Event Planning - Budget
- Sean Spence
- Sep 20, 2024
- 2 min read
Essentially, developing a budget for your event is a straightforward process - it involves translating your event vision into financial figures. Depending on your financial circumstances, you can opt to begin from the ground up by tallying the expenses until your event is fully planned, or you can start from the top with a predetermined budget and ensure all aspects fall within that limit.
Must-have categories
Undoubtedly, there will be numerous occasions where you will discover alternative ways to meet the needs listed without spending money.
Food
Venue
Staff
Entertainment
Marketing
Areas where people often spend too much
Ultimately, the decision of how much is excessive lies with you or the person responsible for the expenses. Certain expenses tend to cause more issues than others. Food and location are the two main areas that commonly create potential problems.
These areas often encounter problems for two main reasons. Firstly, they are topics that can easily result in overindulgence. Secondly, they may include unexpected extra costs (like gratuities and unanticipated, last-minute additions).
Be Complete
Include all items in the budget to ensure clarity for anyone reviewing it. This will also aid in recalling how expenses were managed for future reference when organizing similar events. Remember to list even the free items, clearly marking them as "free" and indicating their source if necessary.
Key Questions
What are my must-have categories?
What are the hidden/unexpected expenses?
Where can costs be cut?
In what areas should we be sure not to skimp on cost?
What can we get for free?
Ten Essentials of Budgeting
Remember to account for taxes.
Be as accurate as possible but err on the side of being conservative.
Be realistic - you can only do so much.
Ask what the hidden/unexpected costs might be.
Ask what costs can be cut.
Identify areas where you absolutely should not skimp.
Think about what you can get for free.
Put everything in the budget. Even if you think you will get it for free, put it in as "free".
Remember to account for tipping.
Have a lower budget alternative, in case you end up with too little money for your preferred budget (and it is never a bad idea to know what you want to do if you end up with more money than you expected).
Spence, Sean. Eventology: Lessons from 20 Years of Event Planning . Purple Squirrel Productions LLC. Kindle Edition.
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