Weddings! So much to do, so much to plan, so much to spend. So many hidden costs, so many unexpected charges. So many ways to get ripped off. So many merchants prepared to whack a 'wedding tax' onto any item you can think of as soon as they realise its for a - you guessed it- wedding. Nuptials have a way of bringing out the greedy devil in people. And goods. And services. It's no wonder so many couples feel like they're being taken advantage of, because they probably are. So, how do you reason some clarity in amongst all the expenses? Once you start paying for your wedding, it can feel like the invoices never stop.
Everyone hates a budget. I'm with you on that on. Let's just agree that budgets are a necessary evil. They just are. But without one, how will you know what's too much? What's reasonable? What's a downright steal? After all, one woman's wedding budget is another woman's down payment on the buffet. Yep, you need one. And for the sake of this post, lets assume you have one. Once you have your budget, there's another hurdle: it's all to easy to lose sight of the relativity of expenses coming at you thick and fast. When you're forking out money day after day it can feel like everything costs too much and you just can't deal with any more expenditure other than the downright nitty gritty basics. This is dangerous territory to be in because it means you can miss out on the proverbial icing which makes the cake.
So, how to tear yourself away from the steely grip of financial wedding fever? Here's a simple formula I share with all my clients in an effort to encourage them to really buckle down and decide on their budget and get real about what matters. I don't know why weddings make seemingly reasonable people suddenly become penny wise, pound foolish and prickly to boot. I suppose its a predictable response to feeling overwhelmed but you can beat it by keeping things in perspective. When you've done this formula, it will cut through all the faffing about and random pretty purchases you know you shouldn't succumb to but...ah.....find yourself indulging in because you can't lock down anything definite and feel like you 'need' a splurge to stay positive about the whole wedding planning thing. Am I talking to you? Exactly.
Take a seat because I'm going to share something with you. It's a formula. 'For what?' I hear you ask.
Write down the total spend of your wedding: be specific, be realistic.
Everyone hates a budget. I'm with you on that on. Let's just agree that budgets are a necessary evil. They just are. But without one, how will you know what's too much? What's reasonable? What's a downright steal? After all, one woman's wedding budget is another woman's down payment on the buffet. Yep, you need one. And for the sake of this post, lets assume you have one. Once you have your budget, there's another hurdle: it's all to easy to lose sight of the relativity of expenses coming at you thick and fast. When you're forking out money day after day it can feel like everything costs too much and you just can't deal with any more expenditure other than the downright nitty gritty basics. This is dangerous territory to be in because it means you can miss out on the proverbial icing which makes the cake.
So, how to tear yourself away from the steely grip of financial wedding fever? Here's a simple formula I share with all my clients in an effort to encourage them to really buckle down and decide on their budget and get real about what matters. I don't know why weddings make seemingly reasonable people suddenly become penny wise, pound foolish and prickly to boot. I suppose its a predictable response to feeling overwhelmed but you can beat it by keeping things in perspective. When you've done this formula, it will cut through all the faffing about and random pretty purchases you know you shouldn't succumb to but...ah.....find yourself indulging in because you can't lock down anything definite and feel like you 'need' a splurge to stay positive about the whole wedding planning thing. Am I talking to you? Exactly.
Take a seat because I'm going to share something with you. It's a formula. 'For what?' I hear you ask.
- For putting your wedding costs into perspective.
- For putting your wedding services and suppliers into perspective.
- For helping you decide what really matters, in a cost VS investment kind of way.
'the Formula'
Write down the total spend of your wedding: be specific, be realistic.
Add 20% to this figure
Divide the budget by the spend and calculate your active hourly rate - this figure is what you refer to when deciding what is a cost and what is an investment.
At £20 a minute, you don't have to have conniptions when someone quotes you £3800 for, say, 5 hours of photography services (which works out at £760 an hour or £12 per minute.)
See what I mean about this formula breaking costs down to your own values?
