Four Tips for Managing Your Wedding Planning Finances
Keeping this introduction short and sweet in good spirits that the the budget planning discussions you have with your loved ones will be too!
Joking aside, please know that as your planners, we are here to encourage and support you through all stages of your wedding planning process – and that includes managing your budget! Using our cloud-based project management tool, we will document all vendor agreements, notes, and invoices – ensuring that your services are secured with a deposit, that balances are paid on or before their due dates, and that all event costs are within your all-in wedding budget. We know you’ll find these four finance management tips helpful, so go ahead and exhale – You’re in good hands.
1. Communicate clear expectations around who is financially contributing to the budget and to which aspects of the wedding they are responsible. Begin this conversation early on as one of your first planning tasks.
2. Do not request money from anyone you don’t wish to have a financial relationship with. The planning project for many couples ranges from 6-24 months and financial discussions will likely happen frequently throughout this season of planning.
3. Once the budget is established, allocate percentage maximums to each of your wedding vendor categories. You can read more about this wedding budgeting concept here, but in short can anticipate that your venue and catering will account for 40-50% of the budget with 5-10% allocated to each additional hired vendor.
4. Remember that many of your vendors will require a deposit to secure their services and many of the balances will be due 2-4 weeks prior to the event day.