A Comprehensive Guide to Budgeting for Your Next Event
Are you feeling overwhelmed by the task of creating and maintaining an event budget? You’re not alone! It’s easy to get bogged down by the many expenses of planning an event. However, resist the temptation to sign vendor contracts until you’ve established a clear budget. A well-organized budget will help you stay on top of your expenses and avoid last-minute surprises.
At A & B Party Rental, we want to help you plan and execute the perfect event. Read on for tips on creating a budget that works for you.
Tips for Creating a Budget:
Before we dive into the specifics of creating an event budget, here are some handy tips to keep in mind:
- Don’t procrastinate: budgeting should always be your first step when planning an event.
- Add details: by including as much detail as possible in your budget, you’ll get a more accurate sense of your expenses.
- Know your focus: establish your priorities and allocate funds accordingly.
- Don’t underprice items: while it may be tempting to underestimate costs, this can lead to dipping into backup funds.
Creating Your Event Budget:
1. Figure Out What You’re Budgeting For:
Start by identifying each element of your event that will involve expenses. Depending on the type of event, your list may vary. Be specific and consider every aspect of your event, from venue rental to entertainment. Some items you may want to include on your list are:
- Tables and chairs
- Clean up
This is just a preliminary list. As you start to talk to vendors, you can refine your budget.
2. Do Your Research:
- Once you’ve listed your budget expenses, research the cost of each item. If you’ve done similar events in the past, you can compare the amounts spent on those events. If this is your first time planning an event, contact vendors and suppliers for cost estimates.
3. Estimate Your Costs:
- Now that you have a general idea of your expenses map out each line item. You should have a good sense of the venue, food, and entertainment options you’ll be offering. With your research, you should be able to estimate the costs of each line item.
4. Finalize Your Budget:
- You’ll finalize your budget as you make important decisions like choosing vendors and decorations. Remember that allocations can change, so allocate a 10-20% contingency fund of your overall budget. Your budget should be complete once you’ve added your contingency line item!
Creating an event budget may seem daunting initially, but with these tips, you’ll be well on your way to executing a successful event.