How To Stay Within Your Wedding Budget in 2024

In 2024, planning a wedding on a budget can be a daunting task. It can be difficult to know where to start, especially when you know you have a small budget. That’s why we want to share some financial tips on how to get your wedding planning started. Whether you’re planning a $30,000 wedding or a $5,000 wedding, these tips will help you to create your budget, break down your budget, track your spending, and even save some extra bucks.

 

Crafting Your Wedding Budget

Understanding Your Financials

You may be tempted to go right into wedding planning without setting an actual budget. This is a very easy way to blast right through your savings. Setting a limit on your what you’re willing to spend will guide the rest of your decisions and help you to choose what’s most important.

Calculating Your Total Budget

Here is a great equation to help you create your total wedding budget:

Personal Savings + Family Contributions + Pre-Wedding Earnings = Total Budget Savings 

If you’re not sure exactly how much of your savings to set aside, consider researching more about what current wedding costs look like. Be sure to also communicate openly with family members who wish to contribute. Transparency with your family and your partner will be your greatest support for healthy wedding planning.

 

Breaking Down Your Budget

Identifying Non-Negotiables

As a couple there are likely elements of your wedding that you can’t live without. Whether it is a certain dream venue or a pricier catering experience, these are your non-negotiables. Recognizing these elements early on in your wedding planning is important to claim their rightful place in your budget.

Sample Budget Breakdown

Imagine a pie chart of your combined wedding expenses. Here's a glance at a hypothetical yet practical allocation:

  • Venue and Catering: 50%
  • Photography and Videography: 10%
  • Attire and Beauty: 15%
  • Wedding Bands and Rings: 5%
  • Decor and Flowers: 10%
  • Entertainment and Miscellaneous: 10%

Remember, these are just guidelines; your wedding could look completely different and there could be other costs involved.

 

Tracking Your Spending

The Predicted vs. Actual Spending

For many reasons, your predicted expenses may look a little different than your actual spending. Checking and updating your wedding budget frequently throughout this process will help you stay on track.  

Maintaining an Emergency Fund

An emergency fund is always a good idea to avoid unforeseen predicaments. Venues may change or certain vendors may include additional fees you didn’t know about, it is difficult to prepare for these scenarios. You might consider adding a buffer of 5-10% of your total budget so you can stay within your wedding budget.

 

Bonus Tips for Savings

When working with a tight budget, you might have to think out of the box. This could be anything from choosing an off-season wedding date, having a backyard wedding ceremony, or digital invitations instead of paper ones. There are countless DIY wedding options for décor, catering, and attire.  And when it comes to choosing a wedding ring, EMBR stands as the perfect testament to both beauty and affordability.

 

Crafting the Wedding of Your Dreams

As we wrap up this 2024 budgeting guide, remember that your wedding isn’t defined by the price tag. Even with a smaller budget, you can create a wedding that will leave an impression on your cherished guests. Every couple’s wedding will look different and we celebrate that here at EMBR. May the celebration of your love be the most important part of your magical day.

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