The average cost of a wedding may have dropped during 2021 – according to Bridebook, it now costs UK couples £24,000 to tie the knot – yet with the pandemic still affecting everyone’s lives and Christmas just behind us, making further savings remains on every engaged couple’s pre-wedding to-do list.
Whether money is tight or you’ve already been busily squirrelling away cash for your wedding, budgeting will make your fund go further. As well as helping you realise your big day dreams affordably, setting a realistic budget will help to keep the wider wedding planning experience as stress-free as possible.
Here at Gosfield Hall, we host wedding celebrations for couples with varying tastes and budgets. Read on to discover the top budgeting tips we’ve learnt along the way…
Talk money with your bride- or groom-to-be first
The key to setting a realistic budget is for both you and your partner to maintain an open dialogue about how much you can afford to save and spend. So, it goes without saying that setting a wedding budget should always begin with an honest conversation with your bride- or groom-to-be about your vision for your special day and your finances.
Here Wedding Expos explains more about what should be on the agenda during this initial chat:
“Talk to your partner [about] how much you both are willing to spend on your wedding. It is crucial to discuss how much each of you can contribute so that you can estimate how much you should spend on your special day. If there are certain pledges of contribution from your friends or family members, you can also include it in your budget.”
Being on the same page when tackling wedding budgeting is particularly beneficial. It’ll not only make wedding planning more enjoyable, but it could also even set the scene for a healthier, happier marriage.
Dig a little deeper into the wedding scene
After talking about money and discussing any additional opportunities for saving during the run-up to your wedding date, you’re certain to have a figure in mind. Dig deeper into the average cost of wedding essentials to see whether the budget you are looking to set is realistic for the wedding goals you want to achieve.
To keep your wedding research precise, take your search offline and investigate prices within your local area. Approach wedding vendors for ballpark quotes, getting at least two or three quotations to calculate an average cost.
If you find that the wedding budget you have is too large, you could scale back on saving in the months before your wedding date or give yourself a little extra money to play with for those big day luxuries or your honeymoon.
If you find the opposite is true and you need to add more money to the kitty, you could consider tieing the knot at a later date to give you more time to add to your wedding fund.
Remember budgeting isn’t just about money
A successful and realistic budget doesn’t just depend on setting an accurate figure. It’s reliant on timing and expectations too, especially if you have loved ones looking to contribute financially to your special day.
Whilst you’re certain to feel more comfortable chatting about money with your partner, having the same conversation with friends and family members may not be so easy. Asking those hard-hitting, budget-related questions early however will save a lot of time and stress.
Understand how and when everyone who’ll be contributing to your wedding will be getting involved. This includes asking whether they’ll be giving you cash, a cheque or credit to work with; if they have their own budget in mind; and whether they want to cover the costs of a certain aspect of your wedding or contribute to the wider fund.
Don’t forget the insurance and that all-important contingency
There is certain to be many costs that make up your wedding budget but adding insurance and a contingency sum will stand you in good stead should things not go to plan.
Wedding insurance is one thing we’d recommend to all couples. Whilst getting your engagement ring insured is another great idea for newly engaged couples looking to be as budget savvy as possible in the run-up to their big day.