You know I think photography is vital, but what do you think? Would you pay £760 per hour at a £1,200 per hour wedding? would you pay £300 per hour? what about £3000 per hour? I've had clients turn down any suggestion of hiring a photographer. Crazy? I think so. My choice? No. However its your wedding and you will have to determine what costs have value for you. By the way, £760 an hour for a photography team is not a typical expense, but it is a real one at a recent ceremony which is why I included it in this example.
What about makeup services? This is a question that comes up again and again. Is it worth it? Does it really make a difference? What do YOU think? Do you think £500 is a lot to pay for 15 hours of looking your best? ( £34 per hour) I know one bride that, when she used this formula, tripled her makeup expenses and had her makeup artists on location all day. This formula helped her to see the day and its expenses in a new way. She realised that the bridal car was costing more for 2 hours service than her looks were. She hadn't thought about it like that before. Although in the case of makeup, there's the consideration of having your makeup captured in photos which increases its value.
Know the price your wedding is running at - hourly and break down your services according to this value. I guarantee this formula will help you see goods and services in a new way. Use the formula to really think about where you want to put your money. It's your wedding. Ultimately the perceived value of expenses and where you place financial importance is yours alone to make - so be clear on why you're making it.
Happy figure crunching :)
Calculate how many hours your 'wedding' will run for. Only calculate the active wedding hours, not the time spent travelling or on the road or the mid wedding break between wedding and reception (if you are indeed having one). You may have spent numerous hours shopping for wedding dresses and you might book a hotel for 48 hours, however these amounts should be added to your budget but not added to your wedding hourly rate. Why not? Because your wedding doesn't run for 48 hours - even if planning and preparation do. Don't confuse the two.
Divide the budget by the spend and calculate your active hourly rate - this figure is what you refer to when deciding what is a cost and what is an investment.
Now you have your hourly rate: decide whether the hourly rate quoted for any service or item is worth it, relative to your expenses on the day.
Here's an example:
£15,00
£15,00
£18,000
15 active hours: 3 hours hair and makeup in the morning, 1 hour at the church, 3 hours photography with bridal party, 8 hours reception (with additional photography) including sit down meal.
15 active hours: 3 hours hair and makeup in the morning, 1 hour at the church, 3 hours photography with bridal party, 8 hours reception (with additional photography) including sit down meal.
- 15 active wedding hours divided by £18,000 = £1,200 per hour
- Therefore my wedding is running at a cost of £1,200 per hour or £20 per minute
- Is it an expense? yes.
- Is it expensive? that depends on how much value you plan to put on capturing your wedding via photography.
And now you 'know' your wedding is costing you £20 per minutes - so is £12 a minute too much to pay to capture the moments you're spending your money on? Given that you are indeed spending the money and the day will, most certainly, finish before you expect it to - what do you want to have that will show for all the planning and spending? Memories? Photographs? Videos?
What is that worth to you?
You know I think photography is vital, but what do you think? Would you pay £760 per hour at a £1,200 per hour wedding? would you pay £300 per hour? what about £3000 per hour? I've had clients turn down any suggestion of hiring a photographer. Crazy? I think so. My choice? No. However its your wedding and you will have to determine what costs have value for you. By the way, £760 an hour for a photography team is not a typical expense, but it is a real one at a recent ceremony which is why I included it in this example.
What about makeup services? This is a question that comes up again and again. Is it worth it? Does it really make a difference? What do YOU think? Do you think £500 is a lot to pay for 15 hours of looking your best? ( £34 per hour) I know one bride that, when she used this formula, tripled her makeup expenses and had her makeup artists on location all day. This formula helped her to see the day and its expenses in a new way. She realised that the bridal car was costing more for 2 hours service than her looks were. She hadn't thought about it like that before. Although in the case of makeup, there's the consideration of having your makeup captured in photos which increases its value.
Know the price your wedding is running at - hourly and break down your services according to this value. I guarantee this formula will help you see goods and services in a new way. Use the formula to really think about where you want to put your money. It's your wedding. Ultimately the perceived value of expenses and where you place financial importance is yours alone to make - so be clear on why you're making it.
Happy figure crunching :)
