MONE Y MOVES
Making Cents of the Numbers FEELING INTIMIDATED ABOUT ALLOCATING YOUR WEDDING FINANCES? EVEN IF YOU’RE NOT A NUMBERS PERSON, HERE’S HOW TO TACKLE THE BUDGET…ONCE AND FOR ALL . BY SAMANTHA IACIA
Let’s get into the numbers. The average wedding cost $35,000 in 2023, according to The Knot Real Weddings Study, which surveyed nearly 10,000 couples married last year. Consider this easy-to-follow guide your financial bestie as you navigate the planning journey.
TAKE STOCK OF YOUR SPENDING What does your current financial picture look like? Understanding the lay of the land will help you realistically set money aside each month for your wedding. Decide on payment methods (like a new savings account) for wedding-related costs.
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DON’T OVERLOOK PRIOR OBLIGATIONS
Remember to factor in expenses for the near future, like vacations you’ve already planned, weddings you’re attending or other big-budget goals like moving.
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CONSIDER ALL CONTRIBUTORS
Before you cash that check from your future in-laws for the wedding fund, chat with them about how to best spend it.
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OUTLINE MUST-HAVES Gotta have that live jazz band you found? Prioritize what matters most to you—and where you’re willing to spend more money—before moving on to other details where you don’t want to invest as heavily.
DEVISE A PAYMENT PLAN
Some good news: Most vendors won’t need all of your money at once. Ask potential event professionals about the deposits they require up front and allocate the remaining payments over the next couple of months as needed.
Dividing the wedding budget among your vendors can feel like putting together a 1,000-piece puzzle. Luckily, we’ve got insider knowledge to help you get started. Here’s a quick rundown of how much of the total budget goes toward each vendor category on average, according to our internal data. Remember that your budget breakdown will look different based on your priorities. Couples hire 30
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an average of 14 vendors, and these figures represent the typical percentages couples allocate to these categories if they choose to use a given pro. Use them as a starting point and adjust them up or down as needed for your priorities. Crunching the numbers isn’t the sexiest date-night activity, but you’ll feel a sense of accomplishment after filling out this worksheet. Reward yourselves with a celebratory drink.
STOCKSY
TIME TO SPLIT THE BILL