When getting ready for a big party, the planning always starts months in advance. Or it should, otherwise you’ll find yourself constantly behind. One area that often doesn’t get enough attention is establishing a reasonable party budget. This requires some detailed work on the part of the party planner. But the payoff comes with hosting a party where you’ve planned for every contingency and have a good idea far beforehand on what it will cost.
Party Budget Tips
One way to get help in this area is to hire a party planner. Fun Crew USA offers expert party planning services, having spent years planning big parties for everything from corporate events and fundraisers to neighborhood block parties.
Before you get into creating a detailed party budget, you need to first answer the next big question.
What’s the Budget For?
It’s impossible to map out a budget for an event without first knowing what exactly you need to put the event together.
The first step in creating a party budget is to determine every facet of the event that will cost money. Rather than just saying an event will cost “X” amount of money, break it down into each separate expense.
There’s no reason to get overly complicated. Some areas to consider include:
- Permits for a location (if needed)
- Venue rental
- Power supply
- Wi-Fi connection
- Clean up costs
- Bar staff
These are just some of the potential cost areas. Remember not to lump everything into a one category even if they are similar, such as food and drink. You want separate categories for every area where you expect to spend.
Here are some other ideas to keep in mind when getting into the details of creating a party budget.
Description. Include a detailed description for every party budget item. Don’t put down “alcohol,” but rather the exact kind of alcohol you plan to buy. For larger parties, determine how many people you might need to hire for catering and bar staff.
Estimates. The kind of detail in your description will help you in your next step, which is estimate what each item will cost. Price compare and get the best deals. This is another reason why you want to start planning early.
Actual costs. The next column to fill in as you go is the one that tracks the actual costs. That way, if you overspend in one area you might be able to cut costs in another area. That way, you stay within the overall party budget.
Explore venue options. One of the biggest single costs for an event can be the price to rent the venue. Look over all your options and find a place that serves your purposes without dramatically inflating your budget.
These ideas can help you create a party budget. Remember that the more detailed you are on each item, the better cost estimates you will create. That can lead to better planning and a better handle on overall costs.