Bismuth substituted lutetium iron garnet (BLIG) films exhibit larger Faraday rotation, and have a higher Curie temperature than yttrium iron garnet. We have observed magnetic stripe domains and measured domain widths of 1.4 μm using Fourier domain polarization microscopy, Faraday rotation experiments yield a coercive field of 5 Oe. These characterizations form the basis of micromagnetic simulations that allow us to estimate and compare spin wave excitations in BLIG films. We observed that these films support thermal magnons with a precessional frequency of 7 GHz with a line width of 400 MHz. Further, we studied the dependence of precessional frequency on the externally applied magnetic field. Brillouin light scattering experiments and precession frequencies predicted by simulations show similar trend with increasing field.