How To Create An Event Budget - Muse Event Planning Inc

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How To Create An Event Budget
Planning your next event can be an exciting venture, especially if you've set the date, made the guest list and even know what you'll be wearing, but that's the easy part. It's the actual process of researching costs and paying for everything that’s involved with pulling the event together that makes your tasks get complicated. Once you start hiring vendors and purchasing items to accommodate your guests, the bills start adding up. So, before you make any definite decisions, you'll need to decide on a budget and stick to it. Just make sure you have a ballpark figure in mind when planning your event, so you'll have some ideal of how much you can spend on each item and service for your event.
 
First, make a list of everything you will need. If you know how to work with a spreadsheet, use it to keep yourself organized with prices for each item. It was also help to calculate all of the costs, so there are no surprises to your wallet. You'll need to find out the average costs for each item. This will give you an idea of what you'll be able to spend once you decide what vendor you will purchase the item or service from.
 
Research each item
 
Find the average cost of every item and determine what you’re willing to spend for each.  Include this in your estimated cost. Assign a description to each item and how much money you’ll need. Be sure to include any specifics that you’ll need in the description.
 
Now you can add up your estimated costs. The total will give you an estimate for the amount of money you’ll need for your event budget. If this number exceeds what you’re willing to spend, review the items, then decide what may not be necessary or what you’re willing to spend less money on. Consider being less extravagant on some items and that should lower the costs significantly.  
 
Consider unexpected costs
Prepare yourself for last minute emergencies or unforeseen costs. When planning an event, everything does not always go as anticipated, so you should set aside about 10% extra to accommodate costs that you haven’t considered when planning your event.
 
Once you’ve made your item list, enter the descriptions and estimated costs, you’ll need to add the actual costs, this includes vendor tax. It’s important to play close attention to these entries, so you can remain within the boundaries of your budget.
 
There may be special permits that you’ll need to apply for when deciding on venues, so if you plan on serving alcohol or will require an unusual amount of electricity, keep in mind that there may be additional costs. Also be aware that if you have a large number of guests in attendance, you may need servers and a clean up crew, so make sure to include this expense in your costs.

 
Creating an event budget is an excellent idea when planning an event, but it’s always best to hire a professional to handle all of these details for you and save you time. A professional will also get you better deals with vendors and venues. So, if you’re having an event, contact us at Muse Events. We’ll help you create a successful event. 347-217-2080. For assistance marketing your event, contact Idalis Bailey at Renew International Marketing tools. You can visit her at www.ritmac.com

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