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Saturday, March 24, 2012

Budgets 101

If you know anything about me, you know I'm the queen of budgets!  One of the most important things in planning ANY event is to know your limit.  Have a number AHEAD of time that you do not want to exceed.  My number one tip for YOU is to not go into the planning process saying "I have no budget, just as cheap as possible, please."  You will 99% of the time spend more than you wanted to spend.

As an event planner, one of my biggest priorities is to keep the client in and UNDER budget.  First things first, I want to know the number - that max magic number!  Then, I want to know what is important to you - is it photos?  Is it food?  Is it an open bar?  What is it about an event that you MUST have and MUST be amazing?

Next, I'm going to break down an assumption of how much each thing will cost in each category.  This is important ESPECIALLY if you've never planned an event before.  There are A LOT of little costs that add up quickly!  If you go into it thinking "Well, it's only $100!"  OR "That's only $50!"  Those "little" numbers can equal a couple extra thousand VERY QUICKLY.  The pre-budget breakdown normally gives the client a reality check and clear understanding of what you can and cannot spend. 

Once we have the goals, we can shift funds around to cover the costs of the items most important to least important.  From this breakdown, we know what vendors we can go for and what vendors we can't.  This system will GUARANTEE you stay in and under budget!

Of course I have a GAZILLION other budget tips, but the "pre-budget breakdown" is definitely number 1! 

Happy Friday!

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