How to Allocate Your Wedding Budget

NEW YORK, March 2, 2023 (Newswire.com) - iQuanti: Your wedding is one of the biggest days of your life. It's a time when your family and friends will come together to celebrate the union of you and the love of your life. With so much anticipation, it's no wonder many people stress about how they will afford to pull off their wedding day.  

Whether you've already saved money for your big day or are using a loan payment calculator to see how much you can borrow, keeping a wedding budget under control is setting reasonable spending limits. Here are some suggested allocations to keep in mind.   

Wedding Venue  

The venue is typically one of the most expensive costs of a wedding. It's important to choose a facility that is beautiful, spacious, yet affordable because it's where your guests will enjoy your reception and where most of your photos will be taken.  

Keep in mind the added costs the venue operator will charge if you plan to have an open bar—most charge for both the alcohol consumed and staffing bartenders to serve your guests.   

Catering  

Great food makes a beautiful wedding even more memorable. Take time to find an incredible caterer who can provide various dish options and stay within your budget.   

Sometimes the venue offers in-house catering. Depending on the style and type of food you'd like your guests to enjoy, this option could be less expensive than bringing in a caterer.   

Photography and Videography 

Your wedding photos and video will live on long after the big day is over. You'll want to find a professional or team who can serve as an outstanding photographer and videographer. Be sure to browse through their past work and check referrals before committing to one.  

Honeymoon  

While you and your guests enjoy the wedding reception, the honeymoon is when you and your new spouse get to spend quality time with one another. It's best to start planning at least a year in advance. An alternate strategy could be waiting until six months before the trip when you might get a better flight and accommodation rate.  

Wedding Rings 

One thing that you should absolutely include in your wedding budget is the wedding rings. After all, this is an important tangible token of your commitment to each other and will last throughout your marriage.  

When picking out the perfect ring, there are many options out there, so it can be easy to get overwhelmed. Consider different designs, materials, and carats - these decisions should all factor into your budget. Don't forget about insurance for your rings; protecting them from potential loss or damage is key.  

Additional Expenses 

There are a few more major expenses typically included in the overall wedding budget:  

• Entertainment during the reception  
• Flowers  
• Cake  
• Invitations  
• Wedding attire 

It would also be wise to work in a small cushion to cover any incidentals or other costs you didn't anticipate, like last minute expenses or higher than expected rates for services.  

The Bottom Line  

Regardless of how much money you're prepared to spend on your wedding, the important thing is to set a limit for each expense and plan accordingly. By sticking to a budget, there's a much better chance of not overspending or going into debt. No matter what happens, the most important thing is to remember this is the day for celebrating the love of you and your fiancé. 

Source: iQuanti, Inc