When planning an event, most people start outlining it in the same ways. What kind of event and how much am I willing to spend, are the most frequent questions. But knowing how much an event is going to cost is impossible to know. That’s why a budget is so important.
Just like me, we have all read and researched tips on how to save money. But, how do your figure out what the budget will be? Well Let Me Help You!!
Below I have constructed a breakdown on how to set up a budget that I use for my clients. This breakdown helps me and my clients produce a budget that can get us started on the track to success. But remember, that there is no PERFECT budget! Some things will change during the development.
KIND OF EVENT:
This should be easy! Think about the look, the style, the people, and the emotions– all the pieces that will make your event unique. I often ask my clients to give me words to describe what their vision is for the event. This way there is a path to follow as far as decor, lightening and scenery.
WORK THE NUMBERS:
Now we getting serious!
Figuring out how much money you are willing, ready, and comfortable spending is very important. Sit down with your partner (weddings/corporate events) and discuss where will the finances will be coming from. This is extremely important before diving into budgeting and planning. Get your parents,friends and business partners involved immediately. Another important fact to remember when looking at numbers is your guest list. No matter what event your planning, the number of guests you plan to invite will make a high impact on your budget.
Pick your priorities for your event. No more than three should be good. Having this list of priorities is a good was to stay focused on things that is most important. The things that mean something should be on this list. For example, if there is a tradition that the wedding flower of choice should be Lilies, then you will not feel bad that you have to spend an extra few dollars on them. Especially, if your wedding is in the winter. Such things are extremely important and can cost you a little more.
By this time, you should have started a guest list, a ideal of how much money will be spent and your vision. Now, Let’s Get Real! You will always have this magnificent dream of what your event should be, but your pocketbook (that old southerner came out of me) shows different. Be Realistic!! We can’t have all that we dreamed and go into debt trying to get it. Stay focused!
If your original plans and numbers don’t match, it’s okay, re-evalute. Move things around. Take somethings out. Remember this is a blueprint, it can be changed.
KEEP YOURSELF ACCOUNTABLE:
Create a template to use when building a budget for your event. This way you can keep a track of what you are doing and spending. I made a template that I used for for each client. This template gives my clients an amount that they can use for each item. Now, like I have told you, this changes. There have been many times that I can get my client an object for a reduced price. This template will disperse the money to another category for the clients use.
Following this breakdown on how to create a successful budget will help you when financing your event. Your budget, and how money is allocated, is fluid and will undoubtedly change and need adjusting throughout the planning process. The most important thing to remember, no two events are alike. So, that $56,000 event that your best friend had can be yours for $28,000 if you stick to this Breakdown.