When I first began planning weddings I was often encouraged to not use words about weddings that seemed negative, confining or even intrusive. In particular, talking about the financial perspective might make my clients feel limited or embarrassed. Of course it sounds better to say the word ‘investment’ when discussing financial decisions regarding a wedding. In reality, you are investing money into an event and you have an expectation for a return on that investment. Your investment speaks of the priority and value you place on spending money on one day of excitement and bliss. This investment can be then separated into categories of allocation to generate your budget. There it is, the ‘B’ word - BUDGET!
In this new normal the big ‘B’ word is now in the forefront of discussions and consultations. New inquiries, leads, and current clients all want to openly discuss the realities of forming a budget as COVID19 has affected the incoming resources that formerly comprised their budgets.
I want to give proactive budget conscience couples, essential, yet helpful tips, to move forward with making their wedding budget decisions.
Your Budget Begins Here:
What is your D-NOG?
The number one question you will get asked after you announce your engagement… ‘when is the date?’
Right? You need to finalize your date and number of guests (D-NOG) to begin the planning process.
Know Your Limits
Planning an event will have a financial limit. Just like you have a limit with your guest counts, it has to end somewhere. The ideal solution is to know your realistic limit while planning.
Be Realistic with Your Expectations
I get it, you had perfectly planned Pinterest ideas and caviar taste. If caviar is what you want, then take special note, caviar has a lofty price tag. Just be aware there may be items on your list of dreams that may need some adjustments in order to make your budget work.
Top 3 List
Together, make a list of the top 3 things or experiences you absolutely have to have on your wedding day. This is your 3 top non-negotiable items you will place as your priority when making the budget so you know when to give and when to compromise with other items.
Survey Your Guests
Right now guests lists are changing as the ability and desire to travel yields to the COVID19 conditions. The people you think will attend may not feel comfortable traveling or being in a large gathering. Be respectful to them, and your bottom line, by getting an idea of their thoughts. They may want to hold out on committing until they know the green light is shining bright and you will need to know this while making financial commitments of your own. Make a personal phone call to catch up and see how their lives have been affected as well. If they are important enough to invite to the wedding, then a personal phone call will be a welcomed re-connection.
The ‘B’ word, Budget, is the cornerstone too many of the decisions you will be making. In our new normal budgets are being embraced more than ever and the more it is embraced the easier the planning process will be for everyone. Being prepared is the key to the unexpected and mapping out a budget will help you see what can be properly expected.
There are more tips surrounding budgets and the practical ways to come up with numbers/percentages to spend for each category. I welcome you to contact me for further insights and discussions.