We recently posted some tips on various ways you can save some money when planning a holiday event, which you can find here, Holiday Event Planning Tips for Cutting the Costs yet Keeping the Cheer, but today’s post is all about the tricks for keeping within your defined budget.
As NY / NJ event planners who’ve worked with budgets of all sizes in our time in the business, we know how important it is and how challenging it can be to stay within the budgetary parameters you set.
So, check out these tips we put together for ensuring that you don’t overspend in any area and distribute whatever funds you have in the most efficient and effective way possible.
Disperse your funds wisely.
First off, of course, you need to figure out what your actual overall budget is, gather estimates of your basic overhead costs, and break everything down into categories to determine how much you need to allot for the different aspects of your corporate or social event.
However, you need to think carefully at this stage about what your event truly needs. Yes, some costs will be necessary, but others may not be for the kind of event you’re planning and for the attendees who will, hopefully, be coming to it.
Whether it’s the food & drink situation, the entertainment, etc., the point is, don’t allot too much of your overall budget for an aspect of your event that’s not really that important to the experience you’re trying to create anyway. Also, at this stage, try to factor in as many of the little costs and extra fees as you can think of. They add up.
Keep your impulses in check.
Once you’ve determined about how much of your budget you should be spending where, it’s all about avoiding impulse buys, and take it from us as veteran event planners in NY and NJ, you’d be surprised how powerful that temptation can be at times.
After all, no matter what kind of social or corporate event you’re planning, of course you want to try your best to create as much of an unforgettable experience for attendees as possible.
And you’ll undoubtably be confronted with many opportunities throughout the planning process to spend a little more here and there in order to do just that, however, once you start giving in to those impulses, things can snowball fast.
So, no matter if it’s a special food item or a well-known speaker or band, the point is, if it’s way over the limit you previously set for that aspect of your event, resist the urge at all costs. If you don’t, you’ll just end up shortchanging another aspect of your event.
Create an emergency fund and NEGOTIATE!
Even if you resist the impulse to make any unnecessary purchases, unexpected issues will undoubtably arise and unforeseen costs with them, so, give yourself some back up.
Make sure to set aside a portion of your budget in the very beginning of the event planning process, whether it’s 10 or 20%, so you can cover any unexpected costs without having to scramble for additional funds or reach into your own pocket.
Whether it’s a hidden entertainment fee or two, an added fee resulting from damage to the venue, etc., the bottom line is, these kinds of costs can come out of nowhere, so have a portion of your budget set aside to absorb the blow.
And lastly, don’t hesitate to try and negotiate a better price, whether it’s from your venue, caterer, or any other event vendor. They’re used to it and even if it just results in you saving a few hundred dollars, every little but helps when trying to stay within budget.
About Us: Absolute Events by Corrine is a full-service meeting & event planning company in New Jersey. Whether they’re corporate or social, destination or local, Absolute Events by Corrine does it all so that our clients can be guests at their own events.