Devising a wedding budget is certain to be the first step on your wedding planning journey. When creating and setting a budget that works for you, there will be 101 things you’ll have to include. However, deciding what you can afford to spend, confirming whether anyone else will contribute, and creating a rough guest list should be the first tasks on your budget planning list.
From here, you can break down your wedding costs, and determine if there’s a little more saving to do to plan the wedding day of your dreams. When deciding where your budget will be spent, items like your wedding venue, catering, photography, transportation, flowers, decoration, wedding cake, entertainment, and wedding attire are certain to feature highly. Though one area that many couples overlook, and forget to budget for, is a contingency fund.
We reveal why budgeting for a contingency fund is essential when planning a wedding and how much you should dedicate to the cause.
What is a wedding contingency fund?
A wedding contingency fund is an essential cash reserve that will help you plan the wedding you want as well as foot the bill for any hidden or unexpected costs. Alongside taking out wedding insurance, your emergency stash of extra cash will ensure every cost that creeps up can be paid for without ruining your special day.
Why should I have a contingency fund?
Even the most realistic budget can benefit from including a wedding contingency fund. There are, after all, several unexpected costs that could leave you out of pocket. The Knot details just some of the extra expenses that may become apparent when planning your special day:
“The cost of the wedding band includes fees for the musicians’ time and the minimum amount of equipment needed. If your reception space is extra large, additional speakers and microphones could be required to project the best sound quality… Most stores don’t include alterations (or steaming) in the price of the wedding dress, and they’re not doing it for free—it can take up to three hours just to alter the bustier.”
Without a contingency fund to fall back on, paying for these unexpected expenses could mean cutbacks in other areas. You may have to have fewer or your second choice of flowers for instance or compromise on your wedding entertainment or bridal accessories.
How much should I budget as a contingency?
To ensure you can reach those wedding planning milestones without delay, added stress or extra saving, it’s recommended that you set aside at least 15% of your overall wedding cost as a contingency.
With the average wedding costing £18,400 for UK couples in 2022, you’ll have to dedicate at least £2,760 to your contingency fund. A healthy contingency gives you the peace of mind you need to enjoy, not dread, wedding planning.
Plus, if you don’t end up spending it, you’ll have extra money to start married life in style, whether you put it towards your honeymoon or get a few jobs done around your home.
