How to Create a Wedding Budget in 8 Easy Steps

Money may not buy you love, but it is an important part of buying, renting, and booking everything you need to host your wedding. Knowing the budget you have to spend—and deciding how you want to spend it—are critical preliminary steps that should come before you sign any vendor agreements, commit to any decor choices, or put a hold on that designer gown. “If [you] are lucky enough to be in a position where budget is not a big concern, then dream away!” says Carina Van Son, an event planner with Sinclair & Moore. “[Otherwise,] budget should be one of the first topics when a couple is ready to sit down and start planning their big day. The budget will have influence over so many foundational decisions that it should really come first.”

Before you begin spending money, work with your partner to create a list of top priorities that you can reference when decision-making gets tricky—like when you realize your budget doesn’t allow for a full-build, tented wedding, or that you might need to delay your honeymoon to avoid added debt. “It’s best to address potential budget issues early and head-on,” says Van Son. “If you understand each other’s priorities, the compromise can be made on something that is less important to both of you. Even if you think you don’t need one, a rough budget will spark conversations and avoid conflict down the road.”

Ahead, eight expert-approved tips for creating a realistic wedding budget.

Take Stock of the Funds You Have

Wedding planners and financial experts advise against taking out loans or pulling from your retirement accounts to fund a wedding, as the fees, interest, and tax consequences can hurt your financial health in the long run. Consider how much cash you have available—while factoring in other large expenses you have on the horizon—and then look into supplementing it as needed. “Most people need to have a rough idea of what they can afford for their wedding before taking any next steps,” says Van Son. “The majority of couples should identify their budget (or at least a general budget) before bringing the wedding vision together.”

Start by assessing how much of your individual or joint savings you and your partner feel comfortable contributing. Then, take a good look at your finances and make a realistic plan for how much you can save from each paycheck.

Figure Out Who Will Contribute—and How Much

Though it can feel awkward to discuss finances with family members, having a clear understanding of who plans to contribute to your budget—and how much they are willing to spend—is an important part of tallying up your bottom line. Whether your parents have a six-figure savings account set aside or your godmother would like to pitch in for specialty glassware, these contributions will affect your final numbers.

This discussion should also include clear parameters on how the decision-making process will work. “Equally important to whether there are family members contributing to the wedding budget is,’Does the family get to weigh in on decisions if they are financially helping with the wedding?’” says Van Son. “This is an often-forgotten piece of the puzzle, and can be a point of contention down the road.”

Discuss Your Vision

Once you have a general idea of what you can spend, sit down with your partner to create a shared vision that fits within those parameters. While the details of the day will change during the planning process—maybe you’ll choose a restaurant instead of a country club, or in-season local flowers instead of flown-in blooms—you should agree on the overarching experience. “Do you want a big celebration? Something small and intimate?” says Van Son. “The budget will help direct a lot of early decisions.”

Brainstorm Your Guest List

The budget and the guest list often influence each other: As you invite more people, even a casual wedding will see a rise in costs. “With food and beverage being a large percentage of the budget overall, the more people you have in attendance, the higher that number goes up,” says Van Son. “Larger weddings also mean more tables, and therefore additional centerpieces, linens, place settings, and more.” 

However, if you have a large budget and a small guest list, you’ll need to decide if you want to elevate the experience—or save the extra. “A smaller wedding doesn’t always mean less expensive, but if there are fewer guests, it can allow for choosing items that are quality over quantity,” says Van Son. 

Make a Spending Plan

With a concept for the general feel of your wedding and the number of people invited, you can turn your budget into a spending plan—an essential step that helps you prioritize your payments. “A budget is the overall amount you have to spend on your wedding. A spending plan is how you’ve broken down the budget for each segment of your wedding,” says event planner Kelly McWilliams. “Within the spending plan you should define in advance how much you’re allotting to each category—venue, attire, floral and decor, entertainment, transportation, hair and makeup.” 

This is where a planner can help you figure out an estimate of costs for each element of your day, which allows you to see just how much of your vision you can bring to life. “Most people don’t initially know where to focus their money and how much should be spent where. A good planner is crucial in this stage!” says Van Son. “What is included in the wedding fund—is it just the day itself? Is the honeymoon part of this budget? Rehearsal dinner?”

Creating this holistic view of your spending makes it easy to see how going over-budget in a single category will affect the rest of your plan. Van Son tells her clients to expect to spend about one-third of their budget on food and beverage, another one-third on decor, and the final one-third on photography, planning services, and other vendors. A plan allows you to ask, “In my overall budget, will the choice of this vendor fit within the number? Or will it be spending too much of the amount?” she says.

Determine How You'll Track Payments and Balances

Now that you know your overall budget and how that total number breaks down into distinct parts of your celebration, it's important to make a plan for tracking the dollars and cents. For most couples, a budget spreadsheet is the easiest option, as this makes it simple to see how much money you've paid and what you owe at a glance. If you're working with a wedding planner, they may create this for you.

Create a Plan for Handling Budget Changes

While some couples work within a budget that can expand as their vision shifts, others have a hard-and-fast limit; if that’s you, make sure your vendors know exactly what you’re willing to spend. “It’s important to agree on whether an expanding budget is an option or if the agreed upon number is set in stone, and it’s imperative that you communicate whether a budget amount is final to your planner and any other budget-related vendors involved—caterers, venue,” says Van Son. “If they are aware that you have a hard number that you must stay within, they will work with and guide you to make decisions based on this number. A planner will take all potential costs into consideration, including taxes and fees, to ensure that there are no surprises in the bottom line.”

But even if your budget can’t flex at all, you can adjust your spending plan to accommodate a new desire for upgraded ceremony chairs or a just-had-to-have-it veil. “What you spend and where will be fluid, but the overall budget can be firm,” says Van Son. “Your planner will also keep the lines of communication open through the planning process with vendors whose costs can be variable depending on exterior factors, like florists and bakers who cannot control their cost of goods, to make sure that the plan in play will remain in the budget.”

Don't Put It Off

While few couples find talking about money to be the most romantic and enjoyable part of planning their wedding, it’s important to discuss these costs—and your wedding priorities—from the beginning of the planning process. “Finances are sticky. But the earlier you can address it, the better,” says Van Son. “Try to flush out as many unknowns as possible, so that you can both be starting off your wedding planning on the same page. Inevitably, there will need to be compromises and hard decisions made during the planning process. By talking about it early, you are more likely to avoid bigger blow-ups when someone’s heart is set on a specific venue, dress, or photographer—emotions make these conversations harder.”