Large private parties like an anniversary or graduation party can cost thousands. If you plan a corporate event, the cost can go up exponentially. Planning a corporate event or another major event can be expensive.

As a party planner, it’s important to work with your clients to stay on budget while also planning the event of their dreams.

Before you can create a budget, you need to have a good idea of what things cost. You may be shocked to learn what caterers cost, or you may have had no idea that a photographer could cost so much. Call around to get a few estimates based on some standard details, or do an online search to get a ballpark for what others have paid in your area. Once you have that information, you can get a rough idea of what you might like to spend for each item on your party planning checklist.

Start by determining how much you can afford for your event. Create a couple of amounts: Set the amount you’d like to spend, and set the amount that you could spend if you stretched things a bit. By having a budget range, you will have some wiggle room for unexpected expenses. You’ll also give yourself some flexibility to indulge if you find a more expensive caterer that you love or you decide you want to spring for a nicer venue.

Break down your budget into categories for each item you will need for your event. For example, a typical event planning checklist for a wedding would include things like catering, venue, wedding cake, the officiant, flowers and wedding attire. Create a range for each budget item, ensuring that the total still falls within your overall budget range.

When you are shopping for party supplies, you might think their costs fall within your budget, but you might overlook the smaller costs than can push you over. For example, if you have £5,000 budgeted for catering and you find a caterer that gives you an estimate of £4,800, you might think you will be saving some money. However, after tax is added and you pay the tip, you could be well over your budget. Be sure to include these smaller expenses when calculating your budget.

Working within your budget also ensures that you stay on track and that you find ways to cut corners without sacrificing on quality.