Event Budgeting - The Top Seven Things to Consider
Are you planning an event and simply do not know where to begin or how to
factor the costs associated with hosting an event? If so, you should prepare
an event budget, which will help you keep costs in check and plan for the unexpected.
Event budgeting should account for every aspect of your upcoming event. Although
each event is different and will have varied costs, the top things to consider
when preparing an event budget include,
Facility: You should coordinate the date of your upcoming
event with available dates and times of your chosen location. Once you have
chosen your location, you will need to reserve the space or number of rooms
needed for the event.
Food: When budgeting for the cost feeding your guests, it
is always wise to budget a little high, which will allow for those who forget
to R.S.V.P. or those who bring extra guests. Event budgeting for food expenses
take into consideration catering the number of people being served, wait staff,
attendants, the bartender service fee, linens, and any dinnerware.
Decorations: Includes anything you use to decorate or accent
your event such as, balloons, flowers, centerpieces, tents, arches, ice sculptures,
Printed Materials: This category covers printed invitations and R.S.V.P.
cards as well as other materials such as, event programs, name badges, signs,
and or banners.
Rentals: Iitems that cause you to incur rental expenses include
tables, chairs, coat racks, any props, podiums, and extra food service equipment
such as, coffee urns and chafing dishes.
Activity Expenses: Many events offer activities to their
guests and the costs per person should be accounted for when event budgeting.
Activities offered at an event can range from dancing and the use of a D.J.
to golfing, tennis, water sports, and many others depending on the specific
event. If you decide to offer an activity, you should list all expenses associated
with the activity.
Contingency Fund: A contingency fund is an amount of money
set aside specifically for the unexpected. No matter how much you plan or how
thorough you are, something can and usually does occur unexpectedly. Therefore,
it is always wise to have some extra money set aside in the event it is needed.
It is better to be safe than sorry.
If you are planning an upcoming event, using these tips will help you budget
both expected and unexpected expenses. Plan ahead and have the best event possible
without the worries of money or unexpected problems or expenses.