Maximizing Your Event Budget: Tips and Tricks for Every Planner

Maximizing Your Event Budget: Tips and Tricks for Every Planner Planning an event is exciting and fulfilling, but it can also be a costly one... 1. Set a Realistic Budget: Always assume that your event will cost more than what you think it will. Consider ALL the expenses, including venue rental, catering, decorations, entertainment, and stationary. Be sure to allocate funds for unexpected costs as well. Having a clear budget will help you make informed decisions throughout the planning process. 2. Prioritize Your Expenses: Once you have established your budget, prioritize your expenses based on what is MOST IMPORTANT for your event. Make a list and rank each item. Anything that is towards the bottom of that list, should be kept cheap or eliminated altogether. For example, if you want quality photos to commemorate the event, invest in a reputable photographer and save money on food. And vice versa: if you're a foodie and want to showcase that the most, get higher-end catering and find a photographer who is newer to the industry to take on that role. 3. Negotiate with Vendors: Don't be afraid to negotiate with vendors to get the best deals. Many vendors are willing to work within your budget, especially if you are a repeat customer or if you offer them exposure through your event. Ask for discounts, package deals, or any other cost-saving options they may have available. Remember, it never hurts to ask! 4. Get Creative with Decorations: Decorations can quickly eat up a significant portion of your budget. Instead of splurging on expensive decor items/vendors, get creative! Get some friends together and DIY decor or repurpose items you already have. My personal favorite is thrifting mismatched vases for a whimsical table scape. You can also explore alternative options like renting decor items or borrowing from friends and family. With a little creativity, you can achieve a stunning look without breaking the bank. 5. Leverage Technology: Technology can be a powerful tool to help you save money and streamline your event planning process. Utilize event planning templates (like the ones we offer!) to manage your budget, track expenses, and communicate with your team. You can also leverage social media and email marketing to promote your event and reach a wider audience without spending a fortune on traditional advertising. 6. Seek Sponsorships and Partnerships: Don't underestimate the power of sponsorships and partnerships. Reach out to local businesses or organizations that align with your event's theme or target audience. Offer them exposure and promotional opportunities in exchange for financial support or in-kind contributions. 7. Consider Alternative Venues and Dates: Venue rental costs can vary significantly depending on the location and date of your event. Consider alternative venues that may be more budget-friendly, such as community centers, parks, airbnbs, or even private residences. Additionally, choosing a less popular day or time for your event can often result in lower rental fees. For weddings, Saturdays are typically the most expensive followed by Sunday/Friday -- Monday through Thursday are the cheapest. A lot of venues also offer seasonal sales if you have your event close to a holiday. 8. Bonus! For Couples Getting Married: At the beginning of planning, it could be a good idea to apply for a travel credit card if you are wanting to save money or get most of your honeymoon paid for. A few that I recommend are:

Chase Sapphire Preferred

• Dining and travel points multipliers: 3x points on every $1 spent on dining, select streaming services and online groceries, 2x points on every $1 spent on travel

• Best-in-class travel insurance

• Points that can be redeemed for luxury hotel stays

• No foreign transaction fees

• 75,000 points for signing up after you spend $4,000 on purchases in the first 3 months from account opening

• $95 annual fee

Capital One Venture X

• Miles multipliers: 2x miles on every $1 spent, 10,000 bonus point anniversary gift each year

• Access to Capital One, Plaza Premium, and Priority Pass lounges

• Annual travel credit up to $300

• Global Entry or TSA PreCheck application fee credit up to $100

• Free additional card holders

• Cell phone insurance up to $800

• Travel insurance

• 75,000 miles for signing up after you spend $4,000 on purchases in the first 3 months from account opening

• $395 annual fee

BILT Mastercard

• Dining and travel points multipliers: 1x points on rent payments without the transaction fee (up to 100,000 points/year), 2x points on travel, 3x points on dining, 1x points on all other purchases

• Get double points on the 1st of each month: 6x points on dining, 4x points on travel, and 2x points on all other purchases

• Up to $800 of cell phone protection if you pay your phone bill with BILT

• $0 annual fee

Keep in mind, it's not a good idea to overspend your budget because you are trying to rack up credit card points, but at the same time, you could redeem a ton of points to get your honeymoon paid for!

All in all, maximizing your event budget requires careful planning, creativity, and resourcefulness. Remember, it's not always about how much you spend but how effectively you allocate your resources to create an unforgettable experience for your attendees.