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Budgeting for Your Big Event

Budgeting for Your Big Event

Planning your big event, whether it would be a holiday party, baby shower, wedding, or the release of your brand new EP can be stressful and expensive. There are a lot of things to plan for that requires time, attention detail, and financial backing. After all it’s your big event! Anything that’s considered a ‘big event’ costs money. This is why planning an event requires not only a budget, but a wide array of checkpoints and questions to make sure the event remains within that budget to avoid any uncalculated expenses.  While a budget isn’t the most important factor of your event, if you don’t monitor it closely the event could become bigger than you can manage or even worse, afford.

Budgeting for your big event requires vision. What I mean by vision is that it requires the ability to foresee unexpected expenditures and account for all expenses prior to the finalization of all event plans. Not too many events are created with an unlimited budget option. Budgeting for a big event requires a plan that outlines expenses, fees, commissions, and even tips for service staff.  If you are a professional event planner or coordinator, then make sure to ask the right questions when drafting a proposed budget for the event.  Questions such as the number of guests attending, proposed budget per person, what are the three must-have elements for the event, and the three things you absolutely don’t want at your event. The answers to these questions all contribute to the size and depth of your budget. It will also give you more info about your client or partners so that you can spend smarter and better negotiate to meet their needs. One of the biggest ways to stay in budget and meet your goals is to rent the items you need for your event. Items such as furniture, glassware, center table pieces, tents, and other pieces of equipment can all be rented at an affordable price point from the right dealer.  Rentals also permit you to an extensive amount of comparison-shopping. All it takes is a full day on the phone, computer, or in a rental warehouse to fully weigh your options, quantity of items, availability of those items, and rental rates.  Another tip for budgeting your event is maximizing your spend. Look at rentals fees and services for what’s being offered at a specific price. If you’re renting a large, ventilated tent for 100 bucks and another company offers the same tent plus setup and breakdown for 125 bucks, which do you think is the greater value? Even though the first option is cheaper, the second better meets your needs, stays within budget, and could save you money in extra labor costs.  Bids from rental companies may not differ too much from each other, but the quality and level service can. Read the fine print of all rental agreements and track the fees and expenses in a spreadsheet.

If you find yourself potentially going over budget, look at what the effect of paying the extra money will have on your financial bigger picture or the picture of your client. Be smart when renting items for your event and don’t just throw money away. Stand your ground and don’t be afraid to say no to something that’s unreasonably priced. You don’t have to own the entire event for your guests to have a good time. Spend wisely and budget your next big event the right way.