How to create an event budgeting template
Planning an event can be extremely hectic and highly stressful. If you are hiring a professional to help you, it might not be so bad. However, if you are self catering, the whole procedure could be a sheer nightmare. You can get around it if you plan everything out from the get go. Creating a budget should always be the first step when you are planning an event. Tent rentals Toronto experts say that the hardest part of a budget is to include a line item for everything you will need. This is the most important aspect to creating a realistic budget for your party. The template for an event budget is quite simple; you can either use Microsoft excel or Google Docs.
These aspects should be included in every budget template:
No.1: Your template should have columns with all the details you will need to plan the event, such as items, actual cost etc. According to the tent rentals Toronto professionals, any details of the budget that needs special attention should be highlighted or should be tagged with a note. When creating the budget, include everything and anything where money could be spent.
No.2: Each item should have a description section directly beside it. For example, the venue item should have a description of the maximum capacity of visitors and maximum percentage of funds you can allocate towards it.
No.3: If you are organizing a large event and you have people helping you out, include a tasks section in your template. This shows exactly who is in charge of what and ensures that no one skips out on their responsibilities. It also brings more cohesion to the planning team.
No.4: The template should include a final estimated cost and a final actual cost; both of which are a result of all the research you conducted on all the items on your list. Both the final and estimated budget should always be below the total available funds. Before you create this section, you should what the average costs of wedding and event rental items are. When you are using Microsoft excel and Google Docs, calculate the difference between estimated cost, actual cost and available budget. Every template should have this. It is commonly referred to as the safety net. It is the key to organizing a successful event! The safety net is the available funds you have so that you can deal with unforeseen events. Last minute, unexpected expenses could ruin a possibly stellar event. In any budget, 10% of the available funds should be allocated to the safety net. If you are savvy with Excel, you can set up the template in such a way that you receive notifications when the budget is tilting in an undesired direction.
There are also little things to remember when creating your template:
- Have a section for taxes; it is a big expense which is often overlooked.
- For particular events, you may need a projected power section. With a lot of lighting and sound systems, this is one of those unforeseen expenses that could break the bank.
- Always calculate staff expenses based on the maximum number of attendees.
This is what every single event budget template should include and how it should be structured. For particularly large events, using Excel or Docs may prove to be problematic. For this reason, there are specific event budgeting systems that are made to simplify the process. It is also wise to hire an expert party planner.