As the saying goes, you can’t put a cost on love. But when it comes to tying the knot, there is a lot of work and financial stress that go in to making your big day. So where do you even start when it comes to budgeting for one of the biggest days of your life? We break down the average costs of what your wedding day will cost so you can be financially prepared when it comes to budgeting.
According to Global News, Canadians say a realistic price tag for a wedding is around the $9,000 mark, according to an Ipsos poll on wedding expenses conducted exclusively for Global News. That’s a lot less than the $30,717 Canadians said they were spending back in a 2015 poll.
So what do you need to consider when it comes to pricing out a wedding? Well, it all depends on the kind of wedding you want to have. If you’re planning a formal dinner in a ballroom, your budget will have to be bigger than if you’re planning a trip to City Hall or having a party in your backyard. But overall, here are some of the key things consider when wedding planning:
Guest List
There’s a per-head cost for food and liquor, the décor, stationery, favours and of course the venue to consider when choosing your guest list.
Location
Some cities and towns and the more popular venues in the area are just more expensive than others. Not to mention some venues have a minimum number of guests for capacity reasons.
Date and Time
Wedding season is called wedding season for a reason. There are certain times of the year that people would rather be married. Even the time of day can be different when it comes to cost.
Wedding Style/Theme
The more formal the affair, the more expensive it tends to be. This can be seen in everything from the food to the music.
So How Much Do You Actually Need?
It’s recommended that from the time you get engaged to start saving 20% of your paycheck towards your wedding budget to help get you started. Of course, the longer the engagement, the more money you will have.
Just like when it comes to purchasing anything, you need to do your research and know how much your vision is going to cost you. From there, you can create a budget to start managing savings to afford everything on your wedding list. And when creating that budget you should also make sure you are leaving some wiggle room for any miscalculated or unaccounted for expenses.
Visit The Knot, an online wedding planner that features a wedding budget calculator to help you keep track.
