The Dos and Don’ts of Event Budgeting
vent budgeting doesn’t always come easy. But, if you follow our Dos and Don’ts, you’re sure to be headed in the right direction when it comes time to piece your event together!
DO – What to do
Update your budget regularly
When discussing event budgeting, stay aware of all aspects of the budget – especially when it comes to adding tax. Most of the time our budget does not take into account the additional taxes that are applied to the bill. Remember to update your budget when need be. If you’ve saved some money on one aspect, calculate the amount that you can allocate to something else, or, vice versa, if you spend more on something, make sure you can cut costs on something else.
Event budgeting hack: Get quotes & options from multiple vendors
Now, Venue Genie can certainly help you out here! Sometimes, finding the right vendors isn’t easy, but when you find what kind of vendors you’re looking for: get quotes from as many as possible before making any final decisions. This will allow you to revise your budget and focus on the which parts need to be reviewed.
To ensure that you stay on budget, focus only on the vendors that are in your price range. And, of course, consider the quality you’d be getting for the price quoted. Don’t forget to ask about additional fees that can be added to your invoice. Avoiding surprises from the get-go is paramount.
Track all of your current and future expenses
It’s much easier said than done, but it’s important you stay focused on current expenses, but also on those coming your way. The more detail oriented you are, the more successful you will be at staying on budget. If your event is in a year from now, we suggest making an excel sheet to keep track of all expenses. Understanding where your money is and where it’s going is crucial when it comes to event budgeting.
DON’T – What not to do
Don’t get overwhelmed – Event budgeting can get the best of you!
Relax, breathe, and don’t let yourself get overwhelmed. Like anything else in life, not everything will go according to plan & that’s okay. You need to be aware of that before beginning to plan your event. If you remember to track your current and future expenses (and follow our other “dos”), you’ll be able to anticipate some shortfalls that may come your way.
Don’t be afraid to ask questions
Asking questions should be your number one task when meeting with vendors, venues, planners, anyone really! Throwing an event can become quite costly quite quickly. Don’t be afraid to ask questions! You should be aware of what you’re getting for your money. The clearer things are for you, the easier it will be for you to make the right decisions.
Don’t assume the worst
And yes, finally don’t assume ANYTHING – especially when it comes to event budgeting! Don’t just assume that you’ll find something at a lesser cost to you, or that family friend will give you a discount. Stay focused on the facts and let that guide you with your spending.
Following our do’s and don’ts is sure to help you out when it’s time to budget for your upcoming event!
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