How to get more out of your wedding budget

Let’s look at what you need to consider, what it might cost you and how to create and work within a budget to make your dream day happen.

So, how much does it cost for a wedding?

The answer varies depending on several factors, including the size of your guest list, the location of your wedding and the level of extravagance you’re going for. This also depends on how many weddings you’re having. Are you doing a traditional and white wedding or a multi-day event?

It's essential to identify your priorities for the big day.

Step 1: Determine what aspects of the wedding are most important, whether it's the venue, catering, photography or entertainment. Having a clear idea of your priorities will help you allocate your funds effectively.

Step 2: With a rough estimate of your total wedding budget, for instance, you’ve budgeted between R80 000 to R120 000, determine how much of the budget you’re willing to allocate to each aspect.

Step 3: It's time to break it down into specific categories and allocate funds accordingly. Start by researching average costs for each aspect of the wedding, such as venue rental fees, catering prices per person and average rates for photographers and florists in your area.

Step 4: Identify areas where you can afford to trim expenses without compromising the essence of your celebration. Watch out for trend traps that come with hefty price tags. For example, instead of a 360 photobooth, rather opt for photographers or videographers to capture the moments in their own creative ways. This helps resist the urge to add on fleeting trends.

Budgeting in favour of your long-term future

It's important to remember that building a budget for your wedding doesn't mean sacrificing your dream day. By making smart choices and prioritising what's most important to you, you can create a magical day and take a step forward in building your financial life together as partners.

Tips to get the most out of your budget

• Embrace ‘all-inclusive’ venues that include rentals (chairs, cutlery, crockery and glasses), catering, on-site planning and guest housing. These venues provide significant value if all services are housed under one roof.
• Consider a weekday: Some venues charge more for Saturday dates, so you can opt for a weekday date. Also, think about choosing a date outside of the traditional high-demand wedding season.
• Skip the party favours: Contemplate skipping the guest gifts as it can be an unnecessary expense.
• A 3-course meal isn’t a must: The canapés or harvest table can serve as the starters, with main courses and desserts (including the wedding cake) shared afterwards. Alternatively, you can serve a buffet, which can be cost-effective and encourage socialisation and conversation.
• Digital wedding invitations: Opt for digital invitations, which eliminate printing and postage costs. For those who prefer physical invites, choosing simple designs and standard sizes can reduce expenses. Additionally, buying in bulk and using DIY templates from online platforms can further save you money.

Budget for your big day with confidence

Planning your big day can be an exciting time, but it can also be overwhelming when it comes to budgeting. Use the Budget Manager add-on on our Banking App to help ease the stress by tracking your spending habits and helping you build a budget that won't break the bank.

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_{Disclaimer: This article is solely intended for information. It does not constitute financial, tax or investment advice or recommendation. Please speak to a financial advisor or registered financial professional before making any financial decision(s).}

_{Standard Bank, its subsidiaries or holding company, or any subsidiary of the holding company and all of its subsidiaries make no warranties or representations (implied or otherwise) as to the accuracy, completeness or fitness for purpose of the information provided in this article or that it is free from errors or omissions.}