I get calls from potential clients to plan their events ,when we get talking and i ask about the event budget they go “ i don’t have a budget, it not necessary or important, i will just be spending as the money comes” which is not the best way to have a successful event planned. Before going into details, let’s define our focus for today’s article which is BUDGETING.
Budgeting is a plan used to decide amount of money that can be spent and how it will be spent .Now that you have a clear meaning of what today’s article is about you know how important it is not to skip a line as I take you through right steps to have your events budget.
Preparing for an event is no mean fit, all things must be put in place before the event day like the venue, food, drinks and so on too numerous to mention. In preparing for an event especially during such economic crisis we have to find a way to make everything work well and one of such ways is by budgeting correctly.
Yes a lot of us draw our budgets but mostly not the right way, this article will show u how to draw up a budget the right way in other to avoid last minute crisis due to improper budget.
So let me take you through the steps on how to budget rightly, using a wedding as the case study.
.Actualizing an envisioned themed wedding need not leave you with a big hole in your pocket.
First things first consult with both families so you can decide on who is paying for what or some specific expenses
Secondly, Get your budgeting materials: You can use Microsoft Excel or Google spreadsheet if you know how to use them well or you can simply do it the “Nigerian” way; get a book and a pen then get down to business. However you have to ensure this book is portable and sturdy to enable mobility and to avoid damages. Remember to use a book and not a piece of paper that can go missing anytime.
Thirdly, Develop a checklist: Ask yourself this question what are those things needed for a wedding? Ranging from venue, food, drinks clothing, aso-ebi, bridal bouquet and various event services required. Put your answers down, try as much as possible to have an organic umbrella your items comes under e.g. catering, entertainments, bridal accessories and many more. Make a table and insert all your items to ensure you do not leave any out, go through your list over and again. You can also find out from family or friends who have hosted wedding before.
The fourth thing on our list is Market survey/research: This cannot be over emphasized because it is what determines whether you would have a hitch-free event or not. Most budgets fail because adequate research isn’t made before putting an amount on the items listed. Assumption is a no because you don’t know for sure, the fact that you bought a bag of rice 2 months ago for about 20,000 doesn’t mean it is still at that same price. or because your friend hired a DJ for X amount means it will not be X plus amount when planning your own wedding . You need to properly find out what it takes to make your List come true. .
After carrying out a good market research, then you go back to your books and add prices to items on your list. I would however advice you to add your miscellaneous to each item on the list For example
3 bags of rice at the rate of 18, 00 each is 54,000 Naira, a lot of people would go ahead to put 54,000 Naira as the price for this item which is good but I strongly advise when it comes to having an accurate budget you should add your miscellaneous to each item because if you don’t do this and instead you have a general miscellaneous, it might not be enough.
Remember that the economy isn’t stable; prices fall and rise every day. So that bag of rice you saw for 18,000 might become 18,500 before the wedding day and if you do not prepare for such occurrence beforehand, you would be thrown off balance. So always add your miscellaneous to each item. If you end up not having to use the extra, it still remains yours But it’s better to be safe than sorry.
So for my budget for 3 bags of rice, I would structure it this way.
Rice. |Price. |Total |extra. |sum total
3 bags | 18,000 |54,000. | 2000. | 56,000
After doing all this we need a Budget Chart: a budget chart should be developed to indicate the budget available for each item on the checklist on a scale of 100% at this period you can then prioritize the part of your chart that you will like to allocate your biggest percentage to indicating the degree of joy that can be acquire from such item ,as this as the case ‘different people with different desires ’ it’s not out of place to lay emphasis on a particular item for an event but this should be done in relation to other items ,hence, reasons for drawing up a budget through a check list this way no item will be left out ,although the degree of attention may vary.
In conclusion you need the Extra Money. This is simply money you keep incase previous arrangements fail you. So if your total budget is 1 million Naira, your extra money can range from 50-200, 000 Naira
If you prepare your budget this way you are sure to have a hitch free wedding/event. You won’t have to go borrowing money to cover up cost because everything was well provided for in your budget.
Planning an event can be overwhelming, so if you wish to put all that stress away, my advice for you is to contact any professional event planner who would expertly execute your events without any hiccups which is what we at THE TOLU AJAYI with the catch word Events Extraordinaire do. We would properly budget your events and contact the right vendors to bring your dreams to reality.
I do hope you found this tips on budgeting the right way very helpful, please leave a comment, thanks