It is always hard determining your budget; how much money you want to invest in your event. We assist people planning events with all types of budgets wether you have ‘cash to splash’ or have a ‘champagne taste beer budget’ nothing is too hard for us to manage. In order for you to control your finances and determine your budget here are some handy tips and tricks for keeping control of those all important finances…because lets face it – as much as we’d like it to, money doesn’t grow on trees!
To ensure you have a healthy budget- plan in advance by putting away money into an account which you wont touch. Maybe it might be only $25, it could be $100 per pay- it all helps. The more you save the more money you’ll have to possibly by the Moet Champagne, rather than the Yellowglen!
However much money you have to play with you may be able to spend on some little luxuries, or may have to compromise on what you had envisaged. An example may be rather than sending your guests a beautiful printed invitation or program of events, you may prefer to do an invitation by email or even a social media invite. Or you may have to opt for a cocktail party style event rather than a sit down event.
Depending on the scale of your event and the amount of vendors you need to engage in, your deposits and final payments may become a juggle and headache especially if you haven’t planned for the money being paid. Make a timeline for when your financial payments are due. Keep track of receipts so at the end of the event you can workout the true and accurate cost of hosting the event. And if you’ve saved the money like in Step 1, these payments shouldn’t be an issue.
Always have a buffer in your budget. This will help with any last minute or unexpected on the day purchases. Such purchases may include extending your bar tab, asking your DJ to keep playing those awesome tunes as your guests are having way too much fun, or a quick snack on the run as you’ve been up at 6am getting your hair and make up done and you are just soooo hungry!) Its always handy to have some money available for these incidental purchases. And know that your card isn’t going to decline because you’ve spent all your money already!
Wouldn’t it be nice if we were all lotto winners?! But at the end of the day, we are better off keeping within budget and not over extending. At Upon A Star (Special Events) we can assist with keeping your budget in check, providing a customised planner including budget tracking, so why not get in touch to help you plan your budget savvy event!