When you\u2019re dealing with your personal budget, you only answer to yourself. But when you\u2019re budgeting for an event, your decisions must hold up to a committee, school administrators, event managers, or others who have a stake in how the event goes. You\u2019ll want your budget to be watertight, so you and everyone else knows exactly what you\u2019re spending and why you\u2019re doing it.
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There are lots of reasons to throw an event. You may be celebrating a milestone, anniversary, or season. Or, raising money or awareness for a cause. Establish your goal early on so that you can make sure every decision you make is pushing you toward that goal.
You\u2019ll also want to outline your budget priorities. You likely won\u2019t be able to afford everything you want for your event, so what is most important? Are you willing to sacrifice on decor if the food is amazing? Or would you prefer to spend money on a fun activity at the cost of inviting fewer guests to attend? There are no right or wrong answers, but outlining your priorities before you dive into planning can help you focus spending on what\u2019s most important.
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Start by setting a base budget. This may be the budget your parents, school advisors, boss, or other leadership has given you – or one you determine yourself. If you\u2019re not sure what your budget should be, research the typical cost for the type of event and use that as a baseline. Once you have an idea of where you\u2019re starting, you can make decisions accordingly.
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Before you start dreaming of decorations, ballrooms, or balloons, take at least 10-15% of your budget and set it aside for contingencies. For example, maybe the food truck you hired breaks down on their way to you, or you learn last-minute that your guest speaker requires specific materials for their presentation. Make sure you have enough left over in your budget to handle the last-second and unexpected costs that are bound to come up.
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Rather than looking at everything you need to buy as one big pile, break expenses into categories and allocate your budget to those categories. Research and create an estimated total cost using realistic options in your area, and don\u2019t forget to keep your priorities in mind!<\/p>\n\n\n\n
Your venue will likely take the biggest portion of your budget. Estimate anywhere from 20% to 50%. Of course, it depends on what kind of venue you\u2019re using and what that venue includes. If it\u2019s just a bare room, it should be on the lower end. If the venue includes tables, chairs, staff, technology, and even catering, then it will likely be much higher.
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Deciding on a venue also has a ripple effect for other decisions.<\/p>\n\n\n\n
If your budget is really tight, consider looking for a free or cheap venue that you can decorate to suit your needs. A school dance can still be a big success in the gym, and a birthday party can be just as fun in your living room.
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Consider your equipment necessities, particularly if your venue is an empty room. Will you need tables and chairs? Audio\/visual or other equipment? If you\u2019re looking to trim, consider whether you can get the same effect with equipment you already have. For example: can you use your TV\u2019s speakers for music or the school\u2019s chairs for seating?<\/p>\n\n\n\n