The personal event budget...

We all like to host events or would like to in the future. This article is great lesson for those who have not hosted any events before, as well as those who have. Whether it’s a birthday party, wedding and yes even funerals, all events need to be budgeted for. Most people hardly know how much they are willing to spend for an event, and worse, how much they’ve already spent. Every event needs a budget no matter how small or how big. The budget helps you to stay organized and prepared for the costs of the event. Getting the budget right, basically means a financially stress free event.

Start by taking a book or drawing up a simple excel spreadsheet and list everything you want for the event as well the estimated price for each. It will help you to ask someone who has hosted a similar event to help you with estimating realistic prices if you are not sure.

One of the biggest mistakes people make in personal event budgeting, is not listing each and every little expense. Something may cost as little as R1 each, but when you multiply that Item by the number of guests, space of venue, etc, the reality is that, it no longer cost you just R1.

Here are some of the common things people don’t include in personal event budget:

·         Transport/ petrol

·         Breakfasts and or lunches purchased during planning process

·         Printing

·         Phone costs

·         Data costs

·         Signage

·         Poor RSVP management

·         The outfits, hair, make up for day of event

The list is endless, because these are things we don’t take very seriously.

Sticking to the budget is one of the most difficult things because of so many hidden costs and lack of planning. Here is few ideas to help you keep track of your event expenses:

1.    Identify all the areas of expenditure.

2.    Identify where the money will be coming from.

3.    Read all terms and conditions of contracts.

4.    Avoid impulse purchasing

5.    Invite 10% less people than you originally wanted.

6.    Record all purchases and keep receipts.

7.    Look for a reliable event planner or identify few people from your friends and family to be the event planning team (giving each a responsibility).

8.    Revisit the budget and cut costs where necessary.

9.    Always categories your expenditure list, e.g: venue, catering, etc.

It would be helpful for you to clearly define the event objective, why exactly you want to do this event? Why is it important? That will determine whether you really need to have the event or not. Start your planning as early as possible to give you enough time to make changes to your event if necessary, but most important remember the planning process may be very stressful, but the end production is always worth it.

 

 

Happy Eventing!