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The cost of running events is rising, but that doesn’t mean your budget has to. The key to managing event costs effectively is strategic planning, prioritisation, and smart allocation of funds—ensuring you get the best value for money without compromising the experience.
Here’s how you can make your budget work harder without sacrificing the impact of your event.
1. Prioritise What Really Matters
Not all event elements hold the same level of importance, and every event will have different priorities. Before spending a penny, break down what is truly essential for your event’s success.
One way to do this is by categorising your budget into tiers of importance:
Tier 1: Essential Core Elements (Must-Have)
These are the fundamental aspects of your event—without them, the event cannot happen.
Venue
Catering & Drinks
Key AV requirements (sound, screens, stage)
Staffing for core operations
Tier 2: Important but Flexible (Nice-to-Have, But Can Be Adjusted)
These are significant but have room for adjustments based on budget flexibility.
Upgraded AV (extra lighting, LED screens, special effects)
Additional furniture & décor
Enhanced staffing for service levels
Photography & videography
Tier 3: Luxury Additions (Would Be Nice, But Not Essential)
These are elements that enhance the experience but can be scaled back or removed if budget constraints arise.
Theming & florals
Live entertainment & performers
Branded giveaways & gifts
Interactive experiences & add-ons
By structuring your priorities in tiers, you ensure that your budget is allocated wisely, focusing on what’s necessary first and scaling luxury elements up or down based on available funds.
2. Set a Budget Per Section – And Stick to It
Once you’ve identified your event essentials, assign a specific budget to each category. This ensures that you’re not overspending in one area at the expense of another.
How to Allocate Budget Effectively:
1️⃣ Set a total event budget before you begin planning.
2️⃣ Allocate set amounts to each major category.
3️⃣ If one section runs over budget, borrow from a lower-tier category instead of increasing overall costs.
4️⃣ Keep a contingency fund (10-15%) for unexpected costs.
Example: If your AV budget is slightly over, consider scaling back on floral arrangements or entertainment rather than exceeding the budget entirely.
3. Book in the Right Order to Maximise Savings
The way you book your event matters. Securing key suppliers in the right order can prevent costly last-minute adjustments and help you negotiate better rates.
Best Booking Strategy:
Venue First – This sets the foundation for the event’s capacity, layout, and available facilities (which may reduce AV or décor needs).
Catering Next – Food and drink are a major cost, so lock this in early to avoid premium rates closer to the event.
AV & Production – Secure the essentials first, then add upgrades if the budget allows.
Furniture & Staffing – Ensure the right balance between practicality and experience.
Theming, Flowers & Entertainment – Add as budget allows, scaling back if needed.
Booking in this order allows for better cost control and prevents unnecessary spending on elements that might not be crucial.
4. Negotiate Smarter, Not Harder
Event suppliers are also facing rising costs, but many are willing to work within a realistic budget if you approach negotiations strategically.
✅ Ask for bundled packages – Venues may offer discounts on AV or catering when booked together.
✅ Leverage off-peak dates – Weekdays and non-peak seasons offer significant savings on venue hire and catering.
✅ Consider alternative catering options – A plated dinner may be costly, but bowl food or food stations can reduce service costs while still delivering an excellent experience.
✅ Ask suppliers where you can adjust costs – Instead of demanding discounts, ask, "How can we reduce costs without sacrificing quality?"
5. Don’t Overcomplicate – Quality Over Quantity
Bigger isn’t always better. Some of the best events are simple but well-executed. Instead of spreading your budget thin across too many elements, focus on delivering:
✔ A great guest experience
✔ High-quality food & drink
✔ The right venue and atmosphere
Cut out the unnecessary extras and focus on what will truly leave a lasting impression.
6. Monitor & Adjust Spending in Real-Time
Keeping track of costs as you plan helps prevent budget overruns. Set up a simple spreadsheet or budgeting tool that tracks:
📌 Estimated cost vs actual cost per category
📌 Payments due & supplier deadlines
📌 Where you’ve saved (so you know where to reallocate funds)
Final Thoughts: Smart Planning Saves Money
The cost of events is rising, but that doesn’t mean your budget has to. By structuring your priorities, allocating funds wisely, and booking in a strategic order, you can create high-impact events without breaking the bank.
If you need expert guidance on maximising your event budget while maintaining quality, The Events Consultant can help.
📩 Get in touch today and let’s make your budget work smarter, not harder.
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