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How To Work Out Your Wedding Budget

Press release September 28, 2012 Lifestyle

And Stick To The Budget You Set

It’s very difficult to not let your imagination run away with ideas and inspirations you’ve found on the internet for dresses, venues and cars, among all the other essentials once you’ve set the date for your big day. That’s why you need to create a budget that you will stick with, to make sure everything comes to a reasonable and realistic price.

Even though it is a dream for most girls to have their big white wedding, it might not be plausible. So, when working out your wedding budget, you should only plan for a realistic wedding that you know is affordable and achievable. The average wedding in the UK costs £20,000, so that might be a good starting point to think about your overall costs, with absolutely everything included.

Before you set a target for yourself to save, you should find out if you’ll be receiving a contribution from your families. It’s traditional for the bride’s parents to make quite a hefty contribution to the wedding fund, but more and more groom’s families are also adding to the pot. If you combine the money you’re planning on putting away, and the contribution from families, then you’ll have a ballpark figure of what your wedding will cost.

Splitting up your wedding into spending areas is a good way of realising what your budget will be. The venues and catering is by far and away the most expensive part of a wedding, which can cost up to 50% of your whole budget. But all the little things also add up to become a hefty chunk of your budget: hair, flowers, make-up, shoes, cake, cars and bridesmaid gifts to name a few.

An important part of working out your budget is being strict with yourself. You have to be realistic about what you can afford. Starting married life and being swamped in debt isn’t ideal! Also, make sure that you stick to what you’ve set and try your absolute best not to go over your planned spends.

When you know how much you’re expecting to spend, add an extra 10 – 15% on top of that total. This extra money acts as an emergency fund, should you encounter any hidden fees or if something comes in a little bit more expensive than was originally anticipated.  But again, be strict with yourself. It is an emergency fund, so don’t think you actually have more money that you do. Besides, if you don’t spend your emergency fund, it’s a good starter fund for your honeymoon!