How exciting, you have decided to plan a party! You have visualized how fabulous your event will be, down to the decorations, guest list, food and even thought about your entertainment, but wait, how much is all of this going to cost? Just the thought of matching those ideas to a dollar amount can almost feel like a chilled glass of ice water being splashed on you. There is nothing like putting out an exciting vision than the thought of money and how much it will cost. However, a budget will guide you along the way and assist with planning within your means.
Having a party budget is key to any successful event and should be the first step in your planning phase. Why do you need a budget? It’s simple; the budget is your overall financial map of all key components related to your event. Every aspect involved with your event should be itemized and listed with a dollar amount to give you a true picture of the event costs. After you have itemized all of your details, then comes the negotiating and mapping out how much time you have to meet this financial goal. You may realize your initial vision is estimating at $5,000 but on paper, $2,500 is more in line with your pocketbook.
If you have hired a professional Event Planner, one of the first questions they may ask is “What is your budget?” or “How much would you like to spend for the entire event?” Helping you stay within your budget is one of the key job functions of your event planner. In my opinion a budget is your road map and will help you get your creative juices flowing.
No event is too small to have a budget, from a baby shower to a large wedding, arm yourself with a budget first. After you create your initial budget, don’t be discouraged if you have to change it a couple of times before you have it perfected. This is a part of process and you will see how powerful having one really is.
Happy Planning!