Finance Friday: Headcount Matters!
When I was a bride-to-be, I decided my headcount by simply making a list of everyone I wanted to invite. It never occurred to me to limit this number or try to trim it in any way to help accommodate my budget. (Which was VERY small, even for that time period.) While most do not think about headcount as a factor in planning their budget, it really and truly is the number one item that affects how much we will spend. I know it can be difficult to consider trimming your wedding guest list, but if you have a smaller budget, this should be something you at least consider. It is the absolute number one way to trim your overall wedding budget.
Now, I do not mean to say you should not invite grandma because you must have the most beautiful centerpieces. I’m talking about cutting out the “extras” on your guest list. You know, the people you barely know but somehow through societal pressures you feel obligated to invite? Please don’t take this to mean I value flowers over people, I’m just saying think about what you are spending on people you barely know. On average, brides probably spend about $150 per guest. Many spend more than that, but let’s be conservative. So how do we spend this much? Here are some of the things affected by your headcount:
Venue – the larger the venue, the larger the cost. Many venues accommodate 100-150 guests, but if you have a headcount of 200, you need to go to the larger spaces, which usually cost more for rental as well as decorating.
Menu Price – for those who have a budget of $10,000, if they expect 200 guests, they will be looking for a menu that is $15 per person or less. This is very difficult to do and of course the quality of food may suffer.
Decor – for every 8-10 guests, you’ll need another table. This means another tablecloth to be rented, another centerpiece, more candles, more menu cards, napkins, flatware and plates to be rented, etc, etc.
Parking – some venues charge for parking, which means on average, for every two guests, there is an additional charge.
While you may be able to afford the items needed for your headcount, the other question to ask yourself is, are you compromising on anything because of cost? Is that important to you? Some couples want to have spectactular food, but because of guest count, either go over budget or select a much simpler menu than they preferred due to cost. Or maybe you would love to have tons of flowers, but can only afford a few roses and candles on each table because of cost? Of course this can be beautiful, but if it’s not what you truly want, again, you might consider trimming your guest list so you can have the items that are most important to you.
Of course, some take this to the extreme and just elope, or have a fantasy destination wedding. There’s nothing wrong with that either. Just make sure you consider all of your options before signing a contract with any venue or vendor. You might just find you have the money for your dream wedding after all.
Finance Friday: Will a Friday wedding save you $?
Many a wedding magazine has given the advice to look at the “off season” for your wedding date to save money. Plus, they’ve told you moving it from a Saturday affair to a Friday or Sunday will also save you big money. Well, I think everyone is starting to listen. The Wedding Report is now showing an estimated 55.8% of weddings are on Saturdays for 2010, while 2009 is at 65.4%.
With the economy possibly coming back, have you considered moving your wedding day to a Friday or Sunday? If so, why or why not? For the vendors out there, do you think Fridays and Saturdays will remain less expensive if more brides move to these days of the week?
Finance Friday: Spending for Makeup Service
Provided by The Wedding Report, Inc.
Let me first say that while this is an interesting statistic it is NO HELP when planning your budget. For one reason, most brides tend to purchase hair and makeup services from the same person, so this price is usually lumped together. Thus, I wouldn’t start assuming when you see this graph that a hair and makeup artist is going to charge you$63. Second, I’ve not seen anything this inexpensive lately. One of my favorite artists charges $95 per person for makeup or hair only, or $139 for hair AND makeup. This is also misleading for budget purposes though, because there are other factors, such as a travel fee for the artist if they are coming to you, or perhaps a discount if you are paying for the entire set of bridesmaids.
So where do you start? First, find out how many women you will be providing hair and makeup services for. For example, if you have 3 bridesmaids, it may be a total of 6 women: you, your mom, your future mother-in-law, and the bridesmaids. Then, think about what services you need, whether you just need hair for the ladies, but hair and makeup for yourself, or if touch ups are needed, or if you want to provide everything. If you are not paying for anyone else, you might want to find out if anyone else would like the services of a hair and makeup artist, so you can all purchase together and possibly receive a discount. Once you know how many and what type of services will be needed, you can start to evaluate if you need to allocate this in your budget and start sourcing an artist and looking at prices.
Good luck!
Spending for Bridal Bouquet Decreasing?
I know, it may have seemed like we dropped from the face of the earth. Let’s just say Each & Every Detail has been undergoing some fabulous changes and with all of our wonderful brides to attend to, we got caught up in the craziness of life and forgot to keep you posted! I hope you’ll forgive us! We have very exciting news on the horizon, so please keep checking back as we’ll have some announcements here shortly.
In the meantime, here’s a fun little statistic for you. According to The Wedding Report (a wonderful site for wedding statistics), spending for the bridal bouquet has decreased from $154 in 2008 to $136 for the second quarter of 2009.
This could mean many things. Do you think florists are lowering their prices because of the economy? Or are brides buying less expensive bouquets? Or are flowers in general less expensive right now? Please share your thoughts as I’d love to know what you think it means!
Should I buy wedding insurance?
Many brides have posed this question to me and until recently, my answer has been “it depends”. However, now with the economy the way it is and we see more and more businesses failing, it seems to be a priority to insure such a large investment for brides and grooms headed down the aisle. Wedding insurance seems to be a logical choice for larger weddings, but even the smaller sized budget weddings should start considering this wise move in protecting their hard-earned dollars. I’ve seen venues, bakeries and even other planners closing their doors in the past few months that I would not have suspected. While the industry as a whole typically comes together to help brides affected by these closures, I would hate for anyone to lose the large sums of money tied up in deposits as has happened recently.
