Top 10 tips to Set Budgets For Your Event
We’ve compiled a list of our top 10 suggestions for how to set a budget for an event.
Planning an event, no matter the size, is a major undertaking. Organizing and planning once you’ve decided on your budget can be just as challenging. With so many moving pieces and time sensitive deadlines, it’s often hard to remember everything that must be accounted for- rooms at your venue, decor items, rentals and of course entertainment!
You may be feeling like you’re running out of money before you know it, and that your budget has been blown (and if there’s any left to spend on those last-minute guest list additions). It’s easy to become overwhelmed by the lingo and jargon associated with organizing an event or production on how to set a budget for an event; but don’t worry!
You won’t have to worry about blowing your budget or running out of guests if you use the suggestions in this article. You will be able to complete everything on your event planning checklist, resulting in a well-organized, polished event that guests will rave about long after it’s over!
1) Prepare for creative costs
With any budget, there are always unanticipated expenses such as taxes, parking fees, and overtime charges. It’s critical to include an extra 10% into your event plan for unforeseen creative costs.
We’ll go over everything else later, but for now, let’s define them as anything from venue rental fees if you want to keep the party going an hour longer than planned, or additional bar requirements. Also, don’t forget that not all locations are open 24 hours a day, 7 days a week so be sure to check the hours you’re working with and provide yourself some choices for different time frames so you can plan to set a budget for an event.
2) Plan by hour or plan by headcount?
When it comes to budgeting, there are two methods that many people take. Many individuals like to approach it as an hourly rate or a total number of guests. There is no wrong way to do this; nevertheless, we recommend utilizing both techniques when creating your budgets.
For example, let’s say you know that your venue costs $10,000 for a 12hr rental period. We encourage our clients to break this cost into hourly chunks ($834) for easy planning. If you’re having a an event on some venues, you’ll be able to use all of the venue for free for approximately two hours before the event begins.
3) Consider staffing costs
It’s crucial to consider any further personnel that you’ll need, whether it’s hourly or headcount rates. For example, if the venue needs waiters/bartenders, make provisions for how much their services will cost on the night of the event as well as in terms of budgeting for them days leading up to your big day. Always double-check with the venue to ensure that you have all of the information you need.
4) Don’t forget about food & beverage costs
Food and drink are two of the most frequent mistakes that event planners make. If you don’t have budget for it, we recommend allowing at least $20-30 extra per guest for items like second cocktails, dinner wines, or guest bartender services.
The fact that guests are happy with their experience is essential to the success of your event. Make sure to double-check the venue or location’s pricing lists for any surprises or hidden costs.
5) Don’t forget to budget for decor items
If you want people to remember your occasion, you’ll need good entertainment, but don’t forget the small things! Just for the sake of decor, we recommend adding 10% of your total catering expenses. These might be anything from personalized napkins to aisle runners to a unique guest book that guests can sign with supplied pens.
If you’re trying to save money and budget for an event, check with your the venue and event professionals if they have any decorations that were used at their own events! You’d be shocked how many individuals will give away extra pieces when asked nicely!
6) Consider hiring professionals for your entertainment & decor needs
If you’re aware that you’ll need more services than usual for entertainment or décor goods to budget for an event, schedule them well ahead of time! We recommend giving yourself an additional 1-4 months to locate excellent suppliers who can meet your budget if possible.
7) Rent items instead of purchasing
Consider the possibility of renting instead of purchasing everything before your wedding to budget for an event. Renting is never as pricey as buying, and it’s far easier than having everything delivered and picked up on time.
If you want to use transportation for several activities (such as vintage vehicles), renting these types of benefits rather than purchasing them ensures they’ll be accessible all year.
8) Be flexible with dates & times
This is especially essential if it’s not your wedding or event party that you’re organizing. It’s ideal to be as adaptable as possible while arranging events so that you may negotiate early on before accepting any offers from specialists.
If this isn’t an option for you, it’s essential to choose which event should be done first. For example, if you’re getting married in the summer, planning your engagement party during winter may be preferable because many experts are booked up ahead of time for larger gatherings.
9) Shop around for insurance policy quotes
Because most venues demand that visitors to the event carry their own insurance, it’s critical to bring documentation of coverage to the big day! If possible, perform extensive research online before hiring a venue or expert services since rates vary depending on the package you choose to budget for an event. Inquire about what types of restrictions they work with and how much they cost to maximise your budget for an event.
10) Find Alternatives to the typical venues
Hosting an event at a villa or hotel can be quite expensive to budget for an event, we recommend taking advantage of different locations. For example, you could rent out a museum or art gallery! There are also multiple village halls and community centers across the country that may provide the location you desire at a cheaper rate. Other possibilities include public parks and private clubs.