10 tips to allocate budget to wedding vendors.
Updated: Mar 29, 2019
Putting all your wedding plans to action ,can turn out to be an exciting yet a tedious task. Specially when you consider the financial decisions involved and the tiring expectations of your beloved relatives you are desperately trying to meet. The thought on your mind? - It is your special day and you want the best solutions with resources used in the most optimized manner. With your budget constantly on your mind, you are probably in a fix as to what investment is the right and sound investment.
Given below are some tips which can help lighten the weight on your shoulders and help you in determining the allocation of budget to wedding vendors.
1. Budget Management : The best and the most efficient way of keeping the finances in check is to manage your budget yourself. This will help you in taking informed and calculated decisions.
2. Break down the budget: Categorize the vendors and allocate a fixed amount for each category you would want to spend on. Maybe venue and soundsystem will require 40% of your budget, and hence you will need to carefully allot the remaining budget to the remaining categories.
3. Track details on the budget sheet : For your desired category of vendor, ensure that you are listing the requirements on the sheet itself. This makes it easier to track as well.
4. Decide the Responsibles - Always be sure about who is responsible and handling the finances for what. It is simpler and more effective to delegate the responsibilities.
5. Hidden Costs and Reserves- Ensure that you are managing the details with an eagle eye and are keeping a cushion amount for any unforeseen expenditure. While dealing with the vendors, do keep a check on hidden costs, if any.
6. Develop an accounting System - With transactions occurring every other hour of the day, you would probably want to have a system to track each movement of the cashflow. Developing a habit of noting down a transaction the minute it happens, will save you from hefty confusions on the pay day.
7. Ask for help - In a busy schedule, one can often be anxious about missing on the tiny details. When it comes to managing a budget , feel free to take advice or ask for help from people with experience in doing the same. A wedding planner can be a good resource.
8. Prioritize - As easy as it is to be tempted to going the extra mile on your wedding day, do not forget your priorities and avoid spending on factors which are not budgeted and are not necessary. You might just end up spending more than your pockets are meant for.
9. Be Resourceful - For what you cannot afford, figure out how you can! If paper invitations are an expense you can cut down on by using e-invites, maybe you can use the allocated resources on other requirements or just end up saving.
10. Check and Recheck - Go carefully through each and every detail as carefully as possible, and do it till you are sure that you have not done any miscalculations, or excluded expenses like service fee, or overtime costs. Make sure you are avoiding late payments.
We hope these tips help you in making the most out of your budget on your big day!
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