Budget Planner for Conventions

Whether Prepping for PAX or attending one of the many other geek conventions, having a budget plan is a must. Today, we will cover the importance of having a budget plan for conventions, and how to create one effectively.

Going to a convention is a rite of passage for many Adventurers; a pilgrimage we take to remind us why being a nerd is so awesome. However, unlike many pilgrimages, which usually emphasize leaving behind our worldly possessions, we often find ourselves overwhelmed by all the things to buy at a convention.

It is for that reason I firmly believe that having a solid budget plan before going into the madness of a convention will help us better manage our spending, and have a more enjoyable time.

Importance of a Convention Budget Plan

Now don’t ask who needs a budget for a convention. Be honest with yourself, Adventurer: we all do! I will be the first to admit it, as soon as PAX East begins, any spending plan I had in my head will go straight out the window. It’s all just so shiny!

So, first and foremost, having a well thought out and documented budget plan will keep you accountable. So when you are three days into a convention and feel the need for just one more widget, that little preplanned budget will say otherwise.

Now look, we’ve been here before; budget planning does not sound like a fun idea right now. However, the second reason for a budget is that when the convention is over, you don’t find yourself regretting the purchases you've made. Expos are meant to be fun and memorable. Feeling guilty every time you see that widget you bought on a whim is no fun and sours the experience.

Lastly, unnecessary purchases of widgets are not going to make your money work for you. We, Adventurers, want our money working for us, and it is important to remember that when going to a convention. We need to quest smarter, not harder, so that we can still have fun and reach our goals.

For those three reasons, having a documented convention budget plan will help you get the most out of the experience. Let’s jump into the nitty-gritty of it!

Creating a Convention Budget Plan

As always, remember not to panic and give up before we even begin. We’re not going to get as detailed as a personal budget plan might. Writing up a comprehensive plan will most likely be impossible in this situation, because who really knows what they want to buy at a convention? Half the fun is discovering what is there. But we can set some guidelines.

To start this process, grab pen and paper, or open up a worksheet or doc, whatever you prefer. At the top, list: Accommodation; Food/Drinks; Travel; and Tickets. Remember that these are costs you have already spent money on or are going to spend money on in the future.

Large convention expenses

• Accommodation: $1,000
• Food and drinks (~$55 per day): $110
• Travel: $300
• Tickets: $100
• Subtotal: $1,510

Once you have those four items down, add any other necessary costs that you can anticipate. Then, add them all up as a subtotal of all your expenses. Now, prepare yourself: the subtotal may be more than you had initially thought, since when the costs are spaced out, they don’t hurt as much. This can be a good practice on its own to help put convention costs into perspective. This is why planning ahead can help so much! You don’t end up with sticker shock when you look back on past purchases.

After that, take the subtotal and divide it by your net monthly income. Is it less than 20% of your net monthly income? If so, wonderful, as you either make a good amount of money or got some great deals.

However, my guess is that it is probably more than 20%, which is okay, since I know going to PAX East can cost well over $1,000 just on accommodation. Now there is no set rule or spending guideline, but I believe that at most, no more than 20% of three months of income should be spent on going to a convention.

I do know that some Adventurers may save throughout the year for the convention, which is awesome. However, I still stand by not spending all of that money. Rather, set aside the amount calculated above and invest the rest. Call it the PAXing Free Fund, or something fun, since one day it could generate enough passive income that you could go to a convention for ‘free’.

The reasoning for the 20% is that convention spending is a want, something that is fun and not necessary to live. For that reason, using the 20% rule is the best way to make sure you are not overspending.

Allocating the Budget for Fun

The next step is to create a list of all the things you may want to get at the convention. In the case of PAX, it could go as follows:

• Pins
• Hoodie
• New board game
• T-shirts
• Dice
• Rolling mat

Then, prioritize the list and assign a value of how much you are willing to spend on each item.

List of item priority and cost

1. Pins: $25.00
2. Board game: $50.00
3. Rolling pad: $20.00
4. Dice: $15.00
5. T-shirt: $45.00
6. Hoodie: $75.00

Subtotal: $230.00

Excellent work, Adventurers, you have yourself a budget! Now, similar to before, the amount you spend on items at the expo should not be more than 20% of one month's income. The point of creating a list and then prioritizing it is to help with the sporadic spending. And, if you are below that twenty percent, you know what to do: invest it!

As an additional step, you could add the location or vendor you may want to visit for each item, such as the PAX Merch Booth for an exclusive pin or show T-shirt. The more prep work you do, the easier it will be to stick to the plan.

Lastly, once your list of items is complete, print it out or save it to your phone for quick, easy access while at the convention. By printing it out, you can make last-minute changes and cross out items once you have acquired them. Nothing better than crossing something off a list.

And, if it is not on the list, you do not need it. Unless you swap out another item of similar value. Plus, if an item costs more than what you have allocated to it, then it is not worth getting, because you have probably seen it for less someplace else, or you do not need it that badly. Either way, that list may save you a pretty penny.

Convention Budget Sum Up

In brief, putting together a convention budget and sticking to it is an excellent way to not overspend, avoid unnecessary guilt, and stay on track with your financial goals. And you’ll be able to eat that night!

Since conventions can be an expensive experience, but also a worthwhile one, finding the right balance between cost and enjoyment is vital.

Adventurers, what do you think about using a system like this, and what changes or improvements would you make? Here’s a quick review of the steps it takes to create a budget plan, for quick reference:

1. List out all the expenses you’ve already paid, or will need to pay, such as accommodation and travel.
2. Sum them all up, and divide the subtotal by one month's net income. Is it less than 20% of one month? Great! If not, it should not be more than 20% of three months' income.
3. Create a list of everything you may want to purchase at the convention, then rank them in priority order and assign a spending value. This subtotal should not exceed 20% of one month’s income.
4. Print it out or have it easily accessible on your phone for quick reference.
5. And remember, you are at the convention to have an amazing time and meet cool people, not to buy things you don't need. So stay on target and have an amazing time.

Now go out there and have some good honest fun, and here are some tips for surviving PAX.