According to the WeddingWire Newlywed Report, on average couples expect to pay $16,000 on their wedding but end up spending around $29,000—a significant difference! So why do couples underestimate how much they’ll need to budget for their big day?
Turns out that nearly 80 percent of couples set their budget before researching any vendors, so they pretty much have no idea how much wedding-related products and services should cost in the first place. Well today, I’m going to share with you three things that can help better prepare you for creating the wedding budget and help make everything affordable too!
The Big Picture
Let’s be real for a moment, you haven’t a clue what you’re doing when it comes to weddings. Most couples don’t and honestly, they just sort of toss a number out there that feels good to them. Here in the Roanoke Valley you can have a wedding for just a few hundred bucks, or you can literally buy a house for some of the weddings that take place here in SWVA.
The VERY first thing that you need to do is get a wedding budget, a realistic one. Being that you’re here in our region of Virginia, you know the cost of living is cheaper than other areas of the Commonwealth.
With that, I created a wedding budget tool for South Western Virginia that is adjusted for our region. It’s very easy to use too, you simply plug in the total amount that you want to spend on your wedding, the application will do the rest. For example, let’s say that you want to spend no more than $10,000. Well, my online budget calculator will tell you how much you should be spending on all the main line items for wedding.
Now the numbers are based on a guest count of 100 and having your wedding on a typical Saturday. Having it with less guests or having it on what’s called a ‘non-peak’ day will decrease some of those costs and allow you to add costs elsewhere. Think of my budget tool as a baseline starting point.
When it Doubt, Pay Cash
Sure, we all know that cash is king when it comes to buying things, but my advice, don’t get a wedding loan. Instead find wedding vendor companies that will offer you 0% financing or low interest financing instead. Pay for your wedding vendors over time and those that offer this service understand that it makes sense to do this.
Think of it this way. Is it easier to fork out a deposit of $1,000 and another $1,000 a week before the wedding or is it easier on the pocketbook to make a $400 deposit and $160 payments for 10 months before you wedding?
It’s the same cost, just spread out over time. It’s much more palatable.
Not everyone does this and from what I understand only a couple of vendors offer it including myself so just send me a message if you’d like to know who they are.
Keeping on track with what your budget can be difficult but if you pace yourself and stick to your game plan, you can stay on budget or below.
As for paying in cash, my rule of thumb is pay with a check or debit card, always have a paper trail when it comes to wedding vendors. It will help protect you in case something ever happens.
Consider Wedding Alternatives
Of course, I’ve talked about off-peak season weddings beforehand and how they can save you money, but you should also consider venues that offer one-stop shopping too. It’s something called Wedding Grouping.
Wedding Grouping is the process of when many vendors make arrangements with venues during select times of the year and offer discounted services. For example, I offer a good discount when you book at Silver Hearth Lodge here in Roanoke, I have a special condensed package that’s affordable for couples up there on the mountain top. Wedding Photographers, florist, catering, bakers and DJ’s all have stuff like this across the region, but you must ask in order to get a discount.
In some cases, you can save upwards of 25% of your entire wedding, on a $10,000 bill that’s $2,500 back in your pocket. You just have to know how to ask for it and scope out little tidbits like that.
So there you have it friends, three things to think about when it comes to planning your wedding and overspending on it too! Be sure to check out my other great blog posts that can help save you money, provide great tips and tricks and of course wedding films too!