Wedding Budget Guide: Wedding Planner Mindy Weiss's Tips

A wedding budget is the starting point for the wedding planning process. The budget operates as an evolving spreadsheet of all wedding costs, so you can financially plan for a dollar amount for each line item.

Before planning your wedding day, have an idea of how much money you, as the couple (or, in some cases, the couple’s parents), can spend on the wedding festivities. From there, break down your wedding fund into various subcategories, which should encompass everything from food and entertainment to centerpieces and gratuities.

All weddings are different: some are DIY or in a backyard, while others take place at ornate banquet halls. It can be challenging to estimate an average cost of a wedding when the styles can vary so wildly. These common factors can impact the overall budget when you’re planning a wedding:

1. 1. Guest list: The number of wedding guests you invite to your big day will significantly impact the overall cost. Know most venues charge by the head, so your number of guests will influence the total dollar amount of your dream wedding.
2. 2. Decorations: Table linens, centerpieces, wedding favors, furniture rentals, bouquets, boutonnieres, and other decorative flourishes factor into wedding costs.
3. 3. Entertainment: Some couples prioritize a live band, while others choose to book a DJ. Consider any travel or meal costs for musicians and performers.
4. 4. Time of year: Some seasons are more expensive than others. Generally, spring, summer and fall are more expensive times of the year than winter months (assuming a climate that follows the traditional seasons). For this reason, having a winter wedding can be a cost-effective option for a couple.
5. 5. Wedding location: Wedding venues often take up a large part of the wedding budget. Some wedding venue fees account for the food, drinks, and staffing at your wedding reception, as well as sometimes an on-site wedding planner at the location.
6. 6. Wedding outfits: Wedding attire and tailoring services for the wedding couple can be expensive. Consider borrowing or renting attire and accessories to cut expenses.

Allocating portions of your wedding budget will help ensure you have sufficient funds for your absolute must-haves. “Then you have, depending on how much you saved within those categories,” expert wedding planner Mindy Weiss says, “some left over to pay for your attire or your invitations or whatever else is on your wishlist. It’s all about how you split that pie.” When planning your own wedding, use this breakdown to help build a wedding budget checklist and determine the costs:

• Wedding flowers and décor (20 percent): Flowers, centerpieces, and other decorations are important budget items to consider. Sometimes wedding parties take care of this process as a gift to the newlyweds instead of paying florists or decorators.
• Wedding food and beverage (20 percent): This cost accounts for all the food and drink you will supply, including the open bar, wedding cake, meals, and potential rehearsal dinner and next-day brunch.
• Wedding venue (20 percent): Your wedding venue fee might be comparable to what you pay for food and beverage, or it might account for the majority of your cost.
• Wedding rings and attire (15 percent): Wedding dresses and outfits, along with your engagement ring and wedding bands, will equal the next largest portion of your budget after the venue.
• Wedding photography and videography (10 percent): The wedding photographer and videographer normally make up a tenth of your total budget.
• Wedding entertainment (10 percent): A wedding band, string quartet, or DJ (for the reception and potential afterparty) will ensure your guests have a fun time on the dance floor at your reception venue.
• Wedding stationery and wedding favors (5 percent): Wedding invitations, save-the-dates, RSVP sites, wedding ceremony programs, and favors for the end of the night take up a smaller portion of the wedding budget.

Expert wedding planner Mindy Weiss, who has more than thirty years of experience, shares her tips for setting your wedding budget to ease what can be an otherwise very stressful and involved process:

1. 1. Begin budgeting early. You are better off deciding right away about how much you can afford to spend, which will impact how large your guest list is, what kind of venue you choose, and how much you'll spend on wedding vendors. “It is very important to determine what your budget is very early in the process so you're not going to be disappointed when you really see the bottom line of your budget,” Mindy says. “Be realistic. Start with the highest-priced items first and then go from there.”
2. 2. Compromise with contributors. If you accept funds from loved ones for the wedding, be mindful of any strings that might be attached to the money. “Compromise, compromise, compromise,” Mindy says. “Choose your battles. Remember, if you are accepting funds, you are also accepting advice and opinions as well.”
3. 3. Discuss funds with both families. Discussing money with family members can be a challenge. “My best bit of advice, if possible, is to get the families together,” Mindy says. “Get all this uncomfortable stuff out [of] the way so that you can march forward down the aisle knowing that this is a team effort, and everybody feels good about what the decision was.”
4. 4. Open a new checking account. Opening a new checking or savings account, or a new credit card, can be a helpful way to track spending and stay on budget. “I often tell my couples to open a separate checking account or a savings account for [their] wedding,” Mindy says. “That way it's easier to keep control of what you're spending. Sometimes you'll get a little extra money during the year to put towards it, so it's fun to see it growing—but it's not so fun to see it leaving.”
5. 5. Plan for emergencies. Build extra room into your budget for last-minute expenses. “You should try to set aside 3 percent of your budget as an emergency budget,” Mindy says. “Little things always come up.”
6. 6. Practice gratitude. Be grateful for any monetary support you receive. “Once you've decided on your budget and you receive the funds, please be grateful,” Mindy says. “During the wedding, when you're doing your thank-you speech … it goes so far, publicly thanking those who have helped you create your dream.”
7. 7. Record all transactions. Immediately record all your transactions to track the dollar amount of payments. Use a spreadsheet or template to organize receipts so everything is easily accessible. For her part, Mindy recommends having a wedding binder to organize contracts and payments. “Make sure to stay organized,” says Mindy. “Keep all your contracts in the binder. It makes it so much easier to flip through to see what you actually signed.”
8. 8. Use a wedding budget calculator. There are resources online to help calculate potential wedding costs. “All you have to do is fill out your wedding details like the date, the venue zip code, your guest count, and so on,” Mindy says. “And the site will calculate estimated costs for you at no charge. Whether you have the details planned or not, this is a great way to start to get an idea of what your wedding budget will be. This can allow you to look at your priorities and adjust accordingly before moving forward.”

Have a wedding to plan? Learn how to take on the process strategically. Discover Mindy Weiss’s approach to setting a budget, choosing a theme, and sending invitations when you sign up for the MasterClass Annual Membership.