Showing posts with label Staying on Budget. Show all posts
Showing posts with label Staying on Budget. Show all posts

Tuesday, November 10, 2015

15 Wedding Expenses You Forgot to Budget For

You helped plan the budget, select the venue, book the vendors, but now your clients are having to dip into their own pockets for the rest of the expenses. Oops! Looks like those hidden expenses wiggled their way into your planning and not the budget. Adhering to a budget is hard enough, not to mention all of the unexpected expenses that make their entrance without proper introduction. So the Inspherio Crew got together to figure out the most overlooked event expenses brides, grooms, and planners forgot to budget.

1. Beauty Treatments: Brides and their bridesmaids might have chosen the hairstyle and makeup they would like to have for the big day and allotted money in the budget for it, but what about the trial-runs? Our advice would be to put enough money aside in the budget to make sure that the bride and her hairstylist are on the same page when it comes to the bridal look—you don’t want them to disagree on wedding day. Also, the bride’s hands will be photographed a lot throughout the day, so make sure she puts away any additional funds for a mani/pedi.

2. Stationery: The invitations and save-the-dates are not the only paper goods you need to purchase for the big event. You still have the programs, the escort cards, place cards, and the menus. These expenses can add up quickly! So make sure to spare extra lines in the budget for them.

3. Meals: Your clients have budgeted a lot of money on food and sampled the menu options so much already that they’ve forgotten there are other meals happening that day. We’re here to help you remember that meals prior to the wedding are just as important as the reception dinner. Of course, you don’t need to budget a lot of money for the lunch, we still suggest you budget something. If the wedding is early, a simple bagel and fruit platter is great for breakfast, where sandwiches are good for lunch. Keep it light, and non-junk food related—your clients are nervous enough without the added stomach sickness from food.

4. Vendor Meals: And since we are on the topic of meals, don’t forget to budget meals for the vendors. Yes, you, the photographer, videographer, and everyone else who is with the bridal party all day need food. Don’t forget to add yourself and others to your budget. These meals might only cost you an extra hundred dollars but they’re important to include.

5. Alterations: Your client found the perfect dress, and it fits her budget perfectly. But did she factor in the cost of alterations? Hemming the gown, taking it in, or other structural changes cost money, and sometimes a lot of it. Some studios that the bride purchases a dress from will include a flat fee, while others might charge hundreds for alterations. Be sure to let your bride know of the potential expense.

6. Transportation for Guests: This means transportation to, during, or after the event. At weddings, generally a bride and groom will invite older relatives that may have difficulties walking around a lot. What’s your plan to help them get to and from? I experienced this issue one time when I was coordinating a wedding. The bride and groom both had older relatives who couldn’t walk through the fields to get to the wedding site due to all of the hills. Luckily, they had a friend that lived close to them who lent them a golf cart to help transport guests to the site. Although you might not have enough in the budget to rent a golf cart, this is just a good expense to keep in mind when picking a venue.

7. The Unexpected Guest: It never fails. You get all of your RSVP’s returned to you and you set the headcount based off the no’s, yes’, and plus ones. But someone turns up who originally selected “no” on their RSVP or brought a guest when they said they weren’t going to. Our advice is to always plan for at least five extra guests, especially if you’re having a dinner.

8. Favors: Giving wedding favors to guests is one of the surest ways to show your thankfulness. Many people travel from out-of-town for your wedding day, so let them know you appreciate their efforts to be present. And although these favors cost anywhere from $3 to $8, they can definitely eat into your budget. If you don’t think you have room in the budget for it, try the DIY route. Give these DIY wedding favors a try.

9. Lighting: Lighting is expensive but an important part of setting the atmosphere for your venue. Luckily, we wrote a blog about six money-saving tips on event lighting that you should check out to save you major budget bucks!

10. Decor, and Not Just the Flowers: When you see a beautiful centerpiece, most people see the flowers. What they fail to see is the non-floral supplies: the hurricane globes, flatware, wood pieces, etc. Although the flowers are the most expensive part of the centerpiece, the cost of the additional items you need to bring the look together can add up quickly. Our suggestion is to allot about 30% of your decor budget to these non-floral elements.

11. The Backup: The weather is uncontrollable and can be unpredictable, so don’t fret over backups the day-of. If your client wants an outdoor event, be sure to save just a little for a tent. In our previous blog all about tents, we suggest renting an event tent with a cancellation policy. But no matter the result, you’ll need to put money aside for a clear backup plan. If your clients don’t have to use a backup option, that’s extra money they can add to their honeymoon fund. It’s a win-win if you ask us!

12. Sales Tax and Service Charges: No one thinks about the sales tax when they get a quote from a vendor. So it’s your job to remind them. If you are included in the meeting with the florist, be sure you find out if the quote they’re providing includes sales tax or service charges. For caterers, a “++” means there is a service charge and tax in addition to this price. Make your clients aware of this so they’re not sending off bad reviews when the event ends.

