Realistic Wedding Budgeting; Why Market Research is Indispensable?

Everyone dreams of having a fairytale wedding. While it may be tempting to spend all your life’s savings on unnecessary luxury, it is crucial to stay on budget. There is an endless list of tasks to take care of for the big day. Ranging from the venue and the dress to the catering and the décor, everything must be taken care of, that too, whilst remaining within the confines of your budget.

When sorting out your expenses it is crucial to do your homework. Here’s how market research done prior to Miami wedding planning procession will help.

Communicate!

Before you set your wedding budget after assessing your expected expenses, it is important to do your research. Background research will help you get an idea of what the relative cost of every major expense should be. The prices vary from state to state therefore it is important that you are thorough. Start with your family and friends. Talk to them about how they went about it. Online forums are an excellent way to communicate with other couples who are in the same boat as you as well as those who have been through the planning process. Their experience will help guide you through the planning & budgeting process. Not only that, they will also help you with their tips and tricks when it comes to cutting back costs. Your best bet, however, is a professional.

A Detailed Meet up with your Wedding Planner

Consulting a wedding planner is your one-stop solution to any queries that you might have regarding the cost of throwing a wedding party. They will walk you through the basic layout of where to start and what to expect at every step along the way. Browse through venue websites. Many venues and hotels can help you assess the price per person inclusive of all expenses including venue rent, food, drinks, service, etc. Another important aspect of budget planning is to talk to the family. You need to know who is paying for what part of the wedding. Calculate an average amount whilst making sure to include extra expenses such as taxes and tips.

Doing your research beforehand will help you from getting blindsided and you will know exactly what to expect.

Prioritize Your Expenses

Start off with a list that separates the aspects that you can negotiate on and those that are absolute must-haves.

Cut the Services not the Cost

Instead of cutting the cost, the couple should focus on eliminating the not-so-important things or services for their wedding event. Get few but fully covered services instead of all but not so accomplished ones. Invest your money in proper and essential ones. Then, of course, if you have enough amount to get more add-ons –you can surely go for it.

Finding the Right Price

Market prices vary regarding the factors like city, locality, quality, season, and the cost of the products. In an expensive city like Miami, there isn’t much you would get with a discount voucher. Therefore, your realistic wedding budget should be based on the actual market pricing instead of minimal estimates.

Calculating your Wedding Costs

Before finalizing your wedding budget, you have to figure out all of the costs first. Please understand that there are two types of costs;

• Fixed pricing

The cost that won’t change regardless of how many guests are on your plate. This include venue rent, wedding attire, wedding accessories, beauty and makeup services, transportation, and few others.

• Variable pricing

This depends on the number of products and services required along with the on or off season evaluations. This type of cost fluctuates according to market rates and vendors. Therefore, you can’t exactly project on how much you would be spending on the total. The list includes materials, catering, and utilities that you and your guests would use for your event.

Create Strategic Wedding Vision

Staying true to your wedding vision is the key here. Know what aspects are more important to you. For some, it might be the dress whereas for others it might be the venue and décor. Sit down with your partner and your planner and decide collectively.

Keeping an eye out for discounts as they could be your saviors. It is important that you stay updated before finalizing anything. Plan your dream wedding without going over budget by simply staying one step ahead of the game.

Need help to create your Miami Wedding Planning budget? We offer “Get me started” and a first free consultation !

Audrey-Maria Cadio

Owner & Head Planner | Haute Couture Events

Miami, FL