Steaks or hot dogs? A loft space with an amazing view or your backyard?
Knowing how much money you can spend for your event is crucial. Otherwise it will be impossible to make these decisions wisely. So here’s what it comes down to… you need a budget!
Luckily, making a budget for a funded event can be relatively easy, especially if your costs are pretty straightforward and if your guest count is more or less certain. Just take advantage of these tools while creating your event and you’ll be able to eliminate some uncertainty, which is the key here folks!
Pool Money for Your Event
Especially if you are short on funds, you should take advantage of bucket funding to pool money for your event. For one, you’ll get the money before the event. So you’ll know exactly how much money you have and can better plan how you are going to spend it e.g. 1 foam machine, 10 bottles of Champagne, 1 pony etc.
All before the event takes place and without paying anything out of pocket.
For another, the money changes hands digitally, so you won’t have to deal with cash and having the right change at the door. Everything is taken care of before the event takes place.
Most importantly, you receive the event funds upfront. No need to slaughter the piggy bank.
Estimate the Guest Count
This little guy is tricky, but we have two tools to help you get to a number you can work with.
Set a Guest Limit.
If you have opened up the event to others in the Youpooly community you should set a maximum amount of guests. This puts a cap on the people receiving invitations and prevents you from overfilling limited space. Plus you’ll have a better idea of how many guests are likely to come.
Set an RSVP Deadline.
Use this tool in the Youpooly app to receive all guest confirmations and contributions by a fixed date, ensuring you will have all the money and the time you need to do the shopping.
TIP: let your guests know that they not able to rsvp after the deadline, so that they can contact you directly if anything changes.
Calculate Cost per Person
When you opt for a funded event, you will be prompted to set a minimum and maximum contribution. That means your guests get to choose how much they would like to spend within a certain range. It’s your job to let them know what the money is going towards (a band, appetizers, cocktails etc.) and to figure out a minimum contribution amount.
The minimum is what you can be sure you’ll receive if someone accepts your invitation. So make sure it covers the minimum costs per person. If those are things like food and drink, than just figure out how much the average person will probably consume.
If you have a cost like a live band or a rented space, unchanging no matter how many guests come, you’ll need some additional calculations. First you have to have a good estimation of the total amount of guests and then use that number to find out how much each person will have to pay in order to cover the cost.
When you receive more than the minimum contribution, just use that money for extra food and drinks to make sure you won’t run out.
So, before you splurge on the chocolate fountain and penthouse, start with a rough budget and make adjustments as you go. You’ll thank yourself later.