Posts Tagged ‘budgeting’
As an event or wedding planner, you probably dream about planning big-budget, extravagant events. However, chances are you’ll have to plan several events with a modest budget, and you’ll be expected to make them look great. This will be especially true at the beginning of your career. Thankfully there are some easy ways to cut costs without cutting quality. Read on for our top five ways to keep costs down at your weddings and events.
1. Start Early
This is necessary whether or not you’re trying to stick to a budget, but by looking for a venue well in advance you’ll be able to be more flexible about dates – which can potentially save a lot of money. If your client isn’t picky about which day of the week the event will be held, that just leaves you even more room for savings. As well, some venues offer early booking discounts for those early birds. The earlier you start, the more you’ll be able to shop around and compare prices, making sure you find the best pricing. That leads into the next point…
2. Get Quotes
This is especially important when you’re starting out, before you’ve developed solid relationships with your vendors. The rule of thumb is usually to get two or three quotes from different vendors. That way, you can create competition and keep costs low. A few months ago, we posted a story from wedding planner Lynn Lee, where she talks about learning how to get quotes from vendors in the early days of her business. Read her advice here.
3. Look for discounts
Depending on the event, the venue, and the suppliers, you could qualify for special pricing. Some venues offer discounts to large groups, or events booked well in advance. Many suppliers will drop their pricing when you order a certain number of items. Make sure when dealing with venues or suppliers, you always ask about special pricing options. Don’t be shy to negotiate a better price!
4. Go Buffet!
If your clients are open to it, a buffet style dinner can save a lot of money. With DIY weddings and events gaining popularity, it’s becoming trendier to do a buffet dinner instead of the traditional sit-down. Plus, it will give your guests such a variety of food options to choose from.
5. Skip the Paper
You can save a lot of money simply by cutting out as much paper as you can from your event. And thanks to online programs and apps, you can still offer guests all the information they need. Your budget-conscious clients might be open to sending e-vites instead of stationery. In corporate events especially, you can put nearly everything online – from programs and schedules, to maps and agendas.
QC offers at-home courses in both event and wedding planning. To learn more, visit www.qceventschool.com.
You’ve likely heard of Cost Per Wear in the past, but have you ever stopped to really think about it, or apply it to your own shopping habits? Cost Per Wear is a time-old budgeting technique used by consumers and personal shoppers alike. We talk about the concept quite in depth within our new Personal Styling course, but would like to discuss it in this post as well. Let’s get to it and talk about just what makes CPW so important.
Cost per wear (CPW) is a concept used to plan and justify a purchase. It’s a good starting point for deciding whether something is or isn’t worth the purchase, but it should not be used as the ultimate decision maker. To calculate cost per wear, take the total cost of an item and divide it by the number of times your client plans to wear it. For example, if a pair of shoes costs $100 and your client plans to wear them 50 times, they cost $2 per wear. The $2 figure is the target for the ideal cost per wear but, as you can imagine, may be a challenge for certain “shop-a-holics”.
The concept sounds simple, but there are a few things you’ll need to think about before calculating an item’s CPW. First, you need to take into consideration the actual total cost of the item – not just the number on the price tag. Take into consideration the sales tax, the interest the purchase will accrue if a credit card is being used, the cost of any alterations that might be needed, and regular maintenance such as treatment sprays or dry cleaning. These sorts of additional costs can take a silk shirt you found on sale for $10 and make it cost much, much more over the course of its lifetime.
Second, you’ll want to be realistic when planning how often you’ll actually wear an item. It’s easy to tell yourself, “I’ll use it every day!” when you experience love at first sight for a new luxury bag or pair of designer shoes. But, will you actually do this? The answer is almost always “no”. Consider a trendy pair of neon orange heels. The shoe might have been all the rage when you bought them, but trends come and go in a matter of weeks and you likely won’t want to wear the shoes when they’re considered to be old news. Plus, you’ll probably find it difficult to match the shoes to many outfits, further limiting how many times you’ll honestly wear them. If that pair of shoes cost $80 and you ended up wearing them four times, you essentially paid $20 per wear – ten times more than the recommended CPW amount.
Third, you need to take risks into account. Although you’ll of course try your best to avoid scuffing a new pair of patent leather boots or spilling coffee on a gorgeous white silk blouse, accidents are a part of life and can happen to anyone at any time. If an item is likely to become stained or scuffed, it’s best not to take the risk and to avoid spending too much of your budget on the item. Finding easy-to-clean items that are also easy to care for is often difficult, but is better than choosing something costly that can easily be ruined. Simply speaking, items that are more likely to have a short life should have less money spent on them than items that are sure to last a while.
After creating a budget for your wardrobe, taking cost per wear into consideration will help you make better purchasing decisions. It’s also an easy purchase planning technique you can pass along to your friends and family.