Tips On Cutting Down Your Event Budget

As an Event planning company, we are always thinking of ways to make sure our clients get the best possible prices for services and best value for money especially when we have clients that are on a very tight budget. So, we have come up with a list of strategies to help people in cutting down on Event budget.

For those pinching pennies, we’ve got a list of the best strategies for you to use to cut down your Event budget, without feeling nickelled and Dimed;

Open-mind

You cannot have a tight budget and yet maintain narrow requirements. It makes it harder for you (the Client) and the Event planner. Be open to alternative options that fit within your budget.

For example, you might want to go for standard white linen that is already included in the venue package instead of hiring other colours that would cost you extra money that you can save. You can add colours to the table décor such as the centre pieces, favour boxes etc.

Package deals

Look for package deal options – for example, there are some venues that would supply crockeries and glassware without you having to hire them. Also, the linens and chair covers etc. It is all about asking questions. It will save you money in the long run. We have worked at an event where the venue used was decorated by the venue itself so no need to hire a decorator. Everything was provided from the chair covers to glassware and crockeries.

Volunteers

Volunteers are a great way to add manpower to your event without adding cost. Especially if you are having a high number of guests attending your event and you would probably need ushers to help, ask for volunteers. The volunteers can be from your family, network, friends etc because we are sure they would be willing to make your day as beautiful as possible. However, you will have to invest your time to properly communicate & train these volunteers, and they need to have quick access to someone at the management level (Event Coordinator) for questions or in case something goes wrong.

You can entice volunteers with perks, like an evening out for a meal to say thank you, or keep sake gifts.

Off-season

Did you know some venues cut their prices down during a certain period of the year like winter period? You can get deals on spaces and other amenities by choosing less popular dates and seasons for events, as long as they don’t largely inconvenience your guests. Hotel rooms are also cheaper during the week than on Friday and Saturday nights.

Printing

Printing can be expensive! Reduce your printing to what is absolutely essential for the event and your attendees. Are program leaflets really needed at your event? Printed Invitation cards VS E-invitation?

Ask for help

Help can come in all sort of formats not just monetary. All you have to do is ask for it. No one is a super human and we cannot do it all. Family, friends, some colleagues who would be happy to help are there. All you have to do is be open and communicate the help you need.

Negotiate

I’ve never been scared to haggle, and neither should you. In almost all circumstances when you ask for a lower price, the worst that can happen is someone says no, and then you’re in no different a place than if you hadn’t asked. The best case scenario saves you money, so from a risk vs. reward perspective, it only makes sense to negotiate.

Shop around and see what pricing is in the sectors you’re looking at, and don’t insult a vendor by asking for a price that’s way outside market value. Be honest about your budget, and upfront if you have another vendor who is willing to do the same work for less money. Someone you like more might match their competitors’ rates.

Pay attention

Pay attention to your spending. Monitor your expenditures. Take control of your destiny. You’ve made your budget, so now is the time to follow it. Keep track of your expenses, because, many items can pop up that you weren’t accounting for.

Make sure contracts line up with your initial discussion and proposals from vendors. Check that final bills follow the contract. 

If you see something misaligned, say something. Don’t make an accusation, but find out the reason for the discrepancy. Don’t let charges get added without an explanation, and don’t pay for something that you didn’t agree to.

Conclusion

These are just 8 tips on cutting down your budget, but there’s an infinite number of ways to save money when planning an event. We’d love to hear yours! Let us know in the comments section below.