How To Set and Allocate Your Wedding Budget
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We speak with over 500 couples annually about their wedding plans. Most have never planned a wedding or a major party before. They are often unsure where to start or very confident in the process.
While our business focuses on providing great DJs and Photo Booth experiences for weddings and events across the state of Maryland and Northern Virginia, our passion is for service and helping people.
One way we can help is to provide easy-to-use info to couples and provide the tools required to make an informed decision. I’ve found that the more knowledgeable and confident you are, the less stressful the process can be.
First things first…
The Wedding Budget
You wouldn’t shop for a new car without knowing your budget; you shouldn’t shop for vendors without having an idea of your budget. Like anything else you shop for, you’ll find venues and vendors at all price points.
One of the best sites I’ve found for budgeting is Wedding Report. This site breaks down the average cost of weddings by zip code and provides an estimated cost for each vendor based on your priorities.
There are many websites out there with budget estimating tools. This is the most accurate I’ve found in estimating vendor costs.
Keep in mind that these sites are estimates.
I am using Frederick, Maryland, as the location for my fictional wedding in October for 100 - 150 guests. The estimated average budget for my rustic wedding is $33,700.
Your wants, needs, and priorities will significantly determine your cost for a specific vendor. As a rule, you should consider the rates given as an average cost for that service.
Example #1: The catering estimate might be $6,700. That is the average for the market. If I intend to serve a Surf & Turf entree, I would need to budget more than $6,700 for catering.
Conversely, I might choose a delicious but less costly option to add something fun, like a photo booth.
Example #2: The “average” Frederick Wedding Venue may be a tent, table, and chair rental, along with some uplighting and rustic furniture staging at an average cost of $5,400.
If your venue rental is $9,500, you will likely need to increase your budget or cut | DIY some things.
Prioritizing your budget
Once you’ve received the estimate from Wedding Report, export that data into a spreadsheet and sort from most to least expensive.
This default list will have a total of 12 - 18 vendors. Some of these vendors you may not plan to use. Do not delete them from the list! This will be your master list.
Planner: I am a DIY person, so I intend to go it alone. I will reserve 100% of the suggested amount for this position, but this will be my slush fund if I need to reallocate funds to get more of what I want.
Set your priorities
Step one in finding the best vendors for your event is setting your wedding budget.
Step two is deciding what parts of the event are the most important to you.
Perhaps the last wedding you attended had a fantastic photo booth guests flocked to all night. That would be a priority.
Maybe you’ve been dreaming of a beautiful Glen Ellen Farm wedding. In that case, the venue would be at the top of the list, and all other services would be listed lower.
Leaving the sorted list by cost intact, copy and paste the top 3 most essential vendors or services into a new list.
Refine the list
At this point, you have one long list of every vendor you might need and the estimated cost of each. You also have a 3-item list of your three most essential services.
Review the list of vendors or services remaining. Copy and paste any favors you don’t plan to use into a third list and the estimated cost.
Examples: No need for alcohol if yours is a dry wedding. If you’re using a family farm, you won’t need the venue.
Note: Only vendors and services you won’t use should be included on this list.
Finding the Best Maryland Wedding Vendors
Now that you have your budget and a priority list of what is most vital for you and your guests to experience at your Maryland Wedding, it’s time to compile a list of possibilities.
This process is easily a topic in itself and one that I will cover in-depth in my next blog post!
Vendor Friends or DIY
At this point, you have three lists. The first is a master list of all possible vendors and estimated costs. The second is your priority list and the estimated cost of each. The third list is of any vendors or services that you are not using at all.
On the master list, highlight the three priority vendors in green. Highlight any services you are not using on the list in red.
Review the unshaded vendors or services on the master list for any items or services you plan to DIY or have a connection with. Highlight in yellow any things you have a “friend-or” to cover or plan to DIY. Perhaps you have a dear friend that makes cupcakes.
Finalize Your Budget
At this point, you know:
The estimated total cost of the wedding.
The three most important aspects of the wedding and an estimated cost of each.
The vendors and services you won’t use at all.
The vendors and services you can connect to or DIY to save money.
The estimated cost of my fictional Frederick MD wedding is $37,300.
The total estimated cost of vendors and services I don’t plan to use is $4,300. Theoretically, I can expect to have an average wedding for $33,000. That number could be lower if I follow thru with my DIY plans and | or my friend’s quotes are lower than the estimated number from Wedding Report.
Congratulations!
You now have a realistic wedding budget with your priorities clearly defined. You also have a list of items that you can enlist the help of others to accomplish or DIY.
Now it is time to curate the team to execute your vision.
That is a topic in itself and one that we will address in our next blog post.