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| Updated estimated budget |
For the updated budget, I also decided to make it more detailed by displaying it in a clearer way. I did this by adding in headings for travel and food etc. I can work from this easier due to the clearer breakdown of each expense.
Throughout both Pre-Production and Major Project units I have learnt how important it is to control the budget on a film. Tracking expenses can "create financial awareness (Caldwell, 2019), meaning that by recording every payment I make, I will constantly know what the budget is looking like. I need to know the available budget in case Alex asks if we can afford something additional or just wants to know how much we've got left.
Tracking the budget can also help "identify serious spending issues" (Caldwell, 2019), and I will be able to see if my spending matches my priorities. If we have a section which requires a bigger amount from the budget, and I realise that we've spent more on a less-important part of the film, then I can identify this and hopefully rectify it. For VET-MAN, our biggest section of the budget is travel for the cast. Cast in particular because we are aiming to transport the additional crew there ourselves to save money. Whatever we end up spending on the film, it is essential that I make sure we have enough money to reimburse the cast for their travel expenses, due to them giving up their time for an unpaid student film. If I realise we are spending too much on a section of the budget which could be reduced without compromising the quality of the film, then I will try to reduce it, creating more money for the higher priority sections. An example of this could be spending too much on food which will be cooked at the house locations. I can easily find cheaper alternatives to ingredients which will work just as well.
If we overspend on something which we think is essential for the quality of the film, then I will "continue to track throughout the [production period]" (Caldwell, 2019), so I can identify what we need to change in exchange for the overspend, and how much needs to be changed. The quality of the film is the most important thing even if we have to add more money by the end, however, we don't want to overspend by a large amount due to our own personal finances.
In order to apply this research successfully to our film, I need to find a way to track the budget for each purchase I make for the production. I wanted to create a table or chart, a method which is easy to read and understand, that I could update each time I paid for something using the budget. I started looking into different budget forms and discovered a 'money expenditure log'. The example I found had different headings, titled 'date', 'what you purchased', '£ spent' and 'budget category'. For me, this was an easy table to read and a professional way to keep track of different purchases.
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| Example expenditure log sheet |
This expenditure log is only really appropriate for regular spendings, such as props and costumes and food. I wouldn't be able to record the fuel or train ticket reimbursement amount because I will not be receiving these numbers until the end of the project myself. I have also agreed with the cast that they will be receiving their travel reimbursements at the end of the project, therefore there will be no consistent spendings for the travel section of the budget.
Nevertheless, this table will still be appropriate for the film because I can record the travel expenses with a different method. Once I came to this decision, I created my own expenditure log, mainly for props, costumes and general spendings. I made sure to include the same headings to the one I found during my research as I found these very helpful, with a slight change to the last heading as I wasn't too sure what 'budget category' meant. Due to the fact that I am the one who will be updating the log and that I will be the one who needs to understand it, I felt that 'budget amount' was an acceptable alternative.
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| Current spendings for VET-MAN |
As well as recording the outgoings of the budget, I also recorded the income we received. I didn't expect to receive an income but I have had to return a prop due to the development of the script, and I included the GoFundMe amount which lead to an income on the budget. We also received an extra donation of £100 just before production. I wanted to make sure I included every change which occurred to the budget, which meant recording the income we receive as well. By creating an expenditure log, I am able to record the actual cost of costume, props and general outgoings / income, ready to be added to the 'actual cost' column on the main budget.
As I previously said, I needed an alternative method to record the travel expenses for our cast. I want to act as professional as possible with people from outside the University which means recording their travel expenses as accurate as I can. To do this, I am keeping each receipt I receive so I can refer back to that for the actual travel costs in case anything goes wrong. I will only be able to receive receipts from the two cast members travelling to the shoots by train, so at each shoot day I will ensure I ask them for their receipts or at least a copy of them. For the cast members driving to the locations, it will be their job to record their mileage on these days, and I will ensure the exact cost will be reimbursed at the end of the project. During the previous unit, I created a breakdown of the estimated budget which detailed an approximation of each cast members travel expense so I have something to go by.
Due to not being able to calculate the fuel expense until the end of the project, I only had to keep track of the train fares. To do this, I created an additional table which was similar to the previous expenditure log, but this one is for my benefit to help add up the train fare expense as we progress through production. It is also another platform in which I can record the expenses. Instead of having them just on paper, incase I lose this, I now have them recorded digitally on a spreadsheet as well.
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| Current travel expenditure log |
I created new headings from the first expenditure log. The idea of the reason column was so I could record what they were doing on each shoot day, similarly to the 'business purpose' on the mileage reimbursement form which I created during the Pre-Production unit. However, I realised that all I could comment on each box was 'filming for VET-MAN' unless it was the call back. The location was for my benefit to quickly establish what shoot day they were travelling to. I also noted down the train stations that the cast travelled to and from from their train ticket. Finally, I noted what type of travel it was, which in this case was just 'train'. This was so I could establish what type of transport it was in case I wanted to add in fuel later, or any tube tickets they wanted to get reimbursed. I also added 'return' in this column so it is clear that the ticket amount for this shoot day is for a return journey and is the final amount for that day. I understand that I don't need to double the amount as it already includes the return cost. As we haven't started shooting yet, there may be a couple of other people who want to get the train. I will add them into the table accordingly if this happens. For example, ideally we want to take the crew to and from the shoot days ourselves to save money but if we can't for any reason, they may need to get the train and then I will record it in this table to reimburse them.
Reflection:
- I believe that both of these expenditure logs will benefit my calculations for the budget, as I will be able to keep a clear record of each expense. I have decided that this is a professional method in which to keep track of the budget, and I think it is appropriate for our film. I will act professionally when reimbursing the cast by ensuring the correct amount is given back. I will aim to keep up-to-date with the budget and travel expenses during production to prevent getting behind on the money side of production.
- Keeping a record of our spending should allow me to prevent overspending. I will evaluate this at the end of the project to see how I coped with the expenditure and reimbursements.
- Choosing to do the major project package meant that I was able to prepare for the production and post-production period of VET-MAN. This ultimately meant creating the budget and deciding the amount Katie, Alex and I would put in. I did this in the our previous unit, however I felt that I could make the budget more detailed. Although I had already created an estimate for the budget, I was able to carry over information from this to update the new table. As a result of this, I felt that changing the budget after spending time on it in the pre-production unit was not a waste of time, I simply changed the layout so it was easier to understand the different aspects for our future outgoings.
References:
- Caldwell, M. (2019). Why You Need to Track Expenses to Control Your Finances. Available: https://www.thebalance.com/is-it-important-to-track-my-expenses-2385679. Last accessed 1st Feb 2019.
Images:
- Example expenditure log sheet
http://www.queenoffree.net/2017/12/new-free-printable-budget-forms-can-edit/
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