can do is tell yourself that you will cut back later. Couples almost never cut back unless they have a plan from the beginning and a method of keeping track of finances.

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

Stationery - $600 (3%)
Attire - $1600 (8%)
Cake - $400 (2%)
Flowers - $1400 (7%)
Rental Items - $800 (4%)
Photography & Video - $2400 (12%)
Music - $1000 (5%)
Ceremony site - $400 (2%)
Reception - $8,000 (40%)
Transportation - $400 (2%)
Wedding Coordinator - $2000 (10%)
Gifts, tips, favours & extras - $1000 (5%)