Let’s talk budgets! For most people budgeting is not fun, but having a budget will make sure you have an enjoyable event or wedding. Instead of walking into your venue, thinking how much did this all cost, you walk in and think, this is PERFECT! Having a budget and some way to track your budget, will also make the planning process much more enjoyable.
Included in this blog is a rough budget breakdown to get you started. This is only a rough estimate and if something is more important to you, consider taking some budget from another category. Just make sure at the end of it, your categories add up to 100%
Budget Breakdown
Here is an example breakdown of the categories:
| Reception | 50% |
| Ceremony | 5% |
| Flowers & Décor | 10% |
| Stationery | 4% |
| Photography | 10% |
| Music | 7% |
| Attire & Rings | 10% |
| Transport | 2% |
| Gifts | 2% |
Once you have your budget broken down, you will need to consider a contingency budget. Things may end up costing more than you thought or something might come up that you had not budgeted for, such as those amazing pair of heels you just can’t go without. I would recommend that a contingency fund should be at least 10% of your budget, but if you can stretch it, preferably 20%.
I suggest creating a budget spreadsheet using Excel, and adding formulas that automatically calculate totals. Office have some basic templates. You will also have access to our template if you book a consultation or Day-of Event Management package.
What to Include in your Budget
You may want to include the following columns in your budget spreadsheet:
| Item | Estimated Cost | Actual Cost | Supplier Details | Deposit/ Amount Paid | Balance Outstanding | Final Payment Due Date | Notes |
Researching and including an estimated cost is a critical first step. In doing this you are less likely to go over your allocated budget. The accuracy of your cost estimation process will help control costs. I recommend creating a list of potential suppliers, contact them for written quotations and where appropriate obtain a sample of the items you need. You could get 2-3 quotes for each type of supplier e.g. catering companies, venues, florists etc. Make sure you ask the supplier to include all additional (hidden) fees in the quote such as delivery / pick up fees and afterhours fees.
Once you have confirmed your suppliers or purchased an item, enter the cost into the Actual Cost column. You can also include information about the confirmed supplier in the Supplier Details column to keep track.
If you make any payments, record them in the Amount Paid column. If using Excel, you can set up a formula so the Balance Outstanding column will automatically update. This allows you to keep track of what needs to be paid. Alternatively, you can manually update this amount.
To keep a record of when your final payments are due, you can record them in the Final Payment Due Date column.
The notes column can also be utilised to record additional details e.g. quote requested.
Do you need help with this?
If you need help with tracking your budget, you can book an Event Consultation with me and I can walk you through this process and provide some extra tips. In addition I will provide an Excel spreadsheet that has been set up with all the formulas you need to track your spending.
