Whenever you need to plan an event, one of the most important things to think about is the budget. To do this, you need to create an event budget planner. No matter what type of event you’re planning, no matter how big or how small, an event budget planner helps to go a long way into making your event a success.
Event Budget Templates
Why do you need an event budget?
When it comes to balancing the budget for an event, this is where a lot of planners experience challenges. This is the main reasons why you need an event budget template. But when you think about it, the root of all money problems is not coming up with a proper budget to follow.
At the very beginning, you should create an event or party budget template for the purpose of planning your budget. After you’ve come up with an estimation of the budget you need in an event budget sample draft, you can start planning your event around it. That way, you know exactly how much financial resources you have to work with.
Creating a budget for your event gives you a reference for when you need to spend money on suppliers, the venue, and other expenses. It also gives you an idea of where to best allocate your resources. This saves you a lot of time, effort, and money to use in the other parts of your planning process.
When it comes to planning an event, the expenses come from different sources. Whether you’re planning a personal event wherein you use your own funding or a company event where you use the funds of the company, the budget will help you out a lot. With it, there’s no risk of overlooking anything, especially if you create the budget with a lot of thought and consideration.
Party Budget Templates
Information to include on your event budget template
There is no standard format for creating an event budget template. You just create one based on the needs of the event you’re planning. Just make sure that when you make a list of all items to include in the party budget template, you be as specific as possible. Break down the items you need to pay for to the very last detail.
When making a list of the items, you shouldn’t lump them together. This makes it hard to come up with estimations. For instance, in terms of food, break down this category into specific items like appetizers, main courses, desserts, cocktails, and so on. This makes it easier for you to come up with the estimates in the future.
Event Budget Samples
Even though there’s no standard format to follow, you should include the most important information on your template. That way, you don’t end up overlooking or forgetting anything in your planning process. Here is information you must include in your event budget sample:
- Item descriptions
It’s important to include the descriptions of each item in your budget. This makes it easier to understand what you need for these items and how much you may need for them.
In particular, this is very important when you’re planning a budget for your company. It describes the need for the item to ensure the approval of the person in charge.
- Quantity required
This information plays a huge role in event budgeting. When you increase the quantity of a particular item, this can affect the budget in a big way. Conversely, when you reduce the quantity of an item because you don’t need a lot of it, this may give you more resources to work with.
Including the quantity required helps you keep track of all the items you need for your event. After the planning stage, you can work on either increasing or reducing the quantities as needed when you have a clearer picture of the event you’re planning.
- Estimated cost
Although costs vary, coming up with an estimate can help you understand how big of a budget you need for your event. If you have no idea of the costs for certain items, you can research by going online or by calling suppliers, vendors, and more.
This gives you a better idea of the estimates to include in your budget. Also, it gives you a better idea of prices closer to the actual costs.
- Actual cost
During the planning stage, leave this column blank first. Then as you spend money on suppliers, vendors, the venue, and the other items on your budget, input the actual cost on the blank fields. That way, you can use this template as your reference for your next events.
Event Budget Planners
Tips for using your event budget template
Now that you know the information to include on your event budget template, you can start creating one for yourself. You can also download a template and customize it as needed. You can add or remove columns as needed to ensure that you have all the fields for the information you need.
After creating a template for your event budget planner, you can start using it. Research is a big part of creating a budget. It will help give you a clearer picture of what you need to execute your plans successfully. Here are some tips to help you out:
- Look at your past documents
If this is your first time to create an event budget template, you can go online and look at some event budget samples. If you’ve already created a budget before, you can use your past templates as a reference.
These past documents give you a better idea of what you should include in your current document. Also, you can use the information on the actual cost column in the estimated cost column of your current template.
- Reach out to relevant entities
The next thing to do is reach out to all entities relevant to your event. For instance, if you’re planning a wedding, you may call hotels, churches, and other places which provide venues for such events.
You may also call suppliers for the flowers, cake, attire, and more. Contacting these entities provides you with valuable information to use both for your budget and event planning. Also, reaching out gives you a better idea of what’s available out there.
Sticking with our wedding example, when you reach out to a wedding photographer, you may want to know how much their packages cost along with the inclusions. But the photographer can also give you some creative ideas on how to have your prenup or your wedding photo shoot.
- Estimate the costs
After doing research, you’ll have a better idea of what to expect in terms of costs. So, the next logical step is to start estimating the costs on your event budget planner. For this step, you must take yourself through the entire cycle of your event. This allows you to think about everything from start to finish.
Don’t just consider the expensive items like the venue, catering, and others. You need to think about all costs no matter how small like taxes, travel costs, fees, marketing, and so on. If you don’t consider these, they might add up and start eating away at your budget. Here are the basic things to include in your budget:
Travel costs: Include this whether you’re having your event locally or in another place.
Food and beverage: Think about whether you want to have the food catered by an outside entity or you want to take a package for food and beverage from the venue. Hotels offer such packages and they often give discounts if you order the food from them.
Venue: Think about the venue where you want to hold your event. You may want to visit a couple of options and speak to the people in charge to know which one is the best choice for you.
Also, think about your guests. For instance, if it’s a family event, you may want to stay away from elegant venues with a lot of breakable decorations. To come up with a good estimate of the venue’s cost, consider the type of space you need as well.
Different spaces vary in size and in their costs. Some examples are ballrooms, luxury hotels, meeting spaces, small breakout rooms, and so on. The type and space of the venue to choose depends on the type of event you’re planning.
Marketing: If you’re hosting a company event or an event for your non-profit organization, marketing is an important consideration too. Include in your budget the costs for advertising, contest prizes, giveaways, and the like.
Photography and video production: This is another item which may cost a lot of money depending on how much coverage you want for your event. Just like with the venue, you may want to speak with different photographers until you’ve found one who you come to terms with.
- Don’t forget to include an emergency fund
A lot of planners neglect this item but it’s extremely important too. Apart from the estimated costs, you must have a separate budget for any unexpected occurrences. Preparing this extra amount keeps you prepared for even the worst-case scenarios. You may input this at the bottom of your template as a note.