How To Budget for Your Next Event
Planning an event can be stressful on its own, but creating and maintaining an event budget can be overwhelming! With a long list of expenses, it’s tempting to skip straight to signing contracts with vendors. However, you won’t want to do this just yet. Without a clear budget, you won’t be as prepared or as organized as you could be.
Here at All Out Event Rental, we want to help you plan and execute the perfect event! Now let’s dive into the basics of creating a budget for your next event.
Tips For Creating a Budget
Before we jump into how to create your event budget, here are some tips you may want to consider before starting!
- Don’t Procrastinate: Budgeting should always be the first step you do when planning your event.
- Add Details: The more details you add to your budget, the more accurate your event budget will be.
- Know the Focus: This will help you allocate your funds according to the theme and priorities.
- Don’t Underprice Items: Underpricing items may make your budget look better, but you might end up dipping into any backup funds.
Keep these tips in mind when creating your event budget. These tips will make your budgeting experience a lot easier!
Creating Your Event Budget
Figure Out What You’re Budgeting For
The first step to creating your event budget is to figure out each part of your event that could incur any kind of cost. Depending on whether it’s a wedding, corporate, or private event these details will be different. When doing this, be specific. By considering every aspect of your event, you’ll be able to get a more accurate budget. Some things you’ll want to include on your budget item list are:
These are the basics you’ll want to start with. You should identify the type of event you’re planning because this will help you narrow down what goes on your budget and what doesn’t. This is just a preliminary list and as you start to talk to vendors, you can slowly start to refine your budget.
The easiest way to keep track of your event budget is by creating an Excel or Google Sheet spreadsheet. List out each item and the cost with a total of everything. You can check out this event budget template as an example.
Do Your Research
After you’ve listed out your budget expenses, you can focus on figuring out how much each of those expenses should cost. Depending on who your event is for, you might have already done a similar event. You can go and look back at the amounts spent on this event and match up the costs of yours.
If this is your first time planning an event, the best way to do research is by reaching out to the vendors you plan on using. Most vendors can provide a general cost, and this will give you a better idea of what to budget. When calling vendors and suppliers, be aware that this process does take time. Yet, it can help you get a realistic estimate of your event’s costs.
Estimate Your Costs
After you’ve completed your research, you can begin mapping out your individual line items. At this point, you should have an idea of which venue you’ll be hosting your event at as well as which food, and entertainment options you’ll be providing at your event. With the research you’ve done, you should have a close estimate of the costs of each line item.
Once you’ve filled out all the information, your budget should start to look more complete and you should be able to come up with a more final total. Your projected line item costs should start to reflect the quotes you received from the vendors and these can always be refined if new information starts to come in.
Finalize Your Budget
As you’re making many of these important decisions (ie. choosing your vendors, location, and decorations), you’ll simultaneously be putting together your final budget. By now, you’ve most likely started signing contracts and placing deposits for your vendors. The final step is to actualize your budget and ensure that you’re staying in the green.
It’s important to note that budgets can be difficult and events are unpredictable. No matter how meticulous your planning is, there is always a possibility of change. Once you’ve finished up your budget, you’ll want to add one more line item: a contingency fund. You’ll want to give yourself anywhere from 10% to 20% here, depending on the size of your budget. After adding your contingency line, your budget should be complete!
Still, Need Help? All Out Can Help!
At All Out Event Rental, we do more than just rental equipment, we can also help plan your event rentals too. We’ll go “all out” to make your event successful! Be sure to contact us with any questions you may have.