Your Event Budget

Let's walk through the steps of building a realistic budget. A budget is vital for keeping your spending intentional and helping you stay on track with your priorities. You can make sure money is allotted for the most important things and decide ahead of time where to cut back.

Go back to your event objectives. What is the most important thing? What needs to be purchased in order for that to happen?

Set a Budget Amount

First, be clear on how much money is available. Are there sources of income you haven't considered? Will money be coming in from ticket sales? Could you invite sponsors to donate?

Plan for Expected Expenses

Then, make a list of all of expected expenses.

Y  Venue, setup, custodial services
Y  Food / catering
Y  Decorations & signage
Y  Technology
Y  Posters, flyers, invitations, and stamps (if necessary)
Y  Paid advertising (if applicable)
Y  Vendors (music, catering, entertainment, etc.)
Y  Activity supplies
Y  Thank you gifts for planners, volunteers, and staff
Y  Gratuities and service charges for vendor services
Y  Insurance and required permits

It is always a good idea to budget for emergencies as well. You will have unexpected expenses such as special dietary accommodations, weather emergencies, broken centerpieces, etc.

Prioritize

Now that you have the big picture, it's time to decide what you are willing to spend less on so that you have what you need for your top priorities. For example, what are you willing to skimp on (food) so that you can get what is important to you (a fantastic venue). This is a personal decision and will be different for everyone.

Don't worry about a tight budget. When your resources are limited, you tend to be more creative and flexible. There are lots of things you can do to cut costs (some ideas here).

Make & Track Purchases

If you are working with vendors or have other high-cost items, get at least three quotes and comparisons before making a final decision. For vendors in particular, make sure that you are very clear about what is covered and what costs extra. For example, delivery fees, setup fees, and other surprises might not be in the original quote. Are there charges if the event goes over time? Are there charges if you serve alcohol? Make sure you know ahead of time so you don't cause more stress later.

Keep all of the contracts and receipts in one place. I've found a spreadsheet to be a very helpful way to track where you stand financially. It is important to keep track of deposits, final due dates, and cancellation policies.

Evaluate

There is an entire article about evaluating after the event is over. The budget is one area that needs solid evaluation. How much did you buy? Was it enough? Too much? Where were your expectations different from the actual expenses?

You've got this!
Christina
Abean Assist

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