You would be amazed by how many couples come to Special Moments Event Planning and say “we’re on a budget”.
Exactly what does that mean? Everyone is on a budget! Some are fairly modest and others may be larger.
We love this quote from a recent client review:
Our wedding went off without a hitch. We were on a pretty strict budget that we went over with Tammy & team right from the get-go. They recommended vendors who fit our style and vision but didn’t break the bank.
Everyone has what we call “A Point of Regret”, it is the point where you’d regret spending one more dollar on the wedding. Everybody has one!
Budgeting for a wedding is challenging for most people, as we don’t like talking about money, and with a wedding, money could be coming from one or more family groups and sometimes the couple as well.
Having those sometimes uncomfortable conversations and knowing your point of regret is key to moving forward with budgeting. You want to make sure that your number for creating a budget is a few thousand dollars below your Point of Regret.
The wedding reception usually makes up about 48-52 percent of the total budget for the wedding and often includes the venue, food, beverage and any tax or service charges; with other costs coming from flowers, gown, entertainment, photography, etc. making up the balance. Knowing this and looking at an approximate guest count is a great starting point.
If your Point of Regret is $30,000.00 and not a dollar more, you might want a working budget of $25,000.00. If your first estimated guest count is 150 guests; you’d be looking at approximately $84.00 per person for your reception. With $12,500.00 for the remaining elements. If you’re a foodie, you might increase that per person amount to allow for a little splurge.
The next step in budgeting is to see if the venues you have thought about can accommodate 150 guests and offer package pricing in that price range. If not, you may need to consider looking at your point of regret or decreasing your guest count.
Knowing your splurge is another really important budgeting piece, one couple wanted a snow machine for their outdoor wedding reception, regardless of their Point of Regret. For others, it might be an awesome band, a stunning and delicious wedding cake, or incredible photography. Everyone’s splurge item is different.
What is your Point of Regret?