When you are planning an event, the catering service or company that you opt for should be able to meet your demands. However, it is also crucial that you do not go over your budget. While finding an affordable catering service is key, certain unforeseen circumstances may allow you to go over the budget.
Nevertheless, this is a short but comprehensive guide that you will help you avoid this scenario. Read on to learn more about it.
What Are You Overspending On?
When it comes to affordable catering, there are a lot of factors that contribute to where your money is going. To ensure that you do not go over the budget, make a list of the things you are spending on. Furthermore, do make it a habit of always setting a budget for each category – not just the entire catering price.
Remember, a breakdown of the total price is a good way to monitor if you are already overspending on a particular aspect or if you are underspending. Nevertheless, awareness is the first step to avoid having to go over the budget.
What Are Some of the Best Practices for Event Budgeting?
This is another thing you should take note of, some event budget best practices. With these, you’ll feel more in control and confident that you’ll be able to follow your financial plan without having to compromise any aspect of the event.
Here are some of the best practices you should take note of.
Always make it a habit to consider your ROI. With this, you’ll be able to control the event’s total cost. As a result, you’ll be sure to make a profit out of it instead of a loss.
Set aside an emergency fund. When planning an event, there’s a lot that goes into it – affordable catering, fees for the speaker, additional technological cost, and more. Setting aside an emergency fund will give you breathing room to absorb any unseen and unexpected costs.
Always estimate the costs. When planning your budget, be sure that the estimates are enough to prevent you from incurring a loss.
Making Your Budget Template
A budgeting template is a great idea to not only monitor the money coming in and out of your bank account or company funds, but also provide a warning if you are about to go over the budget. Here are a few questions you should take note of when making a budget template.
What are you budgeting for?
What are the needs of your event?
What are the major spending categories you should pay attention to?
What are your exact costs for each and estimate costs as well?
What’s your projected revenue from the event?
What’s your projected total cost from the event?
Are there any variables that you should be aware of?
These are just some of the basic dos and don’ts when it comes to planning an event. The main rule is that you should, at all times, be aware of the expenses you are incurring before and during the event.
Amazing food and top-notch service should not mean burning a big hole in your pocket. At Saint Germain Catering we offer affordable catering to help you make your next event very memorable.