Planning a wedding is one of the most exciting yet daunting tasks a couple can undertake. It’s easy to get swept up in the romance and glamour of the big day, but sticking to a practical wedding budget can ensure that you start your marriage on sound financial footing. Welcome to “Wedding Budgeting 101,” where we’ll guide you on how to start your wedding budget using Honeyfund’s 1-Page Wedding Plan™.
The Importance of Budgeting
Your wedding is just the beginning of a lifelong partnership. Prioritize financial health by planning a wedding that suits your means. While it’s been reported that the average U.S. wedding costs around $35,000, it’s crucial to remember that many large, celebrity weddings are likely skewing that average, and that your wedding should reflect your values and not just an average number. By spending less on the wedding, you can enjoy a memorable honeymoon and start your marriage with more savings.
The 1-Page Wedding Plan™: Your Budgeting Companion
Honeyfund’s 1-Page Wedding Plan™ simplifies budget planning by focusing on your unique vision and financial goals. Here’s how to get started:
1. Define Your Next Big Goal
Before diving into wedding specifics, consider your life after the wedding. What are your financial goals as a couple? Whether it’s buying a house, starting a family, or paying off student loans, having savings post-wedding is crucial. Write down this financial goal on your 1-Page Wedding Plan™ to keep it top of mind as you plan.
2. Calculate Your Starting Budget
Your starting budget is the sum of your current savings, monthly savings plan, and any contributions from family and friends. You can utilize Honeyfund’s calculators to determine how much you can contribute monthly and how long you’ll save before the wedding.
3. Estimate Your Wedding Size and Costs
Determine the size of your wedding and allocate your budget accordingly. Consider both fixed costs (e.g., venue, officiant, photographer) and per-person costs (e.g., catering, invitations). For example, the average cost per guest ranges from $130 to $300, depending on the event’s size and scale.
Tip: Use a Honeyfund Wedding Fund to organize and track contributions from friends and family.
4. Vision and Venue Planning
Create a vision for your wedding that reflects your personalities and preferences. Decide on the time of year, location, and whether it will be an indoor or outdoor affair. With your budget in mind, explore unique venues through Honeyfund’s Vendor Directory, and remember to remain flexible with dates to secure the best possible deal.
5. Services and Vendor Selection
Identify which services are the most necessary for your wedding. Research costs and choose vendors that fit within your budget. Consider cost-saving measures such as DIY options or scaling back on certain services.
6. Finalize Your Guest List
Your budget will influence your guest list size. Prioritize inviting those who are closest to you and consider hosting a post-wedding celebration for a wider circle of friends and family if needed.
7. Plan for the Honeymoon
Maximize your honeymoon experience by using Honeyfund to set up a registry for contributions. This allows guests to gift experiences rather than traditional items, enhancing your post-wedding adventure.
Final Thoughts
Remember, your wedding budget is a reflection of you and your partner’s unique personalities, means, and values. Extraordinary weddings can happen on any budget when they are authentic and focused on what’s truly important to you both. With the 1-Page Wedding Plan™, you’re equipped to make informed decisions that align with your financial goals and create not just a big day, but the best day. Happy planning, and congratulations on your upcoming wedding!
