Building and managing a practical event budget
Start with major cost categories and estimate conservatively. Allocate a contingency (typically 5–15%) for unexpected expenses and track every commitment against the budget.
Essential budget categories:
- Venue and rentals (tables, chairs, linens)
- AV and production
- Catering and beverages
- Staffing, security, and permits
- Marketing and ticketing fees
- Insurance and contingency
Budget management steps:
- Get multiple vendor quotes and compare total costs, not just line items.
- Prioritize spending based on audience impact. Invest where attendees notice value most.
- Track actuals vs. estimates in a simple spreadsheet and update regularly.
Ways to control costs:
- Negotiate bundled packages with vendors.
- Seek in-kind sponsors to offset key expenses.
- Use volunteers for non-critical staffing roles.
Frequent review and early decisions on major expenses prevent overspending. With clear priorities and consistent tracking, you can keep the event on budget and adjust scope if needed.