5 Wedding Budget Mistakes That Are Costing You Big
Planning a wedding is exciting, but managing your budget can be one of the most stressful parts of the process.
To help you avoid overspending or missing key expenses, here are the top five wedding budget mistakes couples make - and how to steer clear of them.
1. Not Setting a Realistic Budget
The Mistake: Many couples dive into planning without establishing a clear budget, only to realise halfway through that they’ve overspent.
How to Avoid It: Before booking anything, sit down and determine what you can realistically afford. Use a wedding budget calculator or template to allocate funds to each category, such as venue, catering, and photography.
Learn From Me: A couple I worked with wanted to keep their wedding under a specific dollar figure but hadn’t done any estimates on what things might cost. They were overwhelmed and unsure of how to make it all work. Through comprehensive budget planning, we created a realistic breakdown of expenses and managed to include every aspect they wanted—all while coming in under budget. This highlights the importance and benefits of starting with a solid financial plan!
2. Forgetting Hidden Costs
The Mistake: Overlooking extra expenses like GST, service fees, overtime, and alterations can quickly blow your budget.
How to Avoid It: Ask vendors about additional costs upfront and factor these into your initial budget. Don’t forget small details like postage for invitations or gifts for your bridal party!
Learn From Me: Hidden costs can add up without proper planning. For instance, a couple I worked with were surprised to learn that vendor meals are often a requirement for suppliers. Depending on your catering setup, this alone can add hundreds to the final bill. Additionally, reviewing vendor contracts is crucial to identifying any extra fees. A detailed breakdown of potential costs can save you from unexpected surprises down the line.
3. Prioritising Everything
The Mistake: Trying to splurge on every detail, from the dress to the decor, leaves little room for flexibility.
How to Avoid It: Choose 2-3 elements that matter most to you (like the venue, food, or entertainment) and allocate a larger portion of your budget there. For other items, look for cost-effective alternatives or DIY options.
Learn From Me: It’s natural to want every aspect of your wedding to have that wow factor, but prioritisation is key. For instance, wedding favours are a common area where couples overspend, only to find that most guests don’t take them home. Redirecting that budget to something guests truly notice - like a welcome cocktail or late-night supper - can elevate the experience for everyone. A little reprioritisation can make a big impact!
4. Underestimating the Guest Count
The Mistake: Planning a large wedding without considering how the guest count affects catering, seating, and decor costs.
How to Avoid It: Be realistic about your guest list from the start. A smaller, more intimate wedding can create a meaningful experience and keep costs down. If you have a lot of friends and family, realistic estimates from the start are an important jumping off point where it comes to managing your budget.
Learn From Me: A couple I worked with initially planned for a small wedding of 30 guests, but as we worked on the guest list, they realised there were far more important people in their lives than they’d first anticipated. Their guest count grew to 70! Before moving forward, we adjusted the budget and estimated the increased costs. With careful planning, we kept all the elements that mattered to them and still came in under budget - even with 40 extra guests.
5. Not Hiring a Wedding Planner
The Mistake: Thinking a planner is an unnecessary expense, only to overspend due to poor planning or unexpected issues.
How to Avoid It: A professional wedding planner can save you time, stress, and money by negotiating with vendors, sticking to your budget, and preventing costly mistakes. Consider it an investment in a stress-free day.
Learn From Me: Imagine navigating these budget pitfalls without the expertise of a wedding planner. From managing costs to negotiating with vendors, a planner ensures your spending aligns with your vision. Without that guidance, you could easily spend tens of thousands more than anticipated. Hiring a planner isn’t just about reducing stress - it’s about protecting your budget and ensuring every cent counts.
The Take Away
Planning your wedding budget doesn’t have to be overwhelming. By avoiding these common mistakes and staying mindful of hidden costs, guest counts, and your priorities, you can create a day that’s both unforgettable and financially stress-free.
With the right approach - and a little expert guidance - you’ll have the wedding of your dreams without breaking the bank. Remember, smart planning is the key to turning your vision into reality!