Budgeting Mistakes to Avoid.

I spent more than I budgeted!

Sometimes, this kind of thing is bound to happen because of mistakes that can go unnoticeable. This post will help you watch out for those things that’ll make you avoid budgeting mistakes. Follow closely!

Creating estimates without doing research.

This is a very common mistake that I’ve realized with customers. So, they have this particular amount of money they think a vendor will charge them for services rendered, only for them to realize later that the pricing package was far from their thoughts.

The right thing to do is to make a research — what is the average price I can get for using this vendor? It is VERY important to ask questions around before concluding on your estimates.

Uncontrolled guest list.

In Nigeria, a guest list is mostly overlooked and this always causes problems if not properly dealt with. I put it to you that a guest list is an ideal for any event planning to be successful.

Your guest list is supposed to guide you on preparations for everything you’ll need to do on that day. This is in part to avoid excessive food or not even enough food at all. You know, you invite someone and they end up coming along with their entire family!

What to do is as you are deciding on your date, write out a list of people that you would love to see at your event (be true to yourself, you know the people around you) and make plans towards it. This is one reason table tags are done, so it helps them on the day of the event. Just come in, walk in straight to your seat with the help of the guides either as people or on paper.

Not Including Miscellaneous in your Budget.

This looks funny because you might think what do I want to use this section to do, so you’ll end up spending your total estimates and then begin to touch monies you are not supposed to spend.

Miscellaneous helps you to cater for the unplanned necessary stuff when they come up, so you don’t end up stranded. Also, if you don’t get to spend it in the course of your event, it’ll still be yours at the end of the day, so why not just add it?

Lack of Priorities.

Everyone has different interests. You have something that fancies you and you want to extend that fancy into your event. It could be great photography or a beautifully decorated hall. Whatever it is, don’t just dispense money anyhow, check those things that matter to you and dispense accordingly.

Not noting your expenses.

So, as the money just gets transferred into your account, you just transferred it to the vendor without proper noting? Not good enough.

In the course of your planning, get a notepad and pen, note all your income and expenses. It will help you avoid double-payments and stick to your budgets.

You don’t need an accounting knowledge to avoid budgeting mistakes in your event, all you need is to be a little bit more sensitive to these seemingly little mistakes that can always be avoided.

I really desire you have a debt-free event, so do have one!