Each month I will be sharing some ideas and tips for those of you that are planning a life celebration. This month we'll start off with your spending plan which should be the first thing that you do when planning your event.

Money can trigger many different emotions, most of which is stress resulting from not having enough money to cover expenses. As the word budget always has a negative connotation, I prefer to use the term "spending plan" which when carefully thought out has positive results.

Ten things to consider when developing your spending plan.

1. Be realistic with how much you can afford to spend on the event. Yes, you can put some things on credit card if needed, but wouldn't it be better to have 100 guests that are nearest and dearest to your heart that could be within your spending plan versus having 300 guests with some you barely know?
2. Do your homework. If you're considering a dinner buffet with prime rib, then check out the menus with the hotels (many are on-line) or with the off-premise catering companies. This will give you better insight on current menu pricing, but remember that even though you may book your date, it does not lock in the menu price which is often assumed.
3. If it is feasible, consider a weekday event. There are is more flexibility with venues with lower minimums as well as vendor with smaller packages.
4. Prioritize your spending plan by starting with what is most important to you as being labeled number one and working your way down the list. For some clients food is most important, to others it may be flowers or décor, and yet for others it could be hiring a planner or having a videographer capture the day.
5. After prioritizing your spending plan, create a spreadsheet to allocate a dollar amount to each category in your spending plan with a running total on how much you spent and how much you have left. By continually monitoring your spending plan, you remain in control which eliminates stress. You may really want that awesome wedding cake that is $400 over your spending plan, but you will either need to reduce or eliminate items in your lower priority areas.
6. If you are working with a planner, be truthful about your overall budget. Often time clients don't advise how much they really have to spend for fear that it will all be spent which is not our role or goal. The money you allocate to each category helps us to determine which vendors may be best suited for you. If you state you only have $50 a person for dinner, then you will be referred to caterers within that price range which may eliminate the next level of caterers that start at $75 per person and you risk not getting the type of food you really wanted because you failed to disclose what you could actually afford.
7. Don't make rush decisions. Unless you are 100% sure with your decision to put a retainer on the spot, give yourself a couple of days to think about your next event investment.
8. Don't procrastinate. Contrary to not making rush decisions, you also don't want to wait too long, otherwise you may lose the vendor to someone else. Remember, vendors receive numerous requests which can sometimes fall on the same date and bookings are not confirmed until a signed contract is received along with a retainer fee.  
9. Don't forget to service charge and tax to your spending plan. These two items are the most commonly missed line items and can have a great impact.
10. If feasible, rent items such as vases versus buying them. The cost of vases, especially the square ones which are heavier in weight can easily add up. If this option works for you, do keep in mind that you need to have someone retrieve the vases at the end of the event and return them to the vendor. You will also want to make an announcement for guests to know that they are not to take the vase home.

These are just but a few suggestions, but we hope these tips help you in preparing your spending plan so that you may keep on track with your financial goal.  Clients that are in control and are not stressed about the money situation enjoy their celebration much more than those that are constantly worrying about how to pay for all the bills and overextending themselves.

Please be short and to the point, and respect the other voices in the discussion. You may edit and delete comments for up to three days after date of post. We reserve the right to edit or delete inappropriate comments. For more information read our site policies »

In order to comment, you must be logged in. Login | Register | Help

Comment

Denotes required fields.