Setting a realistic wedding budget
Setting a realistic budget should be the very first step in your wedding planning journey. Before you start making guest lists and booking suppliers, crunch those numbers and decide how much you can afford to spend on your wedding.
You might have seen some stats on whatever average wedding costs in Ireland. Please know that it’s an extremely rough guide and doesn't mean much. Only you know your finances, the stage of life you’re at, and what’s realistic and comfortable for YOU. You can plan a wedding on any budget, literally, as long as you have your priorities clear, your party will be amazing regardless.
FIRSTLY, discuss the following:
Do you have savings and if so, how much can you comfortably allocate for your wedding?
How much can you save in the meantime? Should you stretch your engagement longer to allow for more savings?
Can you take a loan?
Would your parents/families contribute financially?
Everyone’s financial situation is completely different and what might seem like a lot to one couple will be absolutely nothing to another. It is relative to you and only you, and that is perfectly fine! There is no wrong number, and the right number is whatever works for you.
SECONDLY, Allocate 10% of your budget for contingencies.
There will be unexpected things that will come up, there will be last minute expenses, etc. It’s impossible to account for everything, and if you don’t allocate for contingencies, you will overspend.
THIRDLY, Decide on what’s the maximum you can go over the allocated budget.
No matter how high your overall budget, it’s quite likely that things will start adding up rather quickly and there might be elements that you REALLY want to add, but that are out of your budget. It’s so easy to go into debt because you really wanted to add a photobooth, magician, extra 15 friends from college you haven’t spoken with since, and their plus ones, and a 3 tier cake. Before you know it, another 20K might be gone, and, while you might not remember that photobooth in 10 years time, you are more likely to remember the stress and financial strain. Set an overspend limit at the initial stage and stick to it.
The financial strain and stress are completely unnecessary. Set your limits, refer back to it at all times, be strict, and don’t let yourself get carried away. It’s so important to remember that you are celebrating your love and commitment by throwing a party with those you love the most, not entering some kind of imaginary competition. Keep your priorities in mind, and your wedding will be absolutely amazing!