5 tips for creating a realistic
Wedding Budget
Wedding planning can be both exciting and overwhelming, especially when it comes to budgeting. From choosing a venue and hiring vendors to buying a dress and selecting flowers, there are many expenses to consider. That’s why it’s so important to set a realistic budget and stick to it. In this post, we’ll share 5 tips for creating a wedding budget that works for you and your partner, so you can focus on enjoying your big day without financial stress.
Wedding Planning New Zealand
Wedding planning can be both exciting and overwhelming, especially when it comes to budgeting. From choosing a venue and hiring vendors to buying a dress and selecting flowers, there are many expenses to consider.
According to a survey conducted by Weddings Online, the average cost of a wedding in New Zealand is $36,547, with the largest expenses being the venue (23%), catering (20%), and photography (14%). That’s why it’s so important to set a realistic budget and stick to it. In this post, we’ll share 5 tips for creating a wedding budget that works for you and your partner, so you can focus on enjoying your big day without financial stress.
Tip #1: Determine your budget before you start planning
Before you start planning your wedding, it’s important to determine how much you can afford to spend. Consider your income, savings, and any debts you may have. It’s also a good idea to talk to your partner and any family members who may be contributing to the wedding to get a sense of their financial capabilities and any expectations they may have. Having a clear understanding of your budget will help you make informed decisions about expenses and avoid overspending.
Tip #2: Prioritize your expenses
Once you have a budget in mind, it’s important to prioritize your expenses. Determine what is most important to you and your partner and allocate your budget accordingly. For example, if you have always dreamed of a lavish wedding reception, you may want to allocate more of your budget to catering and décor. On the other hand, if photography is a priority for you, you may want to allocate more of your budget to hiring a professional photographer.
Tip #3: Consider all costs, including hidden fees
It’s important to consider all costs when creating your wedding budget, including hidden fees. Some common hidden fees to be aware of include service fees, tax, and delivery charges. For example, if you’re renting a venue, you may be charged a service fee or a cleaning fee in addition to the rental fee. Be sure to ask vendors about any additional fees they may charge so you can factor them into your budget.
Tip #4: Negotiate with vendors
Don’t be afraid to negotiate with vendors to get the best deals. For example, if you’re hiring a caterer, you may be able to negotiate a lower price by opting for a less expensive menu or by choosing a less popular wedding date. Similarly, if you’re hiring a photographer, you may be able to negotiate a lower price by opting for a shorter coverage period or by purchasing digital images instead of prints. It’s always worth asking if there is any room for negotiation.
Tip #5: Use budgeting tools and resources
There are many budgeting tools and resources available that can help you keep track of your expenses and stay on budget. For example, you can use a spreadsheet to track all of your wedding expenses and see how they add up.
You can also use a budgeting app, such as Wedding Budget or Wedding Wire, to create a budget and track your spending. These tools can be especially helpful when planning a wedding, as they allow you to see exactly where your money is going and make adjustments as needed.
Taking out a wedding loan
If you find that your budget is not sufficient to cover all of your wedding expenses, you may consider taking out a personal wedding loan. Wedding loans are personal loans that are specifically designed to finance wedding expenses, such as the venue, catering, photography, and more. They typically have a fixed interest rate and a repayment period of several years.
Before taking out a wedding loan, it’s important to carefully consider your financial situation and whether you will be able to afford the monthly repayments. You should also shop around to compare loan options and interest rates from different lenders. It’s a good idea to get pre-approved for a loan before you start making any large wedding purchases, as this will give you a better idea of how much you can borrow and what your monthly repayments will be.
Keep in mind that taking out a wedding loan can be a good option if you need additional financing to cover your wedding expenses, but it’s important to be responsible with your borrowing and make sure you can afford the repayments.
Realistic wedding budget example
Creating a realistic wedding budget is an essential step in ensuring a successful and stress-free event. By determining your budget before you start planning, prioritizing your expenses, considering all costs, negotiating with vendors. Here is an example of a realistic wedding budget for New Zealand:
- Venue: $7,500
- Catering: $7,000
- Photography: $5,200
- Flowers: $2,000
- Music: $2,500
- Transportation: $800
- Wedding attire: $3,000
- Gifts and favors: $1,000
- Stationery: $700
- Hair and makeup: $700
- Rehearsal dinner: $2,000
- Total: $30,000
This budget assumes a guest list of approximately 100 people and includes the most common wedding expenses. It is based on the average cost of a wedding in New Zealand, as reported by Weddings Online. Keep in mind that this is just an example and every wedding is unique, so your budget may vary based on your specific needs and preferences. It’s a good idea to start by setting a total budget and then allocating it among the various expenses based on what is most important to you and your partner.
