(Closed) Why did you choose the budget you aimed for?

posted 5 years ago in Money
Post # 31
Member
789 posts
Busy bee
  • Wedding: November 2015

We initially set a 10k limit, but after our initial research, we realized that would be very difficult in LA with a largish guest list. We upped it to 20k but will likely end up at 25-30k. We are paying for everything ourselves, though Future Mother-In-Law has hinted that she wants to give us money toward something’ not counting on the money aa far as our budgeting goes. We can afford it but have dipped into our savings for deposits (which we hope to replenish but aren’t really stressing over it for mow). 

Post # 32
Member
1183 posts
Bumble bee

We looked at the estimate budgets online and decided what our priorities were (food, venue, photographer). We booked them and then we decided that we’d just spend whatever we wanted as long as it didn’t mean going into debt. We had a lovely gift from a family member who kindly offered to pay for food. 

Then we just bought things month for month and make savings everywhere else. It’s amazing what you can get by on. It does make me think that pre-wedding-planning, we could have got away with spending lots less than we do. Quite an eye opener really.

Post # 33
Member
37 posts
Newbee
  • Wedding: February 2021

Me personally, being the baby of my family and the only girl seemed to be basis enough for my family (parents, aunts, uncles, and FI’s parents) to give me whatever I wanted. I told my parents and FI’s parents that I did want to help pay for things, but they weren’t having it. I at least insisted on a budget and once again,  my FI’s father refused. His exact words were “What budget? You’re the only girl.” I tried getting my parents to let me pay for something, but that’s not happening. My original budget was $25,000 since me and Fiance have a few years until our wedding, but that quickly turned into $35,000 and I don’t want to go any higher than that. Whatever that isn’t spent will go for a down payment on a house. I must say, I’m so thankful for my parents and future in-laws for paying for everything. I couldn’t ask for anything else.

Post # 34
Member
9544 posts
Buzzing Beekeeper
  • Wedding: August 2013

When my mother passed, she requested that I put aside some of her life inheritance for a wedding. My aunt recommended $25k, so that’s what I did. When I actually got engaged, we did some basic research and set our wedding ideal budget at $15k and our max budget at $25k. We ended up at $17.5k. We were very happy with that. The honeymoon, however, went way over budget, but it was amazing and I wouldn’t change it for the world!

Post # 35
Member
305 posts
Helper bee
  • Wedding: April 2015

We were given money from my parents and knew what we would roughly be making back from guests (I’m Italian so cash is the norm, and the gift per person is pretty well known where I am). We also knew what we felt comfortable putting in beyond my parents contribution. Had a rough budget in mind, knew what I was and wasn’t willing to compromise on and got quotes.

 

Edit: My parents gave us $50K, guests gave us $40K in gifts. We made back our contribution of $5K and thensome. 

  • This reply was modified 4 years, 7 months ago by  ElleQ.
Post # 36
Member
2182 posts
Buzzing bee

I know the wedding industry in my city (Chicago) prettty well, so I knew we’d have to make some careful choices to spend an amount we were comfortable with. My fiance and I sat down and went through what we wanted to have in savings in 2 years to buy a house and what we generally save each month, and worked backwards to figure out what amount we were comfortable contributing and then talked to our parents to see if they intended to contribute. We came up with an ideal budget (18,000) and divided it into categories. We also created a max budget of 22,000 and subdivided that into categories. The max budget just allowed us a little stress-free wiggle room, still within an amount we felt comfortable paying.

The wedding is next month and I think we’re set to spend just under 18,000 for 90 guests. The big thing for us was to have a nice wedding that wouldn’t damage our financial plans for the future.

Post # 37
Member
1261 posts
Bumble bee

We started by looking at available funds: money in our savings that could be used for this purpose, and gifts from our families. Then we did a bit of research, discussed how expensive weddings can get, agreed to prioritize our savings, and decided what portion of our available funds we felt comfortable spending. We then created a loose line-item budget that we updated when we got more information about pricing or made a purchase.

I absolutely recommend having a budget, because without one weddings can get crazy expensive, seemingly out of nowhere. “Going with the flow” will be quite pricey. So that was our main advantage – we were organized, knew we were boosting our savings, and felt in control.

The con was that the market price of several items ended up being a bit higher than we’d anticipated. Even though we were running under budget, I felt bad about spending more than we’d allocated for any one thing — even though our initial allocation was based on minimal research.

In the end, I’m happy with the way we handled it, but I wish I’d researched the going prices for shoes, dress, makeup, and hair in my location before entering an estimate that I assumed would be reasonable (for some reason, prices in my area are crazy high compared to the average).

We didn’t calculate expected financial gifts at all, so it felt very nice to be surprised with some checks from family and friends.

Post # 38
Member
6809 posts
Busy Beekeeper
  • Wedding: June 2015

We started with a budget of $5000, knowing if we needed to spend more it was not going to be a problem for us.  While I wanted a nice enough wedding, I personally feel it’s irresponsible to spend a year’s salary on a one day event.  Plus we just bought a house last year and I’d rather put the money toward paying that off anyway.  We did go over budget because we wanted to help some people pay for their stay since everyone had to fly to us (not a technical destination wedding, we just don’t live near our families anymore).  What we didn’t do was go over budget to buy fancy centerpieces or a hugely expensive gown.  I am way too cheap a person to do that, haha!  Most of our budget went toward the venue, I think.  And the photographer, but we did a half day rather than full day for her to save.

Post # 39
Member
246 posts
Helper bee

I wanted quality of the event over quantity of guests – and it is important to me that we are able to have time to visit with each guest and not feel overwhelmed.  Our budget has ended up being around $12,500 for 60 guests (which includes everything food, beverages, cakes, photography, DJ)

I don’t know how people afford to have 100+ guests – everything just really adds up with more guests!!  So I would say if you are really wanting to keep costs down, consider how many guests you really need to include.

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