Events can be expensive. Between the catering, the rentals, and the decorations, it’s easy to go overboard on your budget. But don’t worry – with a little bit of organisation and creativity, you can save money while planning your event.
In this blog post, we will discuss some tips on how to stay within your budget while planning an event. We’ll also provide some helpful resources that will make the process easier for you.
Let’s get started!
Identify your Must Haves
The first step to staying within your budget is to identify your must-haves. What are the essential elements of your event? Make a list of these items and rank them in order of importance. This will help you determine where to allocate your resources.
These are the non-negotiables that you need in order to make your event a success. Once you’ve identified your must-haves, you can start looking for ways to save money on the other items.
This could be anything like having a dance floor which can hold a hundred guests or setting up a photo booth. Whatever it is, make sure you have a clear understanding of what’s important to you and your event.
Create a Budget
The next step is to create a budget. Determine how much money you have to work with and start allocating funds to the different aspects of your event. Make sure you include a buffer for unexpected expenses.
It’s also important to be realistic with your budget. If you’re planning a large event, it’s unlikely that you’ll be able to stay within a tight budget. In this case, it might be worth considering ways to generate additional revenue.
This could be through ticket sales, sponsorships, or other forms of fundraising.
Shop Around
Once you have a budget in mind, it’s time to start shopping around for the best deals. When it comes to event planning, it’s important to remember that you don’t have to go with the first vendor you find.
There are usually a lot of different options available, so take your time to compare prices and services.
You can also negotiate with vendors to get a better price. This is especially true for larger events where you have more bargaining power.
Flex Your Haggling Skills
If you’re not comfortable with negotiating, there are a few other ways you can save money. One option is to haggle. This involves trying to get a lower price for an item or service by bargaining with the vendor.
It can be a bit daunting, but if you do your research and know what you’re talking about, you’ll be in a good position to haggle.
Another option is to ask for discounts. This could be for early payment, bulk orders, or if you’re a returning customer. It’s always worth asking, as you might be surprised at what you can get.
Look for Alternatives
There are often cheaper alternatives to the traditional event planning options. For example, instead of renting a space for your event, you could look into holding it at a local park or community centre.
These venues are often free or significantly cheaper than more traditional options.
You can also save money by doing some of the work yourself. This includes tasks like decorating or creating digital invitations.
Keep event seasonality top of mind
Consider supply and demand when selecting your event date. Hosting your event during the off-season or shoulder season (the period between high and low season) can often lead to significant savings.
This is because venues, vendors, and suppliers are typically less busy during these times and may be willing to offer discounts.
Like for instance, companies hold their Christmas parties on the second or third Friday of December. These are the most expensive dates to book, but by avoiding them, you can save a lot of money.
Get a second opinion
Try to ask for recommendations from friends or family who have recently planned an event. They may have some great tips on how to save money.
You can also post in relevant online forums or groups and ask for advice from other event planners. This is a great way to get insights from people with first-hand experience.
Have a Cash Reserve
One of the most important things you can do to stay within your event budget is to have a cash reserve. This is money that you set aside specifically for unexpected expenses.
Having a cash reserve will help you avoid going over budget if something unexpected comes up. It’s also a good idea to have a contingency plan for your event.
This is a Plan B that you can fall back on if something goes wrong with your original plans. Having a contingency plan will help you stay within your budget and avoid last-minute expenses.
Now that you know some pro tips on staying within your event budget, put them into practice and start saving money. With a little planning and creativity, you’ll be able to host a great event without breaking the bank.
