Tuesday, January 12, 2010

Do you cringe when you hear the “B” word?

Well this is a topic that seems to be even more relevant than ever. The “B” word I am talking about is Budget. But for this post, we are speaking specifically about a Wedding Budget. I spend hours and hours a week discussing this with our clients. In a nutshell, I have some straightforward points

1) Immediately after you say yes, do not pass go, do not collect $200, before you set a date... (Ha,ha But seriously), you need to sit down and have very candid discussions with any and all people that will donating towards the wedding. This conversation can be somewhat awkward to start with, since many people think it is tacky to discuss money. This is one time I disagree, and think it is absolutely imperative!
During this discussion, you may find some relatives do not want to offer an exact amount that they wish to donate. In this case, I recommend asking them a range they feel comfortable with. We also find some may tell you that they would just like to purchase something for the wedding, i.e.… cake, photographer, dj, etc. This is a great thing, you just need to specify this in the budget.

2) Once you have had this discussion with all family, create a worksheet that lists everyone’s contribution. It is important to ensure that the amount each is going to donate is a guaranteed, and not based around “if we can save” or “we can try to find it”. During these economic times, this is even more often the case. However, to reduce potential conflict, hurt feelings, etc, list this in a “possible” column, but we would not recommend counting on this.

3) Begin thinking and listing things you would like to have at your wedding. We tell our couples to rate them in order of importance. This will allow you to focus on things that are most important first and ensure funds are there, and work your way down the list.

4) Create a list of dates you would like to have your wedding. Again, rate them from highest to lowest. This step is especially important, as so many couples set the date and think about the budget later. It should be the opposite. The date can directly affect your budget. If you have a more modest budget, many times you can find opportunities to potentially save money by having your big day during an off season, or day of the week.

5) Hire a wedding coordinator!!

6) Once you hire the wedding coordinator, be honest with your budget! It is often a misconception that we as an industry charge based on your budget, or inflate vendor costs. Many hours of frustration, researching, etc are spent by couples trying to figure out what things cost on their own. A Wedding Coordinator can sit down with you and help work through your budget, and pair you up with vendors, venues, etc that can work within your budget. Many online budget worksheets are good, but they are national averages and do not take in account our local market.

You hired us to help you, but I cannot tell you how many times, clients don’t tell me the actual budget. They tell me a fictitious number, or a number they are hoping to stay at. They don’t always realize that we are not here to spend every penny. We are here to help them achieve the wedding they are hoping for.

7) Keep your guest count in mind… This is the number one way to increase or decrease your overall budget. What is often forgotten is that, not only do you have to think about cost per person for food and drink, but for everything. More people mean more invitations, more postage, more seats needed which require more tables, which require more linens and centerpieces, a larger banquet room, etc. It is a snowball affect. So be sure to think about guest count as the bigger picture.

These are just a tip of the iceberg, but it is our hope, that it can help many of you avoid frustration and costly mistakes.

2 comments:

EE said...

This is quite possibly the best post I have EVER seen on budgeting for a wedding.

brit said...

Very good insight and important posts for those married couples-to-be. I think it is important to emphasize those points when starting your planning process.