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How to plan your event budget? Don’t miss these 5 points

A budget is a thorough analysis of estimated expenses and your capacity to pay. It is one of the crucial parts of every planning. Usually, no one likes doing budget planning; the reason is that most of the people like to spend money with an open heart and not with a conservative mind.

After all for what we are earning? Isn’t it? However, the reality is without planning the budget it is hard to live an organized and balanced life, what to talk of an event without a budget? Budget would:

  • Not only help you in saving your money that you might spend on unnecessary things but;
  • It will also help you in proper allocation of funds at the correct place and in a correct manner;
  • And will save plenty of your time by eliminating expenses variables.

You have to ponder upon certain points before planning the budget for your event. They are as follows:

Enough funds to invest

Everything in this world can be purchased if and only if a person has sufficient funds to purchase that thing. So the basic necessity for planning an event is the availability of funds or the money to invest. Your expenses would totally depend upon:

  • How much money you have? And;
  • How much money do you want to spend?

If you want to plan your event into a 5-star or a 7-star hotel your expenditure will be accordingly highly while the game can be less expensive if you want it to be in an open and conspicuous place.

Summary of estimated expenses in an event

Generally speaking, no one can easily evaluate the cost of a potential event beforehand because the term “expenses” has a very wide scope in practical aspects. There are lots of expenses which you might not be able to imagine in advance but they will occur and you should be prepared in advance for such uncertain expenses.

Further, you can also make an outline of the main expenses of the event like:

  • Catering expenses;
  • Venue rental expenses;
  • Decoration;
  • Commission of event planner;
  • Other expenses; etc.

Though this list of expenses can be a never-ending list, yet the overview before planning the actual budget is indispensable.

Find the market at a reasonable price

Once you have got the outlook as to where you want to spend your money; now is the time to search the best market at a reasonable price for making arrangements for the event. Here is the list of what you actually want:

  • Things you want for the event;
  • Quality of the things required for arrangement;
  • Cost of the things;

You can also check these online as now everything is available at few clicks. However, if you have trust issues or you do not find what you are looking for then you can also go for a personal visit and buying option.

Build an initial budget

Once you made the vision that how much money you have and you want to spend on your event; now is the time to focus on building the structure of the budget. This is an important step but always keep in mind that your planned budget will fluctuate with your actual budget. This happens many times.

To avoid such a situation, try not to spend the whole amount that you have, on the budget itself. Always keep some extra funds aside to eliminate any kind of embarrassment that you might face.

Set an objective for your event

Invite the sponsors for your event so that you can cope up with any kind of big or small uncertain expense. You can also plan a much better event with the revenue you generate from sponsorship.

Conclusion

Planning a budget for an event is not a child’s play. It requires expertise in the same field. If you are doing it for the first time, don’t hesitate to take some expert opinions as well. And the above-mentioned pointers will surely help you in planning an effective and workable budget for your event.

 

 

Also Read: Startup Without Cash – Reality or Myth

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Sudhanshu Malik

I am a content writer with 4 years of experience

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