So you're engaged! Congratulations! As your newly engaged glow starts to fade and you get into the nitty gritty of planning the biggest day of your life, you may find that what we call the wedding "money train" is lurking just around the corner.

When clients come in to meet with me, I typically find that their budget expectations are grossly underestimated. The average wedding cost in Canada is approximately $24,000; however, that figure is much higher when you get married in an urban centre like Vancouver, Toronto or Montreal.

There are some general rules of thumb that we use to estimate what you should budget for each element of your wedding. While I normally allocate percentages of your overall wedding budget (whether it's $30,000, $90,000 or $200,000), you may choose to invest more or less in any of the areas below.

These are just some quick guidelines on how to best allocate your funds and invest wisely with those hard-earned wedding dollars:

50% for food, beverage and reception costs
If you are planning on spending $40,000 on your wedding, your food, beverage and venue costs should come in somewhere near $20,000. You can certainly spend more or less.

10-12% for Photography
Photography is one of those areas where you probably don't want to skimp. 20 years from now, your photographs are likely to be the only memento you will still be holding onto (besides your hubby!).

10% Floral and Decor
Tip: Book a venue that already has great decor or architectural features, that may save you money on the decor you need to bring in.

10% for Wedding Day Attire (Gown & Tuxedo)
When you find that perfect dress, I find many brides spend much less or much more than their original budget. I have had brides score amazing dresses at sample sales and but often, so many brides fall in love with a dress that is double their budget! Watch those price tags before you try the gown on.

6% Entertainment - DJ, Band
Like photography, don't skimp on your entertainment. If you want a great party, invest in an equally great DJ or band.

6% Miscellaneous costs such as transportation, wedding favours, incidentals, ceremony
Keep incidentals to a minimum, or gather friends to take a more DIY approach to your big day and save some $$ on favours, paper goods etc.

5% for Videography/Cinematography
Many couples do without video, but I think it is an important item to budget for. It is a wonderful keepsake to have those speeches by your grandparents or close friends on film forever.

3% Stationery & Paper Goods - invitations, menu cards etc.

And, lastly, if you can swing it, build in a 1-2% contingency fund to handle those last minute items that you just have to have but haven't accounted for in your original budget. Or, if you end up not needing those funds, consider putting them towards an extra special dinner during your honeymoon or just bank the savings for a sweet reward upon your return.

by Cynthia Martyn