How to Create an Event Budget

Planning is key for a successful event. No matter the type of event or its size, it is crucial to decide on a budget. 

Nowadays, there are many different apps and templates for budget planning available online. Basically, they contain the following information: expense items, expected budget, actual cost, payment date, and comments. A simple structure helps to keep track of the situation.

What Should an Event Budget Contain?

In general, there are several points to be taken into account when planning a budget. Of course, this list can vary depending on the actual event and its purpose.

Venue

In most cases, the venue makes half of the event’s success. Depending on the specific characteristics of the venue, some costs will be removed or, on the contrary, added to the budget.

For example, if the venue provides catering, there will be no need to budget it separately. Some places can offer full-range services but at a higher price. Choose a convenient way to cover these expenses – contact Payday Depot for some extra funding.

Invited Speakers

Whether you need an expert speaker, a world-famous celebrity, or just a DJ, it is necessary to plan this expense. Also, take into account any additional costs that cover the speakers’ needs. This could mean special equipment or accommodation.

Food and Beverages

This expense is not always covered by the venue. Therefore, it is reasonable to plan these costs in the budget separately based on the expected number of participants. 

Staffing

Once again, you never know if the chosen venue would provide staffing. Therefore, budget the costs for every type of staff required for the event: waiters, cleaners, barmen, technical specialists, etc.

Design

Decorations make an event special and memorable. You can use banners, balloons, flowers, installations, textiles, and many other items to make an event unique. There are hundreds of decor ideas, so to avoid overspending, budget those costs precisely.

Promotion

Depending on the type of event, it might require some promotion. For example, giving out leaflets, attracting users on social media, or press advertising. Any type of promotion needs to be properly budgeted in advance.

Entertainment

Entertainment is another important part of a successful event. Some gifts to participants, a professional photographer, an activity program in line with the event’s theme – these details can leave a good lasting impression and get you positive feedback from the audience, so budget them well!

Summary

If the points mentioned above are thought-out in your budget, everything will most likely go smoothly. Of course, the budget can change while you prepare for the event. However, it is of utmost importance to keep the costs within the expected total.

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