Overspending on events — especially larger events like weddings or corporate gatherings — is a common and costly issue. There are many expenses involved in planning a function. Some pop up unexpectedly at the last second, costing you more than you were expecting to pay.
But it is possible to stay on budget and still create a memorable, entertaining gathering. Creating an event budget is far simpler than you might think. If you’re wondering how to budget for an event, we can help with this comprehensive guide.
An important aspect to know when determining how much you want to pay is what is included in an event budget. Depending on the event type, you will most likely need to budget for the following:
Second to knowing your event type, having a fixed maximum budget from the get-go will set a guidepost for what you can spend on the venue, entertainment and other vital aspects of your event.
Next, delve into each category and get as specific as possible. For example, under your catering expenses category, you might include the estimated costs of food, beverages, waitstaff and furnishings like chairs, plates, utensils, glasses and linens.
Ultimately, what you spend in each category will depend on the kind of affair you plan to host. Usually, event planners focus on the cost and amenities of the venue first — as this is where you will likely spend most of your budget. Often, venues include vital event amenities like equipment, technology, staff and catering.
Depending on your event needs, choosing a venue that includes in-house catering or other essential amenities may be more cost- and time-effective.
Once you know your budget, we recommend doing general industry research before calling for quotes. Knowing what others are spending on venues and catering in your area — and for your event type — will decrease the chance you overspend on your function.
You’ll need a place to track your expected expenses and actual expenses. So, create a bird’s eye view budget in an Excel spreadsheet or other program, including all of the potential costs you came up with.
Next, create two additional columns next to your projected expenses — one for the actual cost and another for your contingency budget. Ideally, you should allocate around 20 to 25% of your overall budget as part of your contingency budget in case you underestimated the potential costs of your event.
Keep track of all the quotes you’ve received in your spreadsheet so you can refer back to them when it comes time to decide on your preferred vendor. You can easily compare and contrast quotes when they’re lined up neatly in your spreadsheet.
You’ll also want to consider the amenities included in each quote you’ve received. For example, one venue might cost more than another. However, they may include essential and cost-saving amenities like in-house catering, furniture, technology and guest parking. In that case, it may make more sense to go with one vendor over another for cost and convenience.
Plan your important event with Colonial Golf and Tennis Club! Enjoy your special day with our devoted team of event planning experts, friendly staff and experienced catering members. With our complete catering package and versatile, flexible event spaces, your guests become our dedicated team’s sole focus for the day or night.
Since 1956, our beautiful facility has been the perfect place for special events, large and small. Whether you have a small party or a couple hundred guests, our venue can accommodate up to 300 guests and is a small commute from any East or West Shore address.
Event types we’ve helped to plan and cater in the past include:
At Colonial Golf and Tennis Club, we have a list of trusted vendors we can suggest to help you stay organized and on budget as you plan your special day. We also provide complete in-house catering, saving you time and money throughout the event budgeting process.
Please fill in our event contact form for more information or to learn more about planning your gathering with Colonial Golf and Tennis Club. We look forward to making memories with you!