Ah, the budget. The most dreaded and in my opinion, underused, word in the wedding language. The truth is, we all have one. Whether it is $1k or $100k, there is still a fixed dollar amount that you as a couple agree that you are comfortable spending. If you do not have the budget conversation in the beginning phase of planning, trust and believe it will become an overwhelming topic towards the end.
I've decided to pull my favorite budget conversation from the POSH archives, The Truth about weddings and cash, for today.
No worries, if you happen to be in the fortunate category of the non-existent budget, here is one for you:Live like a celebrity...on a budget
Happy (financially responsible) planning!
Showing posts with label budget. Show all posts
Showing posts with label budget. Show all posts
Sunday
Tis the (engagement) season:The "who" part of the equation
You said "yes", that was the easy part. The next part of the process is determining "who else".
I'm sure my industry peers are looking in shock that I did not start with the budget, but let's be honest, a budget with no guest list is just as meaningless as no budget. Knowing you will have $20k and not knowing if you are at 20 guests or 500, doesn't mean much. Money is a little easier to determine, you have or you don't, guess however, that is a number that may fluctuate, so try to get started with that first.
You and your fiance need to sit down and have a very serious discussion about what your ideal wedding consists of. If you are not sure where to start, start with the thought of whether your dream day will be intimate vs large. These two words alone, conjure different emotions and a different vision and will (hopefully) help to get you somewhat on the same page.
Take a moment to jot down the numbers you've discussed. Start with family and work from there. For your friends, will you invite any other than the bridal party? Will there be children invited? Co-workers? Neighbors?
Once you have jotted down the names of the people that you can think of off the top of your head, take a look. How close are you to where you ideally need to be? Does this mock list already consists of 200+? If so, you are far from "intimate" considering there is a very good chance that your parents will be contributing a "list" of their own.
If you find yourself needing to cut back, the next step in determining your guest list size is to set some boundaries. Perhaps for the single (for wedding purposes "single" means NOT engaged or otherwise married) people be invited with a guests? Are children considered those of a certain age? Is there a cut-off for friends you will invite (aka you must have known each other for 5+ years), have you seen your family members within the last 4 years. Setting steadfast rules will be a very easy way to eliminate some people right off the bat, without feeling guilty about doing so.
This should bring you closer to the ultimate goal: determining the one number you DO NOT want to exceed. If you still find yourself struggling, ask yourself a very honest question, would you on any other given day, be comfortable with taking this person to a $125 dinner and paying, if not, draw a big line between there name. because that is what your wedding expense for this one individual would be.
Once you've done that, whether it is three hundred or twenty, your next duty is to notify your parents of the amount of guests they are welcome to invite. A quick rule of thumb is that each set of parents receives 1/4 of the list and you and your intended receive half.
I'd love to end this post here but want to just give a disclaimer. I know that guest lists are not easy. Especially when you have so many people saying that other people just HAVE to come. There was an episode of the Cosby Show where Theo graduated and the father, Dr. Huxtable, invited everyone and brought lawn chairs for those who the stadium could not accommodate. THIS IS MY FAMILY! I do understand. Your wedding however, is not a free for all so a definite count is necessary to proceed with budgeting your expenses-tomorrow's topic.
So Internet, anyone else find they were extremely challenged with their invites? If so, how did you overcome?
I'm sure my industry peers are looking in shock that I did not start with the budget, but let's be honest, a budget with no guest list is just as meaningless as no budget. Knowing you will have $20k and not knowing if you are at 20 guests or 500, doesn't mean much. Money is a little easier to determine, you have or you don't, guess however, that is a number that may fluctuate, so try to get started with that first.
You and your fiance need to sit down and have a very serious discussion about what your ideal wedding consists of. If you are not sure where to start, start with the thought of whether your dream day will be intimate vs large. These two words alone, conjure different emotions and a different vision and will (hopefully) help to get you somewhat on the same page.
Take a moment to jot down the numbers you've discussed. Start with family and work from there. For your friends, will you invite any other than the bridal party? Will there be children invited? Co-workers? Neighbors?
Once you have jotted down the names of the people that you can think of off the top of your head, take a look. How close are you to where you ideally need to be? Does this mock list already consists of 200+? If so, you are far from "intimate" considering there is a very good chance that your parents will be contributing a "list" of their own.
If you find yourself needing to cut back, the next step in determining your guest list size is to set some boundaries. Perhaps for the single (for wedding purposes "single" means NOT engaged or otherwise married) people be invited with a guests? Are children considered those of a certain age? Is there a cut-off for friends you will invite (aka you must have known each other for 5+ years), have you seen your family members within the last 4 years. Setting steadfast rules will be a very easy way to eliminate some people right off the bat, without feeling guilty about doing so.
This should bring you closer to the ultimate goal: determining the one number you DO NOT want to exceed. If you still find yourself struggling, ask yourself a very honest question, would you on any other given day, be comfortable with taking this person to a $125 dinner and paying, if not, draw a big line between there name. because that is what your wedding expense for this one individual would be.
Once you've done that, whether it is three hundred or twenty, your next duty is to notify your parents of the amount of guests they are welcome to invite. A quick rule of thumb is that each set of parents receives 1/4 of the list and you and your intended receive half.