13. Gratuities: To build off of sales taxes and service charges, gratuities are also an important budgetary item to include. Remind your clients that they need to express a “thank you” to those who helped make their dream day possible. We suggest budgeting 5% to 10% for gratuities. Be sure to check the contracts carefully, though, some vendors already include the gratuities in their overall quote.

14. Presents for Family Members: As exciting as this day is for your clients, remind them that it’s also a bittersweet moment for their family. Suggest that your clients create a sweet reminder to their parents to show their appreciation. Our friends at the Bridal Guide have ten thoughtful ways to say “thank you” to the parents. Share these ideas with your clients, but include the cost of making these reminders in the budget.

15. After the “I-Do’s”: Unfortunately for your clients, the costs don’t stop after they say their “I-do’s.” They have to send thank you cards, print pictures, clean the gown, and make photo albums. These expenses can add up just like every other pre-wedding expense. So remind your clients not to start off their new marriage worrying about money.

Prepare for the unexpected so you don’t unexpectedly become the unprepared. Expenses are tricky and budgets are hard to maintain, but with Inspherio on your side, you can manage it all in one, easy-to-use location. Check out Inspherio’s Expenses and Payment features to see how we can help you.
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Thursday, October 15, 2015

Event Guide: Staying on Budget

Budgets are tough! No matter if it’s an event budget, a personal budget, or a business budget, restricting your spending always seems to limit the fun factor. As an event professional, keeping to a budget and calculating all the expenses is an absolute must. Your clients trust you to take their budget, provide services, and ultimately create the event of their dreams. Going over the allotted amount only leads to hurt feelings and unhappy customers.

We’ll give you an example:

Without naming names, there is a reality TV show that redesigns a person’s home to make them fall in love with it again. However, the show also takes the homeowner to view other home options if they decide to list their current house on the market. Per usual, the couple provides the designers with their budget. But it never fails, the budget is repeatedly adjusted to accommodate for extra expenses. The homeowners become discouraged, there’s usually a disagreement, and the only way to get what they want is to increase their spending.

Want to know why this happens? Although the clients have big dreams and a certain vision of what they want their house to look like, the designers never fully prepare the homeowners for the hidden fees and realistic costs of their wants.

Your clients hired you to help them stay within their event budget. Don’t give them a vision of their event you know will not work, or force them to spend more than originally planned. But that’s what we’re here for—to prevent hurt feelings and crushed dreams before they happen. Without further ado, we’re proud to present this week’s event guide—staying on budget.

Quick Percentage Rundown

Based on percentages provided by our friends at theknot, here’s a quick rundown on how much of the budget is typically dedicated to each part of the event.
meta-chart.jpeg

We find this approach to be super helpful and a great tool! However, there’s more you can do to make budgeting easier. Borrowing from our previous blog, we suggest dividing the budget up into different sections and categories. For a wedding, you have three events to plan for: the rehearsal dinner, the ceremony, and the reception. Allot a certain budget for each of these events, before delving into figuring out the flower budget, food budget, etc.

An Example:

Rehearsal Dinner
Ceremony
Reception
Flowers
$500
$4,500
$4,000
Food
$1,500
N/A
$5,000
Music
N/A
$500
$1,000
Total
$2,000
$5,000
$10,000
Grand Budget Total: $17,000
*budget isn’t based on actual wedding.

Now that you’ve helped your clients get a budget in mind, here’s a few tips on how to get them to stick to it. 


Record, Record, Record



Recording every payment and IOU is a great way to keep on track of the budget. Luckily, if you’re an Inspherio user, you have an accounting feature built into your membership to help you monitor all payments and spending activity.

Learn all the Hidden Costs and Fees
Forgetting to factor in tips or overtime for vendors is the surest way to stumble upon bills at the end of the event. Remember there is usually someone who cleans up after the event, service charges for venues, florist’s demo costs, license fees, etc. Also, be sure to include enough money in the budget to provide gratuity for the extra help. 

Pad the Budget
The best way to avoid overages is to build in a budget safety net. We suggest earmarking at least 5% of your budget for the unknown. You might need to purchase umbrellas if it’s raining, more flowers, or cleaning supplies. You never know what could happen, so it’s best to be prepared!

3 Ways to Save the Budget
Sometimes you are given a budget that doesn’t match your client’s dream event plans. Well, we have some tips on how to work with that, too. 

What’s Important
What are the top priorities at the event? If you are helping your clients plan a wedding, their top priorities might be the venue, the catering, and a DJ. The items they can probably use less of the budget on is flowers, invitations, and the cake. Deciding on what’s most important early on can be a big money saver.

The Guestlist
The more people they invite, the more money spent. It might be tough for your clients to draw a red line through guests’ names, but it’s the fastest way to save money. We suggest having your clients sit down with the guest list over a span of several days to really think about who they want to invite. 

Simplifying
Instead of going for filet mignon, why not choose the sirloin? If it’s winter, choose a flower like a rose or a Star of Bethlehem instead of a sunflower. By simplifying the menu or choosing decor that’s in season, your clients will save more money.

Never let a budget scare you away from planning your client’s dream event. Give us some tips in the comment section below on how you stay under budget!
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