How to Create a Wedding Budget

We all know that budgeting is important, but that’s especially the case when you’re saving for a big-ticket item like your wedding day. Stay on track by creating a wedding budget.
 

We all know that budgeting is important, but that’s especially true when you’re saving for a big-ticket item like your wedding day. While this is only one day in your whole life, you likely already have an idea of the type of ceremony and reception you’re after for your dream big day.

Not only will setting a budget for your wedding help you stay on track, but it’ll set your marriage on the path to financial success from the day you say, “I do.” Start planning your wedding budget today and make your dream day come true.

Review your existing savings

The best place to start is to look at what money you already have saved that you could use for your wedding. If you have separate savings accounts, you’ll want to see how much each of you can contribute and even consider combining accounts for your wedding budget.

It’s a good idea to only use a small amount of your current savings and plan to add additional savings later. You still need to account for other savings, such as a rainy-day fund, health savings, or any other savings you might need for home or auto expenses. 

This is a great time to see how your future spouse addresses financial decision making. Talk together about your wedding budget, how much money you want to spend, and your priorities for growing your wedding savings and budget. Explore options like certificate of deposit (CD) accounts to grow your long-term savings.

Plan your wedding budget breakdown

When you start building your wedding budget spreadsheet, you need to account for where the funds for your wedding will come from. Once you get engaged, your friends and family may gift you some money to put towards the wedding. You could also consider having a cash registry instead of gifts, especially if you already live together and have a fully furnished home.

If you need extra cash up front, consider how much you can pull from your current income and budget. Do you need to add a side hustle to find some additional funds? You may need to assess your recurring expenses and find areas in your budget to cut and reallocate toward your wedding savings. 

For couples who haven’t set a date yet, consider having a date that’s a little further out to give you more time to save. Marriage is forever, so extending your engagement and setting up a savings account or budgeting for your wedding can help you feel more financially secure going into your marriage.

Research wedding ideas on a budget

Weddings are expensive, but there are ways to save money. For example, buying certain flower types when they're in season can help you save some money in your flower budget. Another way to save money is to research indoor vs outdoor wedding venues to see which is the best for your budget.

Building a wedding budget spreadsheet can be a great way to track expenses and organize your planning needs. Collaborating with your partner on the budget spreadsheet can also help you both practice budgeting and see each other’s ability to stick to the budget.

Some of the items you’ll need to include in your budget are:

• Venue for ceremony and reception
• Flowers
• Music and entertainment
• Photographer and videographer
• Bridal attire
• Hair and makeup
• Rental fees for furniture like reception tables and chairs
• Officiant fees
• Marriage license
• Catering and alcohol
• Bridal party gifts
• Wedding stationery
• Wedding rings
• Transportation
• Rehearsal dinner costs

Start saving for your wedding

Consider opening a new savings account to keep your wedding savings separate from any other savings you might have. A separate savings account will stop you from being tempted to spend that money on something else!

A Four Seasons account with First National Bank and Trust is a great way to save for your wedding. This is a savings club account designed to help you save for special purchases. There are no monthly fees or minimum balance requirements, and you earn interest and to make the most of your savings. 

Find places to lower costs

Planning a wedding is exciting, but it can also be a time when you’re getting opinions from everyone else about what you should be doing. Set boundaries outside of you and your future spouse, with parents or siblings who may want to voice their thoughts. Remember, it’s your day, not theirs.

Sit down with your partner to pick two or three non-negotiables you want at your wedding, then allow some wiggle room for other areas you could save money on. Consider alternatives for your wedding options. Look at venue pricing for mid-week rather than a Friday or Saturday, shop secondhand outlets for decor or even bridal attire, and look at less expensive floral arrangements.

Make sure your wedding day is about celebrating your love and not about overconsumption and outward appearances. Be sensible about your expenses and remember that this is only one day in your life. Pick the handful of items that are the most important to you and save in the less-important-to-you areas.

Stick to your budget

After you’ve assessed your current savings, budget, and what items you want to have at your wedding, along with how much everything will cost, you have your final wedding budget.

Don’t forget to add some buffer for unexpected costs. Something may end up being more expensive than you expected, or an additional cost may be added to your budget. It never hurts to have some extra savings, and whatever you have left after you’ve paid for your wedding can go towards a honeymoon or starting this new chapter of your life together, like buying a home.

Planning a wedding on a budget with FNBT

There are many moving parts to account for when budgeting for a wedding and the start of your married life. First National Bank and Trust is here to help you celebrate this exciting time and financially plan for your big day.

Whether you’re looking for a savings account specifically for your wedding fund, opening a joint account to merge your money, or taking out a small loan for some of those extra wedding costs, we’re here for you. Contact us today or stop by one of our locations to talk to our savings team.