After you get engaged, and you've take some time to truly enjoy the love-filled blissful haze that
surrounds you both, it’s time to start thinking about how to tackle planning for your big day.
Now of course, the very first thing we are going to tell you to do is hire a planner BEFORE YOU
DO ANYTHING…but we realize that many, actually most, will say, “I can do this….I don’t need a planner”. And while we believe, you truly believe that, we’re going to tell you that it’s a heck of a lot easier if you hire someone that knows what they are doing, will be your advocate along the way, work to save you money, and help you get the biggest bang for your buck.
There are thousands of sites to help you create a budget or allocate your financial resources for your wedding or event, but we promise none will hold your hand and walk you through the budget process like a seasoned planner. When our clients get budget management with their service, they can typically plan on a roughly 3-hour detailed call that will give them a highly customized and personalized event budget overview specific to their exact budget and needs. It is an exhaustive review of likes, needs (vs. wants), options, Q&A, and so on. But I bet you are still thinking, "I got this...." or "how hard could it be?", well let's get into it and see if we can provide some insight.
10 Steps to Creating a Custom Event Budget!
1. How Much Money Do You Have to Spend on this Event?
When creating a budget, the first thing we need to know is “How much do you want to spend?” You may tell us $25,000 or $80,000 or $300,0000. You’d be surprised to know that we (us specifically at
Plan It With Me) don’t really care how much you want to spend, we just want to know where you are comfortable, and we work diligently from there to help you plan practically and realistically, and within your means. The worse thing you can do, when planning an event, is to do so without a budget. Unless of course money is no object, and then we’d still tell you it’s not a good idea.
2. Where is Your Money Coming From?
Are you paying for it yourself? Are you and your partner splitting costs? Are any family members pitching in? It’s important to know what your starting number is, where it’s all coming from and what you plan to do if you happen to go over. Even when you’ve created a budget, keep in mind that most couples tend to go about 10-15% over their original allocations. It’s VERY easy to say in the moment, “Oh, it’s just an extra $100.”, but in event planning, that can add up quickly. If you’re not diligent, you can easily end up hundred-dollaring (is that a word??) yourself to death.
3. Who is the decision-maker?
While you may have several people involved, there needs to be a main point-of-contact for who will be the tie-breaker (aka: decision-maker) in an instance where there might be a standoff. Again, you might think this is unnecessary but you will lock horns with someone during the planning (and spending) process and it’s important to know who is ultimately responsible for making a final decision.
4. Create or Download a Budget Template Online.
We start with a good old-fashioned Excel spreadsheet with industry average allocations for the DFW metroplex. Costs can vary from city to city, region to region, and state to state, so it’s a good idea to get a grip on what industry averages are for where you are planning your event, and work from there. Our averages can’t be found online because they have been cultivated over the years and then customized for each client we work with. Truly, no two budgets have EVER been the same. Tip: This is where an industry pro comes in helpful! They have insight you simply won’t find online, tailored to your needs.
5. Prioritize Your Expenses.
What are the top 3-5 most important things about your wedding day? Are you big into flowers? Does the dance floor need to be full all night? Do you need a band, or will a DJ do? Are you dreaming of a custom stationary suite? Are you a foodie? Do you dream of butler passed specialty cocktails with edible flowers? Or are you happy sitting around a fire and drinking beer with your closest family and friends? What makes you tick, swoon, or excited, when thinking about your wedding day? Whatever the answer is, THAT’S where we are going to focus your money.
6. Let’s Break It Down & Allocate Average Percentages.
As mentioned earlier, you’ll need to start with average percentages and work from there based on which items are most important. We’re going to give it to you straight, and share our starting percentages to help you get started. Again, you’ll need to deeply discuss each of these and adjust allocations as you go. Everyone is different so like it or not, you have to go through each allocation line by line and spell it out. And while we are giving you the general buckets, know that each of these contains sub-categories to dive even deeper into the process.
7. Solicit Quotes: Quotes are free. Say it with me, “Quotes are Free!!!”. Reach out to as many vendors per category as you like, to ensure you are getting the best price for the best service, to stay within budget.
8. Track Your Spending: Update Your Budget Often! As you start booking vendors and making purchases, keep your spreadsheet up to date. Record every expense, even the small ones, as they can add up. Monitor Payment Schedules: Many vendors require deposits and staggered payments. Keep track of when payments are due to avoid any last-minute surprises.
9. Be Flexible and Ready to Adjust. Anticipate Changes: Sometimes, things don’t go according to plan. Maybe a vendor is more expensive than anticipated, or an unexpected expense comes up. Be flexible and adjust your budget as needed. Keep a Contingency Fund: It’s wise to set aside at least 10% of your total budget for unexpected costs. This buffer can save you from stress down the road.
10. Consider Ways to Save. DIY Elements: If you’re crafty, consider DIY'ing certain aspects of your wedding, such as decorations, favors, or even invitations. This can be a fun way to personalize your wedding and save money. Opt for Off-Peak Seasons: If your schedule allows, consider having your wedding during an off-peak time of the year or on a weekday. Many venues and vendors offer discounts during these times. Limit the Guest List: One of the best, but not always the easiest ways to reduce costs is by trimming the guest list. Fewer guests mean lower costs for food, drinks, table settings, and seating.
Okay, that was a LOT, but if you follow these steps you will be off to a really good start. Want a GREAT start? Reach out and let us help you create a custom budget. If you aren’t sure you can afford planning services, call us anyway. You’d be surprised how much we can help in a 1-hour consultation, or buy a budget only session, or sign on for a planning package. Regardless, we are committed to helping and promise not to send you away scared, frustrated or feeling alone during this process. We got you, so let’s enjoy the process!
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