I'd love to end this post here but want to just give a disclaimer. I know that guest lists are not easy. Especially when you have so many people saying that other people just HAVE to come. There was an episode of the Cosby Show where Theo graduated and the father, Dr. Huxtable, invited everyone and brought lawn chairs for those who the stadium could not accommodate. THIS IS MY FAMILY! I do understand. Your wedding however, is not a free for all so a definite count is necessary to proceed with budgeting your expenses-tomorrow's topic.
So Internet, anyone else find they were extremely challenged with their invites? If so, how did you overcome?
Monday
The Truth about Weddings and cash
One of the first items I discuss with Clients at our initial meeting is the budget. Not the "dream number" but the actual and realistic amount of money you expect to have AVAILABLE at least 1 month prior to the wedding.(We utilize 1 month prior to your ceremony date,because most of your wedding related expenses will be due in full between 14-30 days prior to the wedding, not on the day of). Based on the figure provided, we compile a planning budget inclusive of everything wedding related, down to the cost of stamps (3 sets)and gratuity. This budget gives us clear path towards a target for spending and a basis by which to select vendors.
So here it is. The truth, the whole truth and nothing but the truth...
Weddings are not cheap. If you do not have a realistic budget in the beginning, you are more likely than not to drown in not only wedding related debt, but stress induced headaches. As your planner, there is little we can do to convince your Vendors to perform as contracted, if you do not comply with the payment terms per your agreement. Make that nothing. There is nothing we can do.
As of late, I've witnessed many couples scrambling at the 2 week mark to "find" $5,000to pay vendors "x,y,x", when they should be relaxing in anticipation of their upcoming nuptials.
Here's my advice.
If you've already begun planning your wedding festivities, somewhere around the 1/2 way point, reassess the initial budget. At this point, there are still changes you can make to prevent running into problems closer to the actual date. Speak to the individuals you believe are contributing to the wedding expenses, and have an honest and open conversation regarding their understanding of exactly what they plan to contribute financially. If you've contracted the services of a professional Coordinator, now is the time to also have a heart-to-heart and discuss where you are on the savings end of the budget, and where you see yourself over the next few months so that the necessary "adjustments" can be made and you can stay on track. After all, there's nothing worse than having the DJ threatening to walk out mid-reception for your failure to pay. (Ask me how I know)
So here it is. The truth, the whole truth and nothing but the truth...
Weddings are not cheap. If you do not have a realistic budget in the beginning, you are more likely than not to drown in not only wedding related debt, but stress induced headaches. As your planner, there is little we can do to convince your Vendors to perform as contracted, if you do not comply with the payment terms per your agreement. Make that nothing. There is nothing we can do.
As of late, I've witnessed many couples scrambling at the 2 week mark to "find" $5,000to pay vendors "x,y,x", when they should be relaxing in anticipation of their upcoming nuptials.
Here's my advice.
If you've already begun planning your wedding festivities, somewhere around the 1/2 way point, reassess the initial budget. At this point, there are still changes you can make to prevent running into problems closer to the actual date. Speak to the individuals you believe are contributing to the wedding expenses, and have an honest and open conversation regarding their understanding of exactly what they plan to contribute financially. If you've contracted the services of a professional Coordinator, now is the time to also have a heart-to-heart and discuss where you are on the savings end of the budget, and where you see yourself over the next few months so that the necessary "adjustments" can be made and you can stay on track. After all, there's nothing worse than having the DJ threatening to walk out mid-reception for your failure to pay. (Ask me how I know)
Saturday
You do the math…100=126
No, really it does! When you think in terms of your catering budget, $100 per person truly equates to $126 per person.
One common mistake I see too often when I meet with Clients to discuss their budget, is the intuitive calculation that you base your headcount on how many people you think you can feed. Here's how it actually works.
If you have a budget of $50,000 and a venue charge of $100pp, that does not equate to the ability to feed 500 people or less…Many couples mistakenly divide their budget by the venue cost for the number of invites.
Instead:
First you must realize that when budgeting, approximately 42% of the overall budget will go to catering cost. The remainder of the budget will be allocated across the various other Vendor expenses. That being the case, the true budget for food & beverage is only $21,000.
Now, you have to account for NJ tax (7%).
You must also deduct the service charge amount, which can range anywhere from 18-21%.
With a service charge of 19%, your cost per person cost is $126.
Dividing $21,000/126, you can comfortably afford to feed 167 guests.
So, unless your per person cost is all-inclusive, be sure to account for tax and service charge before you begin compiling your guest list. This way, you can avoid over-spending and the embarrassment of too many guests not enough cash to feed them all.
One common mistake I see too often when I meet with Clients to discuss their budget, is the intuitive calculation that you base your headcount on how many people you think you can feed. Here's how it actually works.
If you have a budget of $50,000 and a venue charge of $100pp, that does not equate to the ability to feed 500 people or less…Many couples mistakenly divide their budget by the venue cost for the number of invites.
Instead:
First you must realize that when budgeting, approximately 42% of the overall budget will go to catering cost. The remainder of the budget will be allocated across the various other Vendor expenses. That being the case, the true budget for food & beverage is only $21,000.
Now, you have to account for NJ tax (7%).
You must also deduct the service charge amount, which can range anywhere from 18-21%.
With a service charge of 19%, your cost per person cost is $126.
Dividing $21,000/126, you can comfortably afford to feed 167 guests.
So, unless your per person cost is all-inclusive, be sure to account for tax and service charge before you begin compiling your guest list. This way, you can avoid over-spending and the embarrassment of too many guests not enough cash to feed them all.
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