The budget needs to be established as early as possible in the event planning process because your budget will dictate what type of event you can even plan. There is simply no point in planning a huge event if the funds are not there to make it happen. Make sure you discuss the budget with everyone involved and make sure a concrete budget is agreed upon.
Often the costs aren't fixed during the planning stage; for example, you may not have decided on a venue or how long the event will last. Keep in mind that you should look at the most expensive options and budget for the maximum you can afford. Then you can set a clear budget and keep costs in check.
Keeping track of the budget is also vital to avoid costs creeping upwards. Make sure you have a good record-keeping system so that the team can keep track of everything they spend, and you can keep a good overview of the budget. Keeping the budget at the front of your mind is important when event planning.
Some of the significant expenses you may need to include in the budget are:
