Planning an event or wedding is an exciting journey, filled with dreams of creating unforgettable moments and joyous celebrations. However, without careful budgeting and financial planning, this journey can quickly become overwhelming and stressful. Whether you’re organising a wedding, a milestone birthday party, or a corporate event, managing your budget is crucial to ensuring everything runs smoothly and your vision comes to life without any financial hitches.
From choosing the perfect venue and catering services to hiring entertainment and styling the space, every decision impacts your overall budget. Balancing your dreams and guest experience with your financial realities can be challenging, but with thoughtful planning and strategic allocation of resources, it is entirely achievable.
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.
Create a budget from the outset
This sounds obvious but time and time again we meet clients who have started booking suppliers with little consideration to the overarching budget. Creating a budget from the outset helps you manage expectations, track income, manage expenses and allocate funds based on what’s most important to you—whether it’s five-star catering, live music, or other priorities. This foundation allows you to keep your finances organised and make informed decisions throughout the planning process.
Manage the guest list
Your guest list significantly impacts the overall cost. While some costs like venue hire, entertainment, and audio visual are fixed, others vary per guest. For corporate events, particularly ticketed ones, consider the economy of scale: increasing the number of attendees can reduce the per-head cost. For private events like weddings, focus on the overall budget to avoid overspending.
Be flexible with dates
Flexibility with your event date can lead to significant savings. Hosting your event during the off-peak season, on a weekday, or at different times of day can reduce venue and supplier costs. Off-season and midweek rates are often lower – especially at venues where weekend celebrations are their main market, providing an excellent opportunity to stretch your budget further.
Consider packages
Many venues offer all-inclusive packages that can save you time and money. For corporate conferences, ‘day delegate’ rates include venue hire, catering, and on-site equipment. Similarly, venues hosting weddings and dinners often provide packages for catering, linen, glassware, and in-house furniture and decor. Compare the costs of individual elements with package deals to determine the most cost-effective option.
Venue vs Marquee: Which is the right fit for your event?
Venue
- Pros:
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- All-Inclusive packages: Many venues offer comprehensive packages that include catering, staffing, and furniture, simplifying planning and potentially saving money.
- Convenience: Venues often provide staff, furniture, and amenities, reducing logistical challenges and additional delivery fees.
- Weatherproof: Indoor venues (and venues with weather friendly alternatives) offer protection against unpredictable weather, ensuring your event runs smoothly.
Cons:
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- Limited flexibility: Venues may have restrictions on décor, layout, and catering options.
- Higher costs: Prime venues can be expensive, particularly during the peak season.
Tips:
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- Off-Peak discounts: Consider booking during off-peak times or days for reduced rates.
- Package deals: Ask about package deals that bundle services together at a lower cost.
- Negotiate: Don’t be afraid to negotiate on price or ask for additional services to be included.
Marquee
Pros:
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- Flexibility & Scalability: Marquees allow for personalised layouts and unique settings, creating a bespoke event experience. They can be scaled to fit your guest list perfectly, providing more control over space and capacity.
- Location choice: You can set up a marquee almost anywhere, from backyards to scenic locations, making the most of the Canterbury’s stunning landscapes.
- Customisable: Marquees offer a blank canvas for your décor, catering, and entertainment preferences.
Cons:
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- Weather dependency: Marquees are susceptible to weather conditions, requiring additional planning for heating, cooling, and weatherproofing of outdoor event elements.
- Additional costs: Hiring a marquee involves renting additional items such as lighting, furniture, restrooms which can add up if not budgeted for from the outset.
- Logistics: Setting up a marquee can be labour-intensive and time-consuming, requiring careful coordination of the event site and budget.
Tips:
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- DIY Décor: Save money by doing some of the décor yourself or enlisting the help of friends and family.
- Sourcing locally: Hire local suppliers to reduce transportation and delivery fees. Ask your suppliers who they like working with if you need recommendations!
- Bundle Services: Having your marquee hire company supply the additional hire items and event services you require may offer a package discount, and will save on transportation costs and your time in dealing with multiple companies to bring your event together.
- Get a quote: To better understand the elements required to create an unforgettable marquee event or wedding, contact Silk Estate Marquee Events for a quote and complimentary consultation.
Go Digital
Opt for electronic invites, RSVPs, and tickets, through sites such as Humanitix, to save money and reduce waste. Utilise websites and apps for sharing information and maximise the use of electronic or easily customisable signage. Tools like Canva can help create professional-looking digital materials, and decor hire companies offer a variety of semi custom signage options that are kind on the environment and your budget.
Have a Contingency Fund
Set aside 10% of your overall budget as a contingency fund. This buffer will help towards covering unexpected costs without causing overspending. As the event date approaches and you finalise details, you can reduce this contingency to a smaller percentage, ensuring you’re prepared for any last-minute expenses.
Seek Professional Advice…Early!
Engaging a professional event manager or wedding planner early in the planning process can provide valuable insights into costs, recommended suppliers, and potential budgeting issues. Professionals offer planning tools and resources, giving you the confidence to manage your event without exceeding your budget.
Whether you choose a traditional venue or a marquee, understanding your budget and planning accordingly are key to a successful event or wedding. Evaluate the pros and cons of each event element based on your priorities and budget constraints. With careful planning, flexibility, and professional advice, you can create a memorable event that exceeds guests expectations and stays within your budget.
Book your first Consultation
If we can help you with further advice or provide guidance preparing your event or wedding budget, please get in touch for a consultation.
Photography Credit: Bayly & Moore, James Munro – Itch Photography and Paul Wilson Wedding Photographer
