Top 10 Tips For Making A Budget
Updated: Sep 25, 2019
Do not procrastinate creating your budget.
It may seem like a daunting task, but it is a vital first step in your event planning journey.
Define the focus of your event.
Do you want people leaving remembering the electric ambiance, or do you want them leaving remembering the delicious food? What is your goal? Why are you having the event? Allocate your funds according to your priorities.
The more details you add, the more accurate your budget will be.
Ignoring one small item can be the difference between being under or over budget.
Keep in mind that sometimes the cost of one element is dependent on the cost of another.
For example, your AV costs could change depending on the venue you choose. This is especially true if your venue requires union staffing.
Explore all your venue options.
Some newer venues are transforming into one-stop event shops that help eliminate the back and forth in sourcing multiple event vendors. These newer venues could potentially save you a significant amount of money in the long run! Not to mention time. Just be sure this one size fits all approach fits your vision for your event.
Don’t under price an item to make your budget look pretty.
Under pricing something may look good on paper (or screen), but it will ultimately lead to losing money when the event comes to life.
Use your rainy day fund for emergencies only.
It might be tempting to use your safety net to add some extravagance to your menu or to add some extra decor. However, dipping into your backup funds for frivolities may leave you in a scramble if a real catastrophe strikes.
Do your research.
If you put in the time when researching venues, catering companies, and AV companies, you could end up saving a lot of money. It may be tedious, but you find the best deals when you compare all your options.
Make sure everyone is on the same page.
After you create your budget, make sure you share it will everyone involved in the event. You may know how much you want to spend, but the rest of your team might have a different idea. You need the entire team on the same page.
Don’t be afraid to spend.
You don’t always have to go with the cheapest option if you have the money for it. Yes, you may be rewarded for showing your boss a receipt that is incredibly under budget, but the quality of an item is important too! Adding a little extra money here and there can be the difference between a mediocre event and an incredible experience. Invest in vendors you know will help elevate your event.
Spending money can be a stressful part of event planning. No one enjoys seeing their hard-earned money flying out of the bank account! However, this stress can be alleviated with the creation of a simple budget spreadsheet and doing your homework. Sitting down and plugging numbers not only allows you to visually see where your money is going and coming from, but it also forces you to think about the focus of your event. It will help you prioritize while planning. Does more money need to be put towards AV? Is there enough money to cater a nice meal?