Budget management is undoubtedly one of the hardest tasks to perform during the planning process of your wedding or special event.
Not only because you will be put into situations where difficult decisions will have to be taken, which may be associated to additional/different costs, but also because surprises may arise that will require a position from your side.
As such, it is advisable to keep a structure to help you throughout this process and my goal today is to give you a few tips for this.
1. Budget sheet updated
It is crucial that you keep this updated at all times. Whenever you make a decision or get new information from your vendors, just refer to your budget sheet and update it. This will enable you to have a clear idea on where you are with your numbers.
2. Read contracts in full
Take time to go through your vendors contracts carefully and if there is something you are not sure of, just check with them right away. Do not assume anything when it comes to costs/inclusions. If it is not crystal clear, check with the vendor.
3. Back up plans
Depending on the type of event you are hosting – outdoor/indoor – you must have a back-up plan in place and there are times in which this plan may be subject to additional costs. Go through this topic carefully with the venue or supplier involved and update your budget sheet should it be necessary. Also, make sure you are aware of power/heating/air conditioning needs as well as lights requirements.
4. Respect deadlines
Make sure you follow the deadlines religiously as you may incur in extra costs if you miss an important one. For instance, you may want to book a marquee to use as back up, but if you miss the deadline for it, the other option available is more expensive than the original one.
5. A 10% buffer in your budget
I know this isn’t easy but, whenever it is possible, create a 10% buffer in your budget to use only for emergencies. This will give you piece of mind and at the same time, should nothing come up, give you the chance to add that special thing you really would like to.
Hopefully, this gives you the tools to feel more confident about this task, but should you wish to have a professional help with you, contact me here.
I will be very happy to assist you.