Knowing how to budget for a Wedding is crucial. Typically, there are two main approaches (both with their own merits) which you may want to consider before going ahead and setting your budget.
The first option is a money led budget. This method needs you to calculate how much money you can afford to spend on the Wedding (factoring in all sources of income) and then apportioning it between the things which you need to buy. It is essential that you have set your priorities for the Wedding day in order to follow this route. It is also essential that you have a thorough knowledge of how much money you are able to put towards the Wedding and how much you will receive in contributions from others. This route may not be suitable for all, especially those who have job or financial uncertainty, or whose parents are wavering or not clear on how much money they plan to contribute.
If a money led budget is not for you, then the other option is a wants led budget. A wants led budget focuses on what you want to buy for your wedding and how much it will cost. Obviously it is imperative that you have carried out your prioritisation of wedding activities and it is advisable that you are open to suggestions with regards your Wedding date before choosing this option (although this is not essential). Following this route can help you to see how much of your savings and the contributions will be eaten up, whether you need to put in some overtime and even help you to set your wedding date (to clarify this point via an example, a midweek Wedding in November will often work out cheaper than a weekend Wedding in the middle of June - due to supply and demand factors)
Neither route is ‘the best’ – both are purely dependent on your circumstances. Both require you to assess your priorities (see the Prioritising article for help and advice doing this) and also have an understanding of how much money you will have available to you (see the Contributions article for assistance in determining this). If you haven’t already, we recommend that you go on to read both those sections - it will make choosing between the money or wants led budget a whole lot easier.
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