MONEY MATTERS
A Wedding Costs What?!
Recently The Knot published that an average wedding costs roughly $35,329 across the nation, while weddings happening in major cities (like Chicago) would run nearly double that ($60,035 to be exact). No matter which way you roll the dice, a wedding is an investment.
So where can you save?
If You Build It They Will Come
Let’s start with the venue: The more space you have to fill, the more likely you will be to invite that second cousin twice removed who you met that one time when you were seven at Aunt Kathy’s 90th birthday.
An average wedding is roughly 150 – 200 guests, so when doing the math ($60,035 / 200) your average per guest is going to be run around $300 - $400 per person. If you are looking to save on costs, limiting the guest count may be the right way to go.
If your budget is roughly $10,000 and you run the numbers ($10,000 / $300) you have enough for an intimate gathering of approximately 30 of your closest friends and family in Chicago.
Keep in mind that this does not include all of the costs associated with a typical wedding, like postage for your wedding invitations, and your gratuities for your vendors. So when budgeting it’s a good practice to separate out your food, beverage, and venue budget from the ancillary budget for photographer, music, dress, etc.
Depending on how many out-of-town guests you are inviting and what weekend your chosen date falls on, something else to consider is that you will probably have anywhere from 20% - 30% attrition on your invite list.
Before You Sign ON the Dotted Line
Both on-premise and off-premise venues (see the difference between venues HERE) have their pitfalls. Generally speaking anything customized beyond a hotel’s set menu is going to cost. Similarly, an addition to the bar package, lighting embellishments, and even sometimes a DIY project that you need to pay union labor to have installed, will drive up overall costs.
The same could go for that perfect loft venue that was just within your budget, until you realize it doesn’t come with any chairs, tables, glasses, forks, knives, or coffee equipment (Don’t get us started on the cost off off-premise coffee). All of a sudden your caterer has to tack on another significant charge to their bill that sometimes can equal the same amount as the venue itself.
There’s going to be pressure to sign and lock in a date. There’s going to be that emotional connection you have with a space that checks all your boxes and evokes that vision you had when you thought of your wedding when you were younger. As a voice of reason, we encourage one extra look through the contract, a few extra questions, or a conversation about where you may want to customize. This could mean the difference between “We do” or “We do need to find an additional job.”
So Where Can You Save Some Money?
With all of the options available, we recommend finding the space with the least amount of stress on your vision. If you are set on suspending elaborate hanging centerpieces over long feasting tables, a venue like Café Brauer, which is excellent for rigging, may be the right choice. Or if you want a contemporary and elegant environment with incredible views, maybe the Langham Ballroom is the right fit. Either way the more your vision aligns with your space, the more your decisions will match what the space is already equipped to do.
The same could be said for food and beverage. If you know you want to recreate the appetizer you and your fiancé shared on your first date, you may be hard-pressed to find that on a hotel wedding menu, whereas an off-premise caterer will be able to recreate it in a snap of a finger. If you are interested in a completely customized bar, with 12 craft beers, a whiskey tasting, and wine pairing with each course, it may behoove you to look into a venue that would allow you to provide your own liquor, like the Newberry Library.
If your top priority is having a live band and creating a dance party that rivals River North’s best night clubs, choosing a venue that has ample power, includes a dance floor, and has a list of recommended bands that have worked in the space is a smart route to take.
When you align your vision with both your vendors and your venue, things will naturally fall into place. The vendors themselves will be able to naturally guide you through conversations and decisions that match your vision, and inevitably the costs associated with those decisions will fall closer to your ideal budget.
What Not to Do
One of the most commonly missed opportunities we come across when working with our clients is prioritizing the budget. Establishing what is most important to your vision is the #1 way to establish whether the expense is worth the dollars associated with it. Our recommendation is to choose your top three “budget busters.” This may be the band, food and bar or perhaps it’s venue, dress and desserts. It’s different for every couple!
We won’t lie, it is very easy to spend a few thousand dollars on custom letter-pressed invitations, and if that is the most important thing to you, then it’s great to establish that when allocating funds. However, if you’ve gotten wrapped up in the fun of planning then the budget you allocated for your band may have just been spent on those beautiful invitations.
When you are able to prioritize the important items, it will establish where you should start, what matters to you as a couple, and also give you the confidence to say, “the most cost-effective option is just fine” for those items that fall outside of the lines.
With the amount of details, guests, vendors, and logistics that go into a wedding, it is sometimes hard to have “the budget” conversation, but the more you are able to clearly allocate your funds and prioritize what is most important, the easier it will be to come to your day with peace of mind, allowing you to say “I do” without the weight of the wedding on your shoulders.
Photos in this post are courtesy of Allison Williams Photography / Erika Mattingly Photography / Elizabeth Greve Photography / Emilia Jane Photography / Gerber + Scarpelli Photography
