As one of the most important aspects of eventing, I always put in a short chapter on budgeting in to any book I write. Whether one is dealing with international clients, or planning a cousin’s birthday party, keeping your budget in check and how much money is being spent, is critical.
I always use a basic budget template, as can be found on our website www.haikuevents.com/free-templates
First we work out our estimated or projected budget, and an actual or real budget. In other words, we thought we would spend X, but instead we spent Y, so how much extra did it cost us, or where did we save money.
Coming in under budget is a great delight for not only you, but your client as well.
I also try and do “worst case scenario” when I am budgeting – this gives me an expectation of what it is going to be, I accept and adapt to it, and then when things come in cheaper, it’s a pleasant surprise.
|Item||No. of Units||Price per Unit||Total|
|Plastic Chairs||50||R 20.00||R 1000.00|
|Trestle Tables||10||R 100.00||R 1000.00|
|Food & Drinks|
|Buffet Meal||50||R 150.00||R 7500.00|
|Cool drinks||50||R 20.00||R 1000.00|
|Grand Total||R 10500.00|
Keep and file all quotes and invoices, as well as payment proofs, whether physically or on a cloud based medium, all quotes and costs must be accessible at all times. Never delete any information, rather save it in a file labelled old, or draw a line through it so that you know it is no longer current.
Keeping this information will help you with new events, easy to reference and see what the prices were the last time round, ultimately saving you time from calling and getting quotes again.
As with all processes, simplification is key – make it easier for yourself in the long run – with all the data to hand, quoting and doing budgets should not take long, and rather free up your time to focus on other aspects of the event.