How to create a budget for an event

Learning how to create a budget is all about learning how to properly plan. It’s one thing, though, to budget for your everyday expenses and a whole different beast to learn to budget for a major event. Whether you’re hosting a party, planning a wedding, or getting ready to move, you need to know how to make and stick to a budget that will keep your spending in check. The process of budgeting for any of these things is pretty much the same, but we’ll use the example of moving home.

First, make a list of major and minor costs

Moving home is not a simple task, and there's a lot involved with it. If you haven't already bought a new place, you'll have to deal with things like a solicitor, an estate agent and stamp duty. Even if you're just moving from one rented flat to another, though, the process of moving is expensive. You'll probably need a removal company and packing supplies at the very least.

As you're thinking over all of your expenses, don't forget to count in the minor things, such as the cost of petrol to get your car to your new home. If you're moving far away, this could actually be quite expensive. Or if you need childcare for your young children while you take care of things on moving day.

Next, get accurate quotes

The biggest part of learning how to create a budget for a major event like moving homes is figuring out how to get accurate quotes. Every time you need to take care of a major expense, you should talk to at least three different companies or potential suppliers. This will help you ensure that you're getting the best possible price. You should get quotes from all the major suppliers on your list, for example here's what you would need to consider for a quote from a removal company.

First, you would need to know what you're looking for. Do you need a company to simply move your boxes for you, or does the company need to pack your home up and then move you to your new home?

Do you have any particularly large, heavy, or expensive items that need to be moved? How much space in a moving van do you think you will need? Do you need special insurance on any particularly valuable or breakable items? Do you live in a high rise flat? Where will the removal van park? Write all of this down before you call any companies.

Then, you'll need to either call for a quote or get quotes in person. Make sure while you're getting quotes that they are like-for-like. This means that you shouldn't get a quote from one company for packing and moving and a quote from another company for moving alone. Lastly will my quote be more accurate if I meet the suppliers in person? Do I/they need to see the venue or goods? For removals it is always advisable for the supplier to see exactly where you live, how much furniture you have and access arrangements as these could wildly affect the price.

Once you have all the quotes you need, choose a company based on a combination of price and the quality of their service.

Once you have quotes, write out your budget

The next step when learning how to create a budget is to write out all the expenses. Once you know about what the major costs are going to be, total them up, and then add an extra 10% (as a contingency) in case you missed something . Do you have that much money to spend on the event, or in this case your move? If so, that's great, and you can move on to the last step. If not, you'll need to figure out where you can cut costs.

Maybe you need to get quotes from other suppliers or service people in your area, or maybe you need to get friends and family to help you move everything but your big pieces of furniture. Perhaps you could pack the boxes yourselves or even order cheaper boxes and packaging online. There are lots of ways to cut back on your spending. You just have to get thinking to find them and 'How to create a budget' has hopefully given you some ideas to get started.

Keep track of your spending to make sure you're sticking to your budget

You can't just create a budget and leave it to one side. Once you know what you can afford for all the parts and pieces of the moving process, you need to make sure you're sticking to your budget. Keep all of your receipts for moving supplies and services, and total them up as you go. If your spending starts to get out of control in one area, you will have an opportunity to figure out how to rein it back in or spend less in another area to make up for it.

Learning how to create a budget isn't that complicated, but you have to be diligent and work hard to stay within an event budget. These steps are the basics that you need to know about how to create a budget, so you can make a budget for an event and then stick to it.