How to create a wedding budget

After getting engaged, you may have a ring to show off and a date in mind — and you'll also soon be thinking about a wedding budget. To mark the start of your new life together, you may be planning a celebration that's likely to be both fun and overwhelming.

If you're not sure how much you should spend to host a wedding, start by talking over what you want and what you can afford. You'll want to work together as a couple on a savings plan and create a wedding budget. As you begin to pay for vendors, you can use your budget to make sure your expenses are on track.

How to budget for a wedding

Start by reviewing your current finances as a couple. Determine how much you each already have saved that you would put toward a wedding. Based on what you have and what you think you can comfortably afford to save by the time of the wedding, come up with an amount that's ideal for you to spend on the celebration.

As you work through those numbers, you may also want to talk with any family members who has offered to contribute to your wedding. Rather than assuming someone will contribute or guessing how much they'll give you, try to have frank conversations so that everyone is clear about financial expectations.

Once you've come up with a total amount to spend that feels manageable, you can build a budget. This process will help you prioritize certain costs over others. Here are some questions to consider when budgeting for a wedding:

• What non-wedding expenses are important to us that may affect our budget?
• With our current income and other goals, how much can we add to our wedding savings before the big day?
• Who else will be contributing to our wedding budget and how much?
• Which parts of the wedding experience are most important to us and how much do they normally cost?
• Which wedding aspects are the least important to us and could be compromised if necessary?

Wedding budget breakdown

The next step is to itemize your wedding into areas of spending — apparel, venue, catering, honeymoon, etc. — and assign a projected dollar amount for each. For this, you may want to do some preliminary research into the average cost of wedding services in your area.

Add up what you think each category will cost and see how close this is to your ideal budget total. Chances are that you'll initially have a figure higher than your budget. This is where you'll need to dig into the priorities you identified. Seeing the numbers can help you analyze where you can cut back and where you can shift from one spending area to another. For example, you may decide to trim your guest list and save on catering costs in favor of spending more on the popular venue you have your heart set on. Or you may spot a nice-but-not-necessary expense you can forgo to help you stay under your overall limit.

Some of the major wedding cost categories along with a starting percentage of your budget to consider include:

Wedding venue, food and drinks: 50%

Renting a location and providing catering, including a wedding cake, are usually the bulk of wedding expenses. Reception venue options can span the gamut, from a small backyard brunch to a massive multi-course meal with an open bar at a country club. There are many ways to save in this area. You can consider unique, nontraditional locations such as a park, aquarium or rustic barn or opt to serve your guests appetizers rather than a sit-down dinner. Once you've determined venue and food costs, you can allocate what's left in your budget for other expenses.

Wedding attire: 10%

With all eyes on the two of you, you'll want to look your best when you say "I do." Factor into your budget the cost of whatever you want to wear on your special day. Don't forget about paying for tailoring and accessories as well as any expenses for spa services if desired. You can also include the cost of wedding bands in this spending area or budget for them separately.

Wedding flowers and decorations: 10%

Decor can transform any venue into a dream wedding setting. Most people put about 10% of the budget toward floral arrangements, bouquets, boutonnieres and centerpieces as well as lighting, accent pieces or displays. You can reduce these expenses in many ways, such as only using flowers that are in bloom locally or making creative table decorations on your own.

Wedding entertainment: 10%

Some couples have a strong preference for either a live band or a DJ while some pick whatever fits best in their budget. You may also want other entertainment, such as a magician to entertain younger guests or a craft station for guests to make a keepsake. How much you allot here depends entirely on the experience you want to create for yourself and your guests.

Wedding photography: 10%

You'll likely want to capture moments in time of your day, whether it's in print or digital format. Professional photographers and videographers usually offer a wide selection of packaged services. But between having them on-site the day of and creating polished prints and movies afterward, it will likely take a significant portion of your budget.

Miscellaneous: 10%

Reserve a chunk of your budget for the variety of items needed to carry out your big day, such as wedding invitations, party favors and keepsakes for guests, gifts for the wedding party and clean-up costs. As in other areas, you can slide these detailed allotments up or down depending on if you want to splurge on something special, do it yourself or cut the expense entirely.

Wedding budget tips to consider

Your wedding day should be a reflection of you as a couple. Don't feel pressured to spend money on a "typical" wedding expense if it doesn't represent what you envision for your big day. If you find yourself running over your budget, here are some of the most common ways to get back on track.

Slash your guest list

No, you don't have to invite your second cousin once removed who you haven't seen in 10 years. Think about the people who mean the most to you when making your guest list. It's natural to want everyone you know to be there, but it's not always possible or feasible.

Tap your loved ones' talents

Is your sister a prize baker or your best friend a graphic designer? If they offer to help you, you may want to take them up on it — or you might ask if you can hire them at a discount. In addition to potentially saving money, chances are that they'll create something that reflects your personality or taste better than an outsider would.

Be flexible with the time and date

Many couples seek out a Saturday afternoon wedding in June. The peak wedding season — from late spring through summer — generally commands the highest prices, and popular venues and vendors book up fast. If you're flexible, consider shifting your wedding to an off-season month or weekday to save money. If you pay non-peak prices for the venue, caterer, entertainment and photographer, you may be able to expand your guest list or spend more on entertainment.

Skip the expensive add-ons

Wedding venues and vendors often offer extras when it comes time to book. These can seem appealing or even necessary in the moment, but pause to think if you really need an ice sculpture, an extra half-hour of open bar or a mural-size print of your whole wedding party. The point of the day is to have attention on you, so don't feel roped into add-ons that would drive you over budget without bringing you joy.

Buffer for unexpected expenses

In your miscellaneous spending category, allot some extra money that you could use for anything in a pinch. That way, even after you've rearranged and redistributed your budget as much as you can, you'll still have a little wiggle room for spending extra to get what you want or to cover a last-minute forgotten item.

Budgeting for a wedding clarifies the costs of your big day

You want your heart to pitter-patter over the excitement of getting married, not drop to your stomach from anxiety when wedding bills roll in. Creating a wedding budget helps you set reasonable, pre-planned limits on your spending. By discussing wedding costs with your partner and agreeing on priorities and affordability, you'll ease some of your financial stress so you can enjoy the celebration of the start of your life together.

Need a little assistance saving for the wedding? Citizens Savings Tracker™¹ can help you get financially ready for the big day.