Tuesday Tips: Managing your event or wedding budget

Now more than ever you want to be sure that you are managing your event budget tightly. Here are a tips that we share with our clients to help them create and stick to a realistic budget for their event or wedding.

Make a budget from the start

It sounds obvious, but making a budget from the start helps you manage your expenses from early on, keep track of your income, sponsorship or ticket sales, and ascertain where are you should allocate your budget based around the expectations of the event or the elements that are important to you such as 5 star catering or live music.

Manage the guest list

Managing your guest list will help you to control the overall cost of your event. Keep in mind that there will be many elements of your event that have a fixed cost for example your venue, entertainment and audiovisual. You will likely find that your per head cost goes up so if you are looking for economy of scale, rather than total event cost, increasing the numbers will reduce the per head cost. We find it the per head cost is more relevant in a corporate event, especially ticketed events that can be scaled, where as the overall cost tends to be more important for a private event.

Be flexible with with dates

The more flexible you are with the time of year you hold your event or wedding, or the day of the week or time of day that you hold it, the more likely you will be able to access off-season or mid week rates therefore reducing venue hire and some supplier costs.

Consider package or venue with all inclusive packages

In the corporate conference world we have packages known as ‘day delegate’ rate which includes venue hire, catering and on-site equipment hire for conferences and seminars. You may find venues that host corporate dinners and weddings regularly offer package rates for their own in-house services, such as catering, linen, glassware and house equipment.

When you weigh up the cost of sourcing the individual elements, deliveries, set up and other administrative time you will often find packages are a cheaper option

Go electronic

Events and weddings can be very wasteful in an environmental sense, so to save money and the planet we encourage our clients to produce electronic invites, RSVP’s and tickets, utilise websites and apps to share information and maximize the use of electronic or non-personalised welcome and directional signage where possible.

It is not a matter of re-creating the wheel as a quick Internet search will help you discover access to wedding websites, online planning resources and paperless invites. Canva is a fantastic tool for creating electronic signage sized specifically for your displays (which can be hired if needed) and decor hire companies have a great range of non-personalised or easily personalised physical signage.

Always have a contingency fund

Never budget to the very last sent at the very start of your event planning process. When we are consulting to our DIY within clients or planning our corporate client events we always start with a 10% of overall budget contingency fund.

As planning goes on and you are sure that every element of your event has been budgeted and planned for you can slowly reduce the contingency to just a couple of percent of the overall budget as event time nears.

Having this contingency means that any unexpected costs can be managed without having to overspend the budget.

Seek professional advice…early!

If you are a first time event planner or planning your own wedding we cannot stress enough the importance of seeking professional advice at the outset of embarking on your planning journey.

Professional event managers and wedding planners will be able to advise on the expected costs for individual line items, recommended suppliers within you budget and warn you of budgeting pitfalls and additional expenses you should allow for within your planning. Often these consultations will allow you access to professional planning tools and resources to give you the confidence in planning your own event or wedding without the fear of spending over a budget.

If we can help you with further advice or provide guidance preparing your event or wedding budget, get in touch for a consultation.

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