Money Priorities

In last week’s session we spoke with Ashley Stork of Wedding Vine Events and discussed how to make a reasonable wedding budget priorities. In this week’s video we are going to take money that we have budgeted and pair it with priorities. If you missed our first episode click (here) to watch the series from the beginning.

Weddings and Money

So it has come time to actually place money to things you want for your wedding. Often, we find brides that have very grandiose plans for their day and are unaware of how much money it will take to actually take to make those dreams a reality. In this video we have outlined a few steps to make this process easier:

1. Place a defines amount of money next to each priority based on its value- For this step you will put a dollar amount next to each priority for the amount you want to spend. Keep in mind this is only a preliminary amount and not the final amount. This step just gives you an idea about how much you think you should spend for each category. I guarantee this will change as you go through this exercise but we have to have a starting point.
2. Do Market Research- This is a vital step in the budgeting process. Doing your research will help to determine if the vendor meets your needs. You may find the vendor or their services are not what you want for the price point you have at this time. If this is the case, you may have to redistribute some money to that priority to get what you want. Make sure to ask for any hidden costs associated with the package you have chosen to avoid any sticker shock at the end.
3. Adjust the money to each priority as needed- Once you have your vendors and packages all lined up, it is time to adjust your numbers. This is where priorities are so vital. KEY POINT!! If the item is not a high priority, don’t reallocate a lot of money to it. Sometimes during the wedding planning process you may get what we call “planning fog”. This occurs when everything just becomes kind of blurry and everything turns into a priority. We urge you to be careful about this because it will save you a lot of headaches in the end.

Once you have completed step three you will need to break out a calculator. You will have to add all of your expenses up to make sure they have not gone over your total budget. If they have you may have to allocate more money or cut something. KEY POINT!! Make sure both you and your fiancée’ are involved during this whole process to ensure there is no surprises. Make sure you stay tuned for next week for our 5 tips.

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