Your event budget is a very important part of your event. Knowing how you can spend on the overall event will help you allocate funds to accordingly so that you can get the best bang for your buck. ( Such a cute expression)
Let’s establish some key considerations to planning your event budget.
- What type of event is it?
- What is the event purpose?
- Is this a sponsored event?
- Event size
- How large of an audience or guest list and I planning for?
- What type of venue would suit your event?
- Venue cost
- Indoor and outside spaces
- Technology needs
- Is it supplied with the venue or vendor you are using?
- What vendors will you need?
- Catering, Attire, Marketing, Linen, etc.
These are just a few this to take into consideration, but they can help establish the foundation of your event budget.
There are two ways to do an event budget. The common one that I’ve seen is having a lump sum and that is all you have to spend; you have to make that budget work for your events. The second is deciding what you want out of the event and finding the money to make it happen. I see the second method usually done as sponsored type events.
This budget guide will go over the first type to help you see a potential breakdown in how you can find ways to make your budget work.
I always start my budgets with a basic percentage breakdown by category. These are estimations that help me see how much we can potentially spend on some areas.
Non-wedding Event Budget percentage Breakdown:
- Venue: 40% ( If catering is included). 30% without catering
- Rentals/ Tech:5%
- Photography/Videography: 13%
- Guest gifts: 2%
- Catering: 10%
- Rooming:5% ( With rooming, this should really only cost a fee to block out rooms and/or be a part of paying for speakers to attend.)
Things that can help you save:
- Really think about your venue. A nicer venue may help cut cost is decor or cause you to spend more. Does the venue offer transportation, such as shuttles. Honestly, after you’ve made you tentative budget and set an event template, you should find a venue. This will help you finalize date and location, which will help you set the program.
- I choose to separate, invitations and marketing. I want there to be a set budget that highlight the personal participation to the event. The extra marketing would be used for signage, advertisement, and such. The invitation and marketing budgets should feed into each other.
- Check with vendors to see if they provide their tech needs or can give you a concise list. Sometimes tech needs are an afterthought that can add extra unnecessary cost when it’s too late to catch.
- Either you or your planner should be checking in periodically to make sure vendors and staff are clear on what is needed.
- Keep records of everything.
- Go over contracts before signing.
- Ask about discounts for groups.
Wedding type event budget:
Please note that for weddings there is no budget specifically for the venue in this breakdown. That is because in many cases the wedding is broken into two parts minimum, wedding ceremony and wedding reception. The venues are included in both the ceremony and reception. Be sure to use this as a guideline and review the specific needs of the individuals getting married to see what they really need is included in the budget.
- Marriage prep:2%
- Pre-wedding events:4%
- Photography: 7%
- Reception: 40%
- Rentals: 3%
- Wedding bands:2%
Ideas to help save money:
- Consider you decor and floral, carefully.
- What is important about you our venue?
- Existing decor?
- How big is your guest list?
- There are some interesting trends has videography being used to help bring guest that cannot physically be there to participate.