Budgeting – “Is my budget too low?”
If you are just now starting your big wedding day planning, you will soon come to learn that budgeting is crucial! Whether your budget is big or small, it is important to keep communication lines open between you and your fiancé about the financial game plan. One of the biggest mistakes couples make is setting a budget before testing out the water. It’s essential to make a few phone calls or surf a few websites to generate a few ideas of how much things cost. Many couples may go into sticker shock when estimates and quotes begin to flood their email inboxes. But being prepared for what to expect makes establishing your budget much easier to handle. A formula that we like to use at KayDi’s Events is to calculate your estimated per plate (which is an average of $25) and multiply that number with your guest count. After you have that figure, multiply it by 2 (two) to get your minimum budget cost. (Example: $30/plate for 150 guests = $4,500 for food costs. Now multiply by two: $4,500 x 2 = $9,000) and since food is at least half of your budget, you can expect to spend the other half on sales tax, gratuity, decorations, photographer, cake, etc. This will help you guide you as to what kind of venue, cater and food selection you are looking for.
Also remember, budgets are not only for weddings. Budgets are needed for other special occasions such as baby showers, birthday, anniversary, graduation, or holiday parties! If you need help, give us a call!
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