I feel bad because you really could use the money, but they sound like bad news. I don't know if I would wan t to continue to deal with this family.
I hope I don't sound mean but if things are that tight then they need to skip the big wedding. Don't start of the marriage in dept.
I got as far as the "only charging them $140.00" and my eyes sort of glazed over. 
Let me get this right--You're doing a 4-tiered cake, prewrapping the free anniversary tier, including a decorated dummy tier at basically no cost, AND providing supplies for a catering package!?!?? I'm sorry but, 
!!
I'm speechless (aside from a long, ranting lecture on pricing and crunching numbers, which I will spare you). I'll just say good night, and good luck. I hope they appreciate what they're getting AND what they're saving in $~! I'll let my signature line say the rest...
Because of the influence of fellow CC'ers, I added this to my Terms of Agreement:
Any payment not received as scheduled will constitute a cancellation on the part of the client and Cater It Simple will not show up at the event.
This is just a great idea!!! No wonder you are our hero!!!!Thanks for sharing!!!
I'm with indydebi. My contract says something to the effect of "Full payment is due by xx/xx/xx. If full payment is not received by xx/xx/xx, NO cake will be made, and your order will be canceled at our discretion."
I also stipulate that in case they haven't paid by the date, then their payment has to be by cash or credit card; I don't have time at that point to wait for a check to possibly bounce when I've already started on the cake.
And--If it comes to "The Date" and I haven't seen their check or heard from them, they get ONE reminder phone call and ONE reminder email. If I still don't hear from them, they get one Final Phone Call that says, "I have called you and emailed you, as I haven't received payment for your cake for xx/xx/xx. Please contact me by (whatever date, usually tomorrow) at 5 p.m. If I don't hear back from you, I will assume you have canceled your cake order and no longer need my service. Thanks."
And guess what? They ALways call back...lol
My oldest got married about a year ago. Her cake, as I remember about that size, cost $180 from the local grocery store. Cake only! No delivery, no set up, no extras. That $140 charge has to be even lower than WalMart prices. I honestly think you would do better financially to get a decorating job at WalMart or one of the local groceries. You're working way too hard for what little profit you could make. It sounds to me like you're trying to give people a better product for less than what WalMart charges. There's nothing wrong with selling yourself as having a better product but charge a higher, but fair price. I had to do my own wedding on a tight budget. My hubby's mom, a hobby cake decorator, made the cake and it was just fine. If people can't afford a custom made cake, they get a friend/relative to make it or buy it from a discount store. And if you have money problems, you don't get your reception catered. You get your neices and cousins to cut cake, make punch, etc. We cake decorators must be an overly sensitive bunch or something. I just can't imagine any other retail business giving these kind of price cuts. Can you imagine, I go in a store and say, well, I only have $10 but I really like that pair of $60 designer jeans, can you sell 'em to me for $10 since I'm poor and don't have much money. They'd say NO, go to WalMart, Fred's or Good Will and buy jeans you can afford.
(And your fellow CC'ers all breathe a sigh of "well done!" as we go into the phone booth and change back into our Clark Kent clothes!!)
FUUUUUUNNNNNNNY!!!!!!!! 
the 14" dummy is a $20.00 flat fee.
okay, i don't mean to sound harsh, but people have got to stop doing this! it seriously undermines the rest of us who do this for a living when we tell brides how much dummies cost. they are the same amount of work as a real cake, the styrofoam costs the same if not more than the ingredients to bake the cake (a 14 inch cake costs me about $10 in ingredients, a 14 inch dummy costs about $10 at my cake store). everyone who reads this please please please charge the same for dummies as real cakes!! your time is valuable!!
now as far as the free anniversary tier, thats great, but may i suggest a much more economical way of doing it? offer to bake a free cake next year at their anniversary. they must remind you about it 4 weeks in advance in order for them to get the free cake. odds are they will 1. forget 2. be divorced 3. not care. you will sound so nice to the customer, because everyone loves free, fresh cake, but you will not always lose out on hte time and money to make that 6 inch cake.
now, as far as your price. $1.50 per serving for a tiered wedding cake with punch, mints, plates and forks? you've got to be joking. 1.50 is what someone should pay for a sheet cake with no delivery and no frills. for what you're offering you need to charge at least $3.50 if not $4-5 per serving for all those extras.
please don't take this harshly, but you will spend your life working your A** off for no money and you're undermining the prices of hte rest of us who do this as a means to make a living.
keep smiling and keep baking!! im off my soap box....
I agree and couldn't have said it any better!
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