We find that most of the time during our initial consultations, clients are bit hesitant with determining a budget. They either are unsure of what their budget should consist of or just find it hard to pick a number.
First, let's say that this is perfectly normal !
And as event planners we are here to guide you with creating a budget and helping you stick with it. We believe it is important to create a budget for every event you plan. Whether you have an exact number or even a range, it’s important to know what numbers you are working with to help you meet your event vision.
We would like to share with you a few suggestions to consider when you are starting to plan an event. Check out our 5 suggestions below!
1. The earlier you plan, the better.
Yes it is true. The earlier you can start planning your event the better. It's so important to allow yourself time to prepare a budget and save up for that special occasion. You also have enough time to do some research to help you determine what is needed or even what direction you want to take for your event.
2. The purpose of the event.
What type of event are you planning ? Is it a 30th birthday party, networking mixer or a rustic themed wedding ? Determining what type of event is a great start! Now you know what is involved and what your budget may consist of to help you plan and successfully execute your event.
3. Know your guest size
Is this an intimate gathering or a large event ? How many people do you plan to invite ? Will you be giving your guests gifts or welcome bags ? So important to know your guest size as it influences your budget. An increase or decrease in your guest size can increase or decrease your intended budget.
4. Being mindful of venue selections
"Why should you be mindful of your venue selections" ?, you say? If you are having 50 guests or less then their is no need to rent out a large venue. Something to consider are intimate venue spaces are a bit lower cost then a larger venue space or even a wedding venue. Besides space, another thing to consider in a venue selection are the amenities , especially what may be more appealing to you or your event. Examples of some amenities to consider are
is there a full kitchen on site for outside caterers ?,
do they have bluetooth speakers, (may not need a DJ) ?
do they provide tablecloths and linen napkins ?,
does the venue have a large parking lot ?,
does the venue open late, pass 12am (midnight) ?,
These are just a few amenities that have been important to some of the events that we plan for clients.
5. Importance of details
How detailed will your event be? Are you looking to have custom stationary such as menus, seating charts, welcome sign, etc? What type of vendors do you plan to hire? Would you like a balloon arch and need a balloon artist ? Would you like some entertainment, such a photo booth ? Are looking for a caterer who offer southern comfort food ? All these details matter and contribute what should be included in your budget.
These are a few suggestions to consider when setting up a budget for your special event. If you need some assistance savings towards a budget, we have an app that we have had personal experience with and has worked well for our personal budgets. Check out https://www.qapital.com/ . It's a great app that that rounds up your purchases and saves your change. The app allows you to create different goals and you can set your goal max for each separate goal. You are also able to link the app to multiple bank accounts. If you are interested , we have a referral code you can use, where you get $25 upfront for signing up. Referral Code: bh63m6hf .
Also if you are looking for a more, comprehensive financial planning resource, check out this guide from the financial experts at Annuity.org, : https://www.annuity.org/personal-finance/financial-wellness/how-to-budget/ . They have some great information and tips to offer.
Full Disclosure: We have no affiliation with Qapital.