Below are the rest of our most important budget considerations, for YOUR consideration:

  • Ensure your budget has a 10% contingency line item. 

One of the best things I’ve learned from planning weddings in 2020-2021 (and from managing a build out of our own building and venue, Bloom!): There will be unforeseen costs (remember all of those extra costs at the bottom of your restaurant check at the start of 2020?) and you may choose to add-on here and trim there. Having a buffer will give you room to breathe and help you avoid budget-related breakdowns when you want to be hyping yourself up for the wedding. 

  • Be cognizant of gift taxes. Yes, this is a thing! 

We always tell couples to encourage your contributing Wedding VIPs, aka your parents, to contribute towards the lump sum of a wedding vs. a “we paid for the band, you pay for the flowers” kind of arrangement. With that said, per the IRS you can be taxed on “gifts” exceeding $18,000 in 2024 with the Annual Exclusion Total per Donee (from 2 spouses) being $34,000. For the FAQ’s, see the IRS website found HERE

  • Trust your wedding vendors. The people who are doing the most for your “I Dos” don’t want to price gouge you. 

This is a sad old wives tale I can only assume is spread by those who have either never planned a wedding or hired a vendor team they didn’t do their own due diligence on. Nobody works harder than the talented individuals in this industry, and it takes an army, one that works over the weekend, to pull off the dream wedding you’ve had living rent-free in your head ever since you first became engaged (or for some - at a much earlier age). Across the board, in every industry, costs have risen and everything is more expensive. The craft cocktail at the bar, your groceries at the store; it doesn’t take an economist to see that mortgage and interest rates are at an all-time high. For these reasons, blaming your wedding vendors for their costs isn’t fair, and doesn’t serve you - so please refrain! PS: remember my note on gift tax? In 2018 — 2021 the amount was $15,000 per today’s $18,000. An unwavering testament to the fact that Uncle Sam is the recipient of much of these increased costs.

  • Avoid the blame-game, but do Think about the endgame (oh, for so many reasons, really), especially if it means setting up a joint account. 

I am not advising you to create one or not create one in terms of managing your finances, but I am letting you know that if checks are made out to you both for gifts, chances are your bank will require them to be deposited into an account that you both are on. Chase Bank required this from us! Check to see if yours will too! 

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