You’re engaged! Congrats! Now time to save for the big day……
But what does everything cost? Who and where is my money going to? What are the average costs? HOW DO I FIND OUT?! HELP!!! 😫
Relax and take a deep breath. That’s why you probably clicked on this link, so you can get the answers! Luckily for you, we’re here to narrow down true costs of being an tri-state area engaged couple.
You’re probably saying, “True costs? Are people lying on the internet?”
Nobody really “lies” on the internet, but information can truly be misplaced and give you a faux idea of what is to come. So let’s get to it. 👍
Here is the national cost of your average wedding vendors in the US.
National Spending Average According to The Knot 2017
This seems like a great place to begin with your budget planning, right?
Although The Knot has done an AMAZING job at creating this vendor-cost guideline, keep in mind that these averages are across 50 states; most of which, the cost of living is much lower than NY, NJ and the remaining tri-state area.
In layman's terms -- THIS AIN’T RIGHT!
According to CostofWedding.com, the national average spent on your wedding (excluding your honeymoon and vacation expenses) is about $25,000. Before you go jumping for joy, keep in mind that this is averaged around 50 states. If you live in the tri-state area, you are going to be paying (take a deep breath) up to 40% MORE than the national average.
But let’s pump the breaks -- do you have to spend that money?
The truth is, your wedding day is a celebration and even though there is a business side of it, you want the best results for your day. So this is how you should break it down!
Creating your REALISTIC BUDGET:
*Please remember, this is the cost for the wedding DAY, not including other ceremonial traditions that may occur before or after*
Now we know that WeddingWire.com has a budget spending app that allows your to track and budget your wedding; but let’s remember that they are basing prices NATIONALLY. We need to realistically create expectations of what you should spend based around your living area.
Assuming that you and your fiancé are paying for wedding yourselves, use this formula to create an overall wedding budget:
Total Annual income x 30% = Your Wedding Budget
(eg. $150,000 x 30% = $45,000)
Now let’s break down what you should EXPECT the majority of what your expenses will cost:
Venue = 55% (this is an accurate percentage) = 20K
Photographer = 8% = 4K
DJ/Band = 10% = $4.5K
Religious & State Ceremonies (Church, officiant, licensing,etc) = 14% = $6k
Bride & Groom Accessories: 7% = $3K
Remaining needs:= 6% = $2,700
Total Cost: $40,200
Following the above formula, you SHOULD have some money left over. Use this money to enhance or add to your wedding day, save for future endeavors, honey-moon spending, whatever you like!
Once you understand how much money you have to spend, you may begin breaking down the process of what is needed at your wedding vs. what you want.
Don’t get trapped into believing you need everything, because you don’t. You need to stay within your expectations and create relationships with people who will go above and beyond what you’re expecting.
Now start planning and have some fun!