party budget

Party Budgeting 101

Budgeting! Yes, budgeting can be exciting. Whether you are planning a conference, a wedding, fundraising or baby shower, sticking to a budget can help ensure the success of your event. Remember budgeting tells you where you can spend money and helps avoid financial pitfalls. Money can be a stressor in the whole wedding planning process but having a budget and sticking to it can take away the stress.

Here are some tips to help you create a budget for your event:

  1. Make a detailed list of every possible expense: the venue, catering, decorations, florals, entertainment, photographer etc. Do not forget to include gifts for bridal party and tips for your vendors.
  2. Prioritize your expenses: Once you have a detailed list decide what elements are most important to the least important. List the top 3 elements that are important then list the rest from most to least important. This will allow you to allocate your funds appropriately. For example, if entertainment is more important than florals, this is where you can find money saving costs on florals and put that extra money towards entertainment. Also, if when doing this you are both not on the same page make some compromises and choose maybe the top 2 on each list or you each get 1 category.
  3. Calculate in hidden costs. These are costs that will come up but may not be included in each category, such as, parking for guests, hotels may charge for welcome bags and stamps for rsvp cards.
  4. Make sure to add contingency funds. Unexpected expenses can happen, or you might change your mind or want to add something at the last minute. Setting aside 10-15 % over your overall budget will allow for the unexpected that may happen. Small expenses can add up over time so have having a little cushion to your budget will be beneficial. For example, had a bride that decided a month out she wanted an arch to stand under, luckily, we had room in contingency to accommodate without going over budget.
  5. Track you spending. Throughout the planning process track you spending in each category to make sure you are staying on budget; this also allows you to make adjustments, as needed, to stay on track.
  6. Remember your budget is not set in stone, having flexibility in your budget will allow you to create the event you want.

When creating and maintaining a budget a planner is a valuable asset. We have experience and expertise in budgeting and can give guidance on how to allocate funds and maximize your budget for the best event.

Here are some ways a planner can assist in budgeting:

  1. A planner has established vendor relationships, and this can help in negotiating rates or discounts that will save you money on your event expenses.
  2. An experienced planner can help in coming up with cost saving options for your event to help you stay in budget. For example, they could offer up suggestions on alternate venue locations or how to incorporate faux flowers with real to allow you look without the cost.
  3. Monitoring and adjusting the budget based on your wants and needs. A planner will be there to check you budget regularly and make the required adjustments to keep the event on track.

By using a planner, you have the opportunity to have a professional guide you through the budgeting process and help in cost saving ideas and maintaining your budget to allow you to have the event of your dreams!

However, you choose to budget, with or without a planner, budgeting is important in planning your event. By creating and maintaining a budget, can help with stress in planning no matter how big or small the event. Knowing what you have to spend and where it needs to go will allow you to have a successful event!

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