Planning a social event can be an exciting experience, however budget management is essential for a successful social event.
Creating a budget will help you think and plan ahead. It’s important that as you go you analyse and adjust your plans in case you encounter any unforeseen changes. However, an initial plan will prepare you at the beginning of your planning process.
If you are interested in how to create a realistic budget for your social event, read on to discover our advice.
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Add all the details, be realistic and create a thorough plan
First you need to know what your overall budget is. This may come down from a manager, your finance department or you may be making your own. Identifying what you have to spend is a crucial first step.
Next you need to decide what you most want people to remember about your event. Do you want people to remember the ambiance, the great food or the amazing entertainment? Your goal will help you allocate your budget according to your priorities.
It is imperative that you add all the details to your plan, check out our page: How to make a successful plan. Without this, your budget will never be realistic. Every part of your event will incur a cost, so as your plan develops you need to adjust your budget as you go.
It is imperative that you add all the details to your plan, check out our page: How to make a successful plan. Without this, your budget will never be realistic. Every part of your event will incur a cost, so as your plan develops you need to adjust your budget as you go.
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Do your research
In order to create a realistic budget you need to do your research. Once you’ve identified what will incur costs, it’s time to reach out to vendors so you can get a more accurate estimate of how much you’re going to need to spend.
If you’ve hosted similar events in the past, look at how much it cost you last time and what went well or needed improving. This will help give you a ballpark figure for your event.
Make sure to plan for unexpected expenses. We suggest you add in a 15% emergency fund for anything that pops up at the last minute. Always make sure you find out how much an event would cost to cancel. No one wants an event to get cancelled, but it is important to know what it could potentially cost you to cancel. Hope for the best but plan for the worst! Think about the absolute worst things that could happen and plan accordingly.
Don’t be afraid to spend. You don’t always have to go with the cheapest option if you have the money for it. Yes, you may be rewarded for showing your boss a receipt that is incredibly under budget, but the quality of an item is important too! Adding a little extra money here and there can be the difference between a mediocre event and an incredible experience. Invest in vendors you know will help elevate your event.
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Make sure everyone is on the same page
Once you’ve created your budget make sure to share it with everyone who is involved in the social event. It’s wise to ensure that all parties know how much you want to spend on each element of the event you’re planning.
Spending money can be a stressful part of event planning. No one enjoys seeing their hard-earned money flying out of their bank account! However, this stress can be alleviated with the creation of a simple budget spreadsheet and doing your homework. Sitting down and plugging numbers not only allows you to visually see where your money is going and coming from, but it also forces you to think about the focus of your event. It will help you prioritise while planning.
You don’t need any fancy programmes or apps to create a budget, keep it simple and use an empty Google Sheet. This will allow you to share it with other people in your team (if you have a team) and gives everyone access to edit the budget as and when they need to. If you don’t feel confident creating your own budget plan check out some templates here.
Now you have created a realistic budget for your social event, you can start thinking about all of the other aspects! Read our 8 tips on how to hold a successful event.