Wedding insurance covers many things, including situations such as your reception space burning down a month before the wedding, your limo driver not showing up and you have to pay a new company twice the price, or even situations where a key player, like dad, not being able to make it due to health issues and you have to postpone the wedding. It’s a great strategy for couples with either the bride or the groom in the military as your wedding can be postponed for a later date in case the military member needed to be shipped out asap. All of these major expenses can be covered, as long as you purchase the correct policy. (Sorry, but cold feet are not covered.)
So then the question becomes, where and how much insurance should I purchase? There are actually many alternatives out there for couples and parents to look at. The only one I can say my couples have used is WedSafe. WedSafe has made it their business to have a great website that is super-informative and offers great policy options at low prices. Of course, there are some other great companies out there, so make sure to do your research. It’s worth the time and effort to protect your investments!
Enough said…
Money, Money, Money
Money is on every one’s minds these days. How to save and how to spend seem to be our toughest decisions right now. Credit is tight and everyone is learning to be more frugal. So how does this apply to weddings? Pick up any wedding magazine and I bet you’ll find some article in there telling you how to cut costs. What I’d like to share is not necessarily how to cut costs, but how to spend more wisely. You’d be surprised how just implementing some rules you already use for your every day spending and applying them to your wedding can save you hundreds of dollars.
First, beware of the sales! I’ve seen many a bride or mother of the bride go off the deep end when they see the word sale. While we all know doing things ourselves can save us labor costs, please restrain yourself when you see the wedding aisle half off at Michael’s or Hobby Lobby. While they may have some great deals, you need to ask yourself, how am I going to use this? Do I love it? These are the same questions you use when you are out clothes shopping or even grocery shopping, so why not ask them now? I’ve seen hundreds wasted on mints that were never used, too many bubbles than could ever be used and even place card holders when there was never any seating chart in the plans!
Second, remember to budget for all the little (or not so little) things too. Remember when you made your first budget and you had to take into account EVERYTHING, including little stuff like your Starbucks habit? The same rule applies to your wedding. Don’t forget to include taxes and gratuities. These seem to be the biggest items I’ve seen couples forget to account for that adds for a not so nice surprise at the end of the evening. Other things, like gifts and accessories for the wedding party can add up too. Make a list (and check it at least twice) of everything that you will be paying for so you can assign monies carefully. Most wedding websites and magazines have lists to help you get started.
Need more help? Come see me! At the Collin County Bridal Show on February 22nd, I’ll be sharing more tips through my top 10 list of Wedding Do’s and Don’ts. My presentation will cover some of the pitfalls I’ve seen couples fall into, along with some fun and FREE info. I hope to see you there!
How does a wedding planner save you money?
The number one question I get from the key person who is paying for the wedding is: “Will you save me money?” (Yes, it is usually either dad or the groom.) The answer is whole-heartedly YES! How do I do it? Here are the big three ways:
1. Negotiation - One of the largest portions of my education is simply knowing what products and services are out there, who the best vendors are and how to negotiate with them. I will absolutely save you money by making sure that you are not only getting what you want, but you are getting it for a fair price. We will negotiate for exactly what you want and get it for the best deal possible (taking quality into account of course).
2. Prevent overspending – I cannot tell you how many times I’ve seen brides come in my door (that have not hired me yet) with a contract for something they paid an outrageous price for because they simply did not know what to expect. Or, they have overspent on a category that is going to cost them something else they truly wanted. If you hire me at the beginning, I can help you outline that budget and stick to it! The only reason you will overspend while working with me is if you have not consulted me or did not take my advice. We will prioritize the items you are spending your hard-earned money on so you do not leave out that one crucial item (like a horse carriage) because you did not know how much it was going to cost or how to plan for it.
3. Saving you time – We all know that time is money. (If you don’t know this, then you just don’t realize how much your own personal time is worth.) In working with me (or any wedding planner worth her salt), you get to cut out all that time you would spend on comparing prices and services, interviewing vendors, searching for the perfect place, making to-do lists and simply just stressing about if you forgot something for the big day. Trust me, this can be (and usually is) a full time job. If you are already working, going to school or are a stay-at-home mom, do you really want a second full-time gig?
Gas Prices are just CRAZY!
With the rising gas costs, many businesses are being forced to raise their prices. I’ve had many prospective clients ask if I charge extra for gas. So far, I have not. However, I am considering adding an additional fee to packages for those that are outside a certain radius from my office. I hate to do this, but unfortunately I’m one of those who loves her SUV. 
Budgets
One of the most popular questions I get asked is how much does a wedding cost? Many people answer this as a statistic. For me, I ask in return, what have you budgeted? Obviously, weddings can be and are expensive. However, if you plan for an amount that you can afford, any wedding can be made special and unique.
Need help deciding how much to spend? The best advice I can give you is to know that the facility and food costs will take up approximately 50-60% of your budget. From this, you can either work backwards from the budget you’ve prepared (your budget is $30,000, so your budget for food/facility is $15,000), or you can work forward from the amounts you’ve already committed to this category (your food/facility cost is $17,000, so your total budget should be around $34,000). This helps you to judge how much you have left to spend on all other vendors, such as photographer, DJ, etc. Remember to prioritze your interests too, so you can spend more on what is important to you.