![]() Keep in mind that ideally you and your partner should have about three months of living wages set aside in case of emergencies and you shouldn’t negotiate that security for the sake of your wedding. Lastly, determine if you can responsibly take money from other savings accounts and how much that could be. Then look ahead and figure out how much you can realistically put into a wedding savings account. Meaning it needs to fit your personal finances and long-term goals, not the other way around.ĭetermine how much you can comfortably pull from your everyday budget without taking away from your other expenses. This number will vary for every couple, but it should always be realistic. Now that you know your priorities and know who is contributing money to the wedding, it’s time to figure out exactly how much you and your partner are willing to spend. By using these helpful tips to uncover hidden costs in advance and by requiring that your clients purchase event insurance, you can breathe easier knowing you are doing everything possible to protect yourself and your clients from unexpected expenses.Image by Maggie Grace Photography Crunch The Numbers While some of these hidden wedding costs are minor, they can add up and surprise both you and your clients. Get more information now on the Markel Insurance website for event planners. Markel Event Insurance is an easy and affordable solution for your clients – a free event insurance quote takes only a few minutes online or on the phone. Policies start as low as $75.īy offering event insurance, it will not only protect your clients, but it can also protect you by potentially decreasing your own business liability risk for accidents due to negligence of the event host or honoree. Up to $2 million in event liability insurance can be purchased by your client from Markel Event Insurance at least 1 day before the event. Markel Event Insurance offers one-day event liability insurance to hosts and honorees, protecting them (and you, the wedding planner) from incidents such as property damage to the venue or injury to a guest. This is easily preventable with a low-cost event insurance policy. Imagine the shock at receiving a large bill for property damage that occurred at the venue during the wedding. You are setting your couples up for success by protecting them from losing their entire wedding investment should something unexpected happen such as extreme weather, injury, property damage, a no-show vendor that has to be replaced, stolen gifts, or a damaged gown. When the inevitable happens, you’ll want to be prepared. Get all overtime fees in writing prior to the event and be sure that your own overtime fees are listed in your wedding planning contract. ![]() As event planners, we do our best to keep things on track to avoid incurring overtime fees, but sometimes unexpected issues occur and throw off the event timing. This includes bands, DJs, photographers, videographer, transportation services, and venue. It’s important to know the fees for additional time from all vendors in case the event ends up being longer than expected. Ask up front about whether taxes will be added to the final bill and what the approximate taxes will be so that you and your clients can plan for this cost in the wedding budget. Wedding vendors may not mention taxes in their initial pricing. The alcohol brands and costs should be documented in the banquet event order from the venue, caterer, or bartending service. Top shelf alcohol and wine can add up quickly which can be a surprise to both you and your clients when the final bar bill shows up. You can confirm this by asking the venue or catering manager prior to the wedding.ĭuring the wedding planning process, ask what brands of alcohol, wine, and beer will be served at an open bar. This service charge is usually not a tip for the catering or venue staff. Venues and caterers often add on a service charge to cover the cost of doing business. ![]() When budgeting for your wedding couples, plan 10-20% for gratuities for their service-based vendors. While tips are not necessarily required, they are generally expected and appreciated for services, especially if the wedding professionals did an outstanding job. ![]() Here are 5 Hidden Wedding Costs: 1) Gratuities When it comes to keeping your clients on a budget, there are hidden fees, financial traps, and add-ons that crop up along the way that may not get factored into your initial wedding budget projection.
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