So, what is mad money and why is it so important when creating a budget. First of all, mad money is a certain amount of money that is set aside in the budget for yourself and your spouse. This money can be used by each party for whatever he or she chooses. For instance, if the budget does not allow for a month facial, the woman in the relationship could take her fun money and get a month facial if she so chooses
An average wedding will spend 50% of their budget on the reception. This includes food, drinks, and venue. 10% of the budget is spent on the attire. This includes bridesmaid dresses, suites for the groomsmen, as well as the bridal gown. Another 10% is spent on the decorations, and another 10% on music. Plan to spend another 10% on a photographer or a videographer, and the rest for miscellaneous charges. This of course is not set in stone. Your wedding might be much different then this. But when setting up your wedding budget worksheet this is a good place to start.