![]() Like your venue, this is a component that reaches beyond today’s event. But if you need a high profile keynote speaker or popular music act, you may end up spending as much on entertainment as you spent on the venue. If all you need is a DJ for the day, you won’t invest much. Speakers or Entertainmentĭepending on your needs, entertainment could be a big or small expense. Make sure your contract details everything. Don’t assume anything comes with the base price. Many venues have a menu of additional services, like valet attendants, Wi-Fi, or specialized equipment. ![]() It’s also important to understand exactly what you get for your money. For instance, they might charge a cleanup fee or a security fee. Many venues have a schedule of additional fees on top of the advertised price. Selecting a venue is a big process, so take it seriously. So once you choose a venue, you’ll inevitably have to revisit your budget to make changes. But if the venue doesn’t provide wait staff, you may need to hire your own. For instance, if the venue provides food, you can eliminate that line from your budget. Since the venue is the most impactful component of your event, its cost will likely determine what you can spend on everything else.Īdditionally, your venue will also have the most impact on your budget. Most event planners choose their venue before they make other purchases or commit to other vendors. The venue is usually the largest expense in any event budget. List them in the “Item name” column of your spreadsheet. Consider these carefully as you prepare your budget. Let’s go over the basic categories of expenses that apply to nearly every event. If you work with a team, keep your budget data in a central location for everyone to access. Paid? (Mark whether you’ve paid for it yet or not)įeel free to add any other columns that make sense in your circumstance.Actual cost – What the item actually costs.Projected expense – How much you think it will cost (can use vendor quotes here).Item description – Any pertinent details that apply to the budget.If you decide to create your own budget spreadsheet, you’ll need the following columns: The biggest advantage to a custom spreadsheet is that you can tailor it to your specific preferences and needs. There are plenty of event planning software tools worth exploring, or you can set up your own spreadsheet. Managing a budget in your head isn’t feasible, so you’ll need a tool. Your first step is to prepare a budget document to track your costs.
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