Thursday, February 10, 2011

Wednomics - Part 1

Putting together a wedding budget

We all know that those with a large budget have many avenues to put together the wedding of their dreams. For those of us who don’t have a pot of gold to tap into, we need to be resourceful about where we allocate our dollars.

It is worth spending some time after you get engaged prioritizing the various elements of your big day. Do not use a cookie cutter template for putting together your day, make your day about YOU!

Over the next couple of weeks we are going to put together a few scenarios as a guideline for your planning.

This week we are going to look at a couple with a $10,000 budget, who would like to invite 100 guests to their wedding. Below you will find two sample budgets, with a few parameters for each. These are based on conservative market prices in the suburban Chicago area.

Scenario 1:
For our 1st couple, décor and partying are paramount.

Ceremony at a suburban public park:
Permits - $100
Officiant - $250
Chairs (100 chairs at $2.50 each) - $250*
Personal flowers - $500*
Assuming 4 attendants on each side, 4 parents and 2 grandparents
Ceremony total: $1,100

Cocktail Reception at a banquet hall:
Heavy appetizers for 100 people at $20/person - $2,000*^
Open bar for 100 people for 4 hours - $2,800*^
DJ for 4 hours - $800
Centerpieces (10 dining tables, candles on 10 highboys) - $1,000*
Wedding cake - $600*
Reception Total: $7,200
*Tax – 10% ($715)
^Service Charge – 18% ($720)

Grand total: $9,735

Scenario 2:
For our second couple it is important for them to serve their guests a sit-down meal. They will be having their ceremony and reception at a country club. Their wedding will be held on a Friday evening to further reduce the cost.

Officiant - $250
Personal flowers - $500*
Assuming 4 attendants on each side, 4 parents and 2 grandparents
Passed Hors d’ouevres $8/person - $800 *^
Main course of chicken piccata $25.50/person - $2,550*^
House Bar package for 100 people for 4 hours - $2,500*^
Wedding cake - $600*^
DJ for 4 hours - $800
Total: $8,000

*Tax – 10% ($695)
^Service Charge – 18% ($1,161)

Grand Total: $9,856

As you can see, the costs add up quickly. It's important to be realistic about what you can afford, and what your expectations are accordingly.

BBFN (Bridal Bliss for Now),

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