14 Budget-Friendly Event Planning Tips

Sometimes it seems like spending out of your budget is inevitable.

Making your event great and within your budget can be difficult and it can leave you wondering how you can save more funds and resources or how to find the right event planner who can manage your resources properly.

The goal of every event planner is to contribute to an event's success and quality while doing this within the given budget.

1. Establish a detailed budget

It is very important to break down your budget into the smallest pieces. Ensure that every single expense is written down to help you gauge just how much you need to plan your event. This allows you to plan for extra expenses.

A detailed budget plan is key to knowing items to prioritize and those to attend to later. You can use GoldnLilies to plan a detailed budget.

2. Select an affordable event center or venue

We all have a dream venue, but checking in with your budget is crucial before making that payment.

So what can you do? When picking out an ideal venue, you should put up a backup for if it does not meet your budget. Platforms like Goldnlilies can help you find and compare affordable event center options.

Read more: Choosing the right event venue for your event

3. DIY Decorations

Decorations are the components of an event that makes it memorable. A beautifully decorated venue attracts attention and admiration from guests, however, this kind of venue is usually costly and can take you out of your budget.

You can consider DIY decorations to make your venue beautiful but also save on the cost of professional decorations. Pinterest offers a variety of inspirations when it comes to DIY decorations for different kinds of events.

4. Streamline Your Guest List

A typical Nigerian event is usually a full house and with extended families attending the event, including those you are familiar with and those you are not. It can be merrier with more people, however, if you are working on a budget, you'll want to shorten the guest list.

Focus on inviting close families and friends. This way, you are not only saving money but you are choosing to make the best memories with people you love and who care for you.

5. Utilize Digital Invitations

Traditional invitations are still in trend and offer you the ability to customize and get creative. However, considering the cost of all this, you should invest in creating digital invitations.

Services like Evite, Canva, or Zazzle offer beautiful templates that you can customize for free or at a low cost. Digital invitations are eco-friendly and cost-effective and make it easy to track RSVPs and communicate with your guests.

If you are worried about having to deal with guests who may not be digitally savvy, you can record a short tutorial on how to RSVP and send it to them.

Here are some templates you can get started with.

6. Simplify Your Menu

An event is incomplete without food which makes catering a necessary service. However, catering is often an expensive component of an event as it requires dedication to meal varieties.

A great way to save money on catering is to prepare the meals yourself or have family and friends join in on the preparation. You can also invite your guests to bring their favorite foods to the event, this is a un and creative way to save on catering.

You can connect with great caterers within your budget on GoldnLilies.

7. Choose Seasonal and Local Flowers

Fresh flowers are often more expensive than we think. To save a lot on them, you can choose to use flowers that are in season or purchase from local storeowners rather than ordering online. Local store owners offer a variety that can come in bulk.

To find a florist near you with budget-friendly options, use GoldnLilies.

8. Economize on Entertainment

Keeping guests engaged in any kind of event is a key priority to considering an event successful. For this reason, we may want to spend on elaborate entertainment. While this is great, it is not the best option for event planners on a budget.

One great tip for affordable entertainment is to source creatives who are willing to perform for free in exchange for exposure and the possibility of getting clients. This can be having a local DJ, comedian, MC, or musician perform at your event. Before considering this, ensure that the services of these artists align with your

You can replace a professional DJ with a Spotify playlist or your guests' favorite playlist and your kids might be equally engaged with a single entertainer that covers activities like magic, face painting, and stunt performances. these alternatives are more cost-saving than hiring a professional.

9. Plan in Advance

One of the best cost-effective event planning strategies is to plan well in advance. Early planning allows you to compare prices, secure the best deals, and avoid last-minute expenses. It also gives you time to take advantage of early bird discounts and special offers, maximizing your budget. Use Goldnlilies' planning tools to keep track of your timeline and milestones.

By following these budget-friendly event planning tips and utilizing platforms like Goldnlilies to find vendors and manage your finances, you can create a memorable event that impresses your guests without straining your finances. 

10. Consider sponsorships and partnerships

As an event planner, you can work with sponsors who are willing to donate products, resources, or funds for promotion at your event. This ensures that you have certain aspects of your event covered.

Partnerships are more common with corporate events and as an event planner, you want to suggest the involvement of an organization's partners to help in achieving the goal of the event which ultimately contributes to a larger goal.

Informal events can see sponsors in the form of family and friends who can give resources or funding for certain aspects of the vent.

11. Utilize the power of volunteers

Volunteers are individuals willing to offer their services or help without any compensation on your part. People may be willing to volunteer because of the experience they'll gain from the vent or simply because they are passionate about the goals of the event.

Having volunteers help with tasks like registration, ushering, serving, and cleaning is a great way to cut back some expenses on hiring professional helpers.

12. Negotiate with vendors

In your budget, you may have a fixed rate or paying vendors for your event. However, this rate may not be up to the reality of the prices. Instead of settling for lower quality or having to make last-minute plans with other vendors, we recommend that you negotiate the rates with your vendors.

When negotiating with vendors, communication is key. You want to offer value to your vendors to make the negotiation a win-win deal. The last thing you want to do is push too far with negotiations when you have the opportunity. This can possibly lead to conflict and broken relationships.

Not negotiating means missing out on the chance to cut back expenses and save more.

13. Consider renting instead of buying

It's normal to consider renting a venue, seats, and other essential components of the events. However, you should consider renting things like decor or choosing reusable over disposable where necessary. This applies the most when it comes to catering services and you can rent these reusable components.

Another great option is to borrow some of these event items from family, friends, or vendors you've established close relationships with.

14. Cut down the alcohol cost

What are some events and parties without alcohol? Alcohol is sometimes referred to as the life of the party, however, it can be costly, especially when it is a common beverage among your event audience.

A fun and great tip to cut down the cost of this beverage is to encourage guest to bring their favorite drink(s) to the event. You could also have a signature drink to limit the variety and cut down on alcohol costs.

Frequently asked questions

Q: How would you manage an event going over budget?

You need to identify the elements of the event that make you go over budget, from there, you reduce spending on low-priority tasks and focus on tasks with high priority.

Q: How do you make a budget sheet for an event

You can create a simple budget sheet using an Excel or Google Sheets template. This template provides spaces for you to categorize your expenses, manage transactions, and track income when it comes to your event.

Whether it's a birthday party, wedding, or corporate gathering, these strategies will help you achieve your vision while staying within budget. For more advice and access to reliable vendors, visit Goldnlilies – your trusted partner in affordable event planning in Nigeria.