Before starting any project, event or activity, you need to determine what it will cost. Whether it is an outdoor festival or a social media campaign, you’ll need to tally up the funds available and compare them to the anticipated expenses.
Why do I need a budget? A budget gives you control over the actual expenses and allows you to shift funds when necessary while maintaining your project's integrity.
Five tips for establishing and maintaining an accurate project budget:
- Develop a system to track expenses
- Develop a list of expenses, for example, an Excel spreadsheet or a document that allows you to record price changes. Common expenses include:
- Printing
- Social media ads
- Staff
- Catering
- AV
- Entertainment/Speakers
- Decoration
- Security
- Venue (if not on campus)
- Research and categorise actual expenses, updating your estimated initial budget as new quotes come in or new activities/details are added to the event. See Expense Matrix here.
- Keep track of your expenses and update your budget to reflect what you’ve actually spent
- Include contingencies to deal unexpected expenses that crop up.
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