How can you prioritize expenses when planning an event on a limited budget?

1 Set a realistic budget

Before you start planning your event, it's essential to have a clear idea of how much money you have and how much you can spend. A realistic budget will help prevent overspending and wasting resources. To set a realistic budget, you should take into consideration the purpose and goals of your event, the number and profile of your attendees, the venue, catering, entertainment, and other services you need, the potential sources of income and sponsorship for your event, as well as a contingency fund for unexpected costs.

2 Identify your must-haves and nice-to-haves

Once you have a realistic budget, you need to identify your must-haves and nice-to-haves for your event. Your must-haves are the essential elements that you cannot compromise on, such as the venue, the speakers, the food, and the security. Your nice-to-haves are the optional elements that you can adjust or eliminate, such as the decorations, the giveaways, the entertainment, and the marketing. By separating your must-haves and nice-to-haves, you can prioritize your expenses and allocate your budget accordingly.

3 Negotiate with vendors and suppliers

When planning an event on a limited budget, one of the best ways to save money is to negotiate with vendors and suppliers. You can ask for discounts, freebies, or value-added services in exchange for your business. Comparing prices and offers from different vendors and suppliers can also help you choose the ones that suit your budget and needs. Flexibility with dates, times, and locations, booking in advance or in bulk, offering referrals or testimonials, and seeking long-term or repeat partnerships are some of the negotiation strategies you can use.

4 Use online tools and platforms

When planning an event on a limited budget, online tools and platforms can help you save money by streamlining your processes and reducing costs. These platforms can be used to create and manage your event website and registration, promote and market your event through social media and email, collect and process payments and donations, communicate and collaborate with your team and stakeholders, as well as gather and analyze feedback and data from your attendees.

5 Seek sponsorships and partnerships

A final way to save money when planning an event on a limited budget is to seek sponsorships and partnerships that can support your event financially or in-kind. You can approach potential sponsors and partners that share your vision, mission, and values and offer them benefits such as exposure, recognition, access, or influence. Leveraging your existing network and connections can help you find sponsors and partners who are willing to help. Cash sponsorships, product or service sponsorships, media or publicity sponsorships, venue or equipment sponsorships, and volunteer or staff sponsorships are some of the types of sponsorships and partnerships you can seek.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?