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5 Keys to Stay Within Your Event Budget

How To Stay Within Your Event Budget

Planning a wedding or another major event can be expensive. The average cost of a wedding is moving closer and closer to $30,000. Even large parties like an anniversary or graduation party can cost thousands of dollars. If you plan a corporate event, the cost can go up exponentially.

As a party planner, it’s important to work with your clients to stay on budget while also planning the event of their dreams.

5 tips to help you stay on budget

Research Costs

Before you can create a budget, you need to have a good idea of what things cost. You may be shocked to learn what catering costs, or you may have had no idea that a photographer could cost so much. Call around to get a few estimates based on some standard details, or do an online search to get a ballpark for what others have paid in your area. Once you have that information, you can get a rough idea of what you might like to spend for each item on your party planning checklist.

Create an Overall Budget Amount

Start by determining how much you can afford for your event. Create a couple of amounts: Set the amount you’d like to spend, and set the amount that you could spend if you stretched things a bit. By having a budget range, you will have some wiggle room for unexpected expenses. You’ll also give yourself some flexibility to indulge if you find a more expensive caterer that you love or you decide you want to spring for a nicer venue.

Create Estimates for Each Category

Break down your budget into categories for each item you will need for your event. For example, a typical event planning checklist for a wedding would include things like catering, venue, wedding cake, the officiant, flowers and wedding attire. Create a range for each budget item, ensuring that the total still falls within your overall budget range.

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  • Henry says:

    In our experience, the simplest way to save costs is to hire an all-inclusive service for your event. That turns your “per event” budget into a “per person” cost, regardless to what attendants eat, drink or spend. It’s quite convenient, in my humble opinion.

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