Coming up with an event budget is one of the most crucial activities of the event ninjas. A structured budget helps in monitoring costs, understanding what you can afford, and most of all keeping things under control. In this post a bit on budgeting and cutting costs.
Setting up a budget for an event is not easy. There are so many costs involved and you have to prepare early and minimize excessive spending. The budgeting begins by determining all the expenses that will come up. After this, you move to set up a total budget which is the easy part. The hard part is ensuring that you keep to the budget. That’s why we have compiled some tips to help you along the way.
Avoid unplanned purchases.
While shopping for your event, you may come across a lot of things that excite you and were not budgeted for initially. As much as you want to buy them, this is a sure way of thinning out your available funds and should be avoided at all cost.
Check out alternative venues.
While looking for a venue to hold your event, it also helps to check out venues which are not commonly used every time there is an event as they tend to be more expensive. Take some time to go round as this is the only way you will find an alternative venue that has a higher chance of being pocket friendly.
Perform venue inspection.
This is important so that you can get a feel of the venue and determine whether it is suitable for your event. By doing this you also get the chance to meet the venue manager and can negotiate for better booking rates.
Order less food than previously budgeted.
In most cases, not everyone you invite to your event may show up for one reason or another and you have to be prepared for this. So to avoid wastage of food especially perishable foods, you should order just a little less food so that you can reduce expenditure and maintain your minimal budget.
All expenses should be recorded.
Keeping track of all your expenses is the only sure way of ensuring that you do not surpass your budget. All the small expenses all add up to a large expensive so record everything.
Monitor those tasked with spending
By monitoring the ones who are in charge of the spending you can ensure that they do not over spend or purchase stuff that they were not included in the budget initially and this saves a lot of cash.
Trust me, follow the tips and you will be wondering where all that spare cash came from J