You may be currently floating on a cloud of bliss, but financial reality needs to carry you back down to earth. It’s best to discuss your budget with both sets of parents present. They will undoubtedly announce how much they are able to contribute to the big day.
Add what you and your fiancé can afford, and you should have an approximate total.
Keep in mind that families are dealing with their own financial situations and may not be able to help as much as you expect. It’s nice if they can provide you with a dream wedding, but remember, they aren’t obligated to do so.
When creating a budget, your venue (with food, etc.) will take up about 40 percent. The rest pretty much gets split evenly on the other important things. If you find your budget simply can’t cover everything, find the two or three priorities – number of guests, venue, etc., and determine what is the most critical. Ask yourself, "Will anyone notice if this isn’t there or if this isn’t happening?"
Be sure to make a list of all anticipated expenses, starting with estimates, then final amounts as they are known. Allow at least 10 percent for extras, tips, and the unexpected.