Have you heard of the budget trifecta? If not, I’m so excited to tell you about it. This tool is a great way to keep your wedding wants and needs in perspective while planning on a budget.
To begin, the reason I call this the budgeting trifecta is because there are three essential components to it. (I know, obvious right?). These include quality, quantity, and time. For budget purposes you cannot have all three components without having to spend more. But let me back up a bit. When I refer to the three terms this is what I mean.
Quantity is how many pieces you need. If you have a lot of tables, a lot of bridesmaids and groomsmen, you’ll need to purchase a lot more “stuff” (i.e. Bouquets, boutonnieres, centerpieces, gifts, etc.) All of these components can increase your overall budget.
When I refer to quality I mean more so the type of products that you want for your wedding. For example, a bride who wants orchids and roses is going to have to pay a higher price for their bouquet than a bride whose dream bouquet is a rustic bouquet of sunflowers; so although both of their bouquets are “quality” pieces, for the purposes of this example we will refer to the expense of the material as quality.
Lastly there’s time. Time is always the biggest component. Brides who need their items on rush delivery or last minute can run into two situations. The first situation when it comes to flowers, cake, stationary, and thank you-gifts will usually have to pay more to receive their orders on time if it’s under a certain time frame. On the other hand, when it comes to venues, if you are not particular on a certain date, many brides will be able to book a venue at a discounted price. The other aspect of time is time of year. If you ordering flowers that aren’t in season or you’re having your wedding on Valentine’s Day/major holiday you are more likely to pay more.
Now, how the trifecta works. For the purpose of your budget we will say that you can only have two of the three components of the trifecta.
If you want quantity and quality you need to order with plenty of time to prevent a price increase.
If you need quantity and are short on time, you will probably sacrifice quality.
If you are short on time and still want quality, you might have to sacrifice quantity.
This concept is the perfect starting point for determining what is important to you for your budget.
Have any questions? Need some assistance? Feel free to Contact Us!
Much love and happiness. ~KH