5 things to consider before creating your wedding budget

By Citizens Staff

There are few things in life more exciting than getting engaged. But before you hire a single vendor or make appointments to meet with potentials, you should sit down and crunch the numbers. Of course, you'd rather skip this step and go straight to the cake tasting; but creating your budget is arguably the most important part of planning a wedding.

If you’ve never planned a wedding before, you may need some guidance on how much things cost, and how to create a realistic budget. Read on to learn five things you should consider when creating your wedding budget.

Yes, money conversations can be awkward, but knowing who’s contributing financially to your wedding is essential to understanding what you have to work with, which in turn impacts the kind of wedding you can afford. Just be sure to approach these conversations in a respectful way; contrary to popular belief, your parents aren’t actually obligated to pay for your wedding.

Once you have an idea of how much financial assistance you'll receive, it’s time to focus on your own contribution. Getting comfortable talking about finances with your partner is not only helpful for wedding planning; it'll also lend itself well in your marriage. Sit down and discuss:

• In terms of priorities, how does a wedding fit in with your other financial goals? (Buying a home, having a family, paying down student loans and other debt, etc.) 
• How much can you both save between now and the wedding? 
• How much, if any, are you willing to borrow? (Personal loans, HELOC, credit cards, savings, etc.)

For the most part, the cost of a wedding is based on guest count. The number of guests in attendance will determine the size of your venue, how much food and alcohol you'll have to provide, the size of your cake, favors, invitations; the list goes on.

Looking at your wedding as a per-person cost will help put the costs into perspective, as many vendors will quote prices based on your guest count.

Where and when you tie the knot can greatly influence your wedding expenses. A Saturday evening wedding in Boston in September is going to cost you more than a Sunday brunch reception at a suburban restaurant in November. Additionally, if you’re having a destination wedding, prices will fluctuate during peak travel times. You don’t have to have a specific venue in mind, but a geographic location and date is important to get accurate quotes.

You and your fiancé will probably have differing opinions as to which wedding items are the most important, other than marrying each other, of course. Maybe your fiancé wants an open bar, but you'd prefer splurging on a celebrity photographer.

Once you decide on your top priorities, you can assign a bigger percentage of your budget to those — which will determine how much you'll have left for the other wedding items that aren't as important to you.

Now that you’ve considered all of the above, it’s time to start putting your budget together. Whether you already have a set amount you’re going to spend or you’re not sure how much the wedding will cost, our calculator below will help you get organized.