How to Create an Event Budget

Budget: the dreadful word that defines most of our lives is also an imperative factor when planning an event. Maintaining a budget while preparing to host a special occasion can be tricky, but not impossible. Consider the following before you blow through your entire financial plan on those swanky cocktails or entertainment ideas.

Have you hosted a similar event in the past, or perhaps you took a peek at recent trends relating to the occasion? Set specific goals and clarify your event budget strategy. Think critically about what you will be spending your money on. Create spreadsheets chocked with information that will be vital to outlining the social get-together. By having your finances and wish list documented, your overall plan will be mapped and easier to digest.

Some questions to help you create a budget include:

-         What are you budgeting for? (Clarify your major spending categories.)

-         What are the exact costs? (Mentally walk through the event lifecycle and note expenses.)

-         What is the projected revenue? (Estimate the monetary income in all aspects.)

-         Are there unknown variables? (What’s your “Plan B” or contingency plan?)

-         Are specific prices dependent on others? (If this, then that…how will things coincide?)

Sometimes, sly attempts to reduce overall budget appearances by making the number lower than actuality (to present better on paper) can backfire. Ultimately, this can be devastating for your expenses, so try to avoid doing this if possible.

An event planner will help you when it comes to the actual nitty-gritty of budgeting, but it is always a good idea to have some sort of budget prepared before you meet with the professionals.

Have your budget ready and need to start planning your next event? At Event Planning DC, we specialize in helping clients throw the best party while still being mindful of their budget. Contact us today for more information.

Event Planning DC offers precise planning and captivating event design inspired by your unique vision, exclusive style, and the things that matter to you most. We provide comprehensive event planning of all types within the DC, MD, and VA area. Call us at 301-742-6322 or email michele@eventplanningdc.com to start planning your future…today.

 

Written by the digital marketing staff at Creative Programs & Systems: www.cpsmi.com.

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