Monthly Salary for Wedding Planner
Once the rush of engagement bliss wears off for a couple, many face a hurdle on the way toward marital happiness: planning a modern wedding can be an enormous task. Because of this, many couples or their families tap a wedding planner's expertise in the field in order to ensure their special day goes off without a hitch. A wedding planner's earnings may vary greatly by their degree of expertise in their field.
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Average Monthly Earnings
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Most wedding planners are self-employed and only receive payment after an event they plan is completed. Rather than charge a flat fee, many wedding consultants bill their clients as a percentage of the total bill for the event, frequently at 15 percent, according to the Princeton Review. With the average wedding's cost more than $21,000 as of 2008, according to CNN, a planner earns $3,150. In busy months such as June when weddings are common, a planner can earn $12,600 a month if booked with one wedding each weekend.
Experience Pays
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Entry-level wedding planners shouldn't expect to have full bookings shortly after they set up shop. A planner's reputation is critical to securing clients, and many entry-level planners may need to lower their commission rate in order to build up a client base early in their career. Many wedding planners also receive commissions from suppliers, booking agents and other material suppliers, and developing these relationships often takes time. Some wedding planners receive enough money from referral fees and commissions paid by suppliers to plan weddings at no cost to the couple.
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Yearly Salary
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Because wedding planners deal in an industry that's busier in the summer months than the rest of the year, their earnings throughout the year may face sporadic earnings, and should consult a financial planner to budget for their "feast or famine" payment structure. The average wedding planner earns $41,673 as of February 2011, according to CB Salary. Half of wedding consultants earn salaries between $31,134 and $51,594, suggesting there is a wide range of earnings in the profession. A wedding planner who plans one $50,000 event a month and charges a 15 percent commission earns $90,000 in a year.
Salaries Around the Country
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Because a wedding planner's earnings are directly proportionate to the amount her clients spend on a wedding, those who work in areas where lavish weddings are more common can expect to earn more each year. New York's wedinng consultants earn the highest average annual salaries, $94,888 as of February 2011, according to Salary Expert. Wedding planners in Miami reported the smallest average annual salary in Salary Expert's survey of major metropolitan areas, and receive $68,093.
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References
- Photo Credit wedding rings, flowers, and programs from wedding image by Paul Retherford from Fotolia.com
