Whether you are planning a party, corporate event or reunion, nothing can hinder your plans more than improper event budgeting. The easiest way to overspend throughout the process is by not planning for every expenditure that may come up and stick to predetermined budget amounts. Here are the event budgeting steps for beginners.
Build a Spreadsheet
With modern technology, creating a spreadsheet has become easier than ever before. If you are technologically inclined, using Google Docs or Microsoft Excel will likely be your best bet to create a clean, functional spreadsheet. However, don’t be afraid to use pencil and paper if it’s more comfortable.
Begin adding column headings to your spreadsheet that include the following: Item Name, Total Needed, Cost Estimate and Actual Cost. These headings will not only keep you organized but give a visual representation of what is actually needed. Try not to forget any crucial items needed for your party or event.
Begin brainstorming to determine the items necessary for your event and give the best price estimate you can for each line item and amounts needed. This will become a guide to help ensure your actual costs don’t overtake your estimates. You can use the estimated costs to help determine whether or not to continue looking for the item at a cheaper price as long as the estimate is reasonable.
Now that you have a list of items and estimated costs. It is important to start researching those items to ensure your estimated costs are reasonable. If you find your estimated costs are too low when event budgeting, adjust them as needed or seek suitable replacement items. This will help determine how comfortable you feel with the costs associated with each line item.
As a side note, it is important to add a line item for unexpected expenses while event budgeting. In most cases, this will represent around 10% of your total budget to function as a reserve if additional items or services are required. Once this is done, you can begin buying the items necessary to have the best event possible!
If you are currently looking for a unique venue for your event, Stokely Event Center can make sure your special day is unforgettable. Guests will love the free-to-play games and a wide assortment of decorative signs. With the flexibility of catering in outside food and drinks, event menus can fit a variety of preferences. Our sound system, projector and screen are included for one great price to meet your audio/visual needs. If you are interested in reserving Stokely Event Center, please call us at (918) 600-4448 or complete our online request form. We can’t wait to be part of your special event!