What Is a Film Budget?

A film budget or otherwise known as production budget determines the amount of money to be spent on a movie. It dictates how much money will be used to start and complete the project. In every phase of filmmaking, identifying the requirements and estimating the cost is crucial. As there are no definite costs for each item and there are changes bound to happen along the way, at best, a film production budget is only an estimate of the total cost needed.

Basic Elements of a Film Budget

Title of the film: First and foremost, it is necessary to have the film title. This will be put on top of the document. It will be your main heading. Having an engaging and appealing film title is important. After the film title, you can also input who prepared the film budget and the shooting days.Cast and crew: In line with with list of cast and crew, indicate also the days they are needed, their daily rate and total cost. In order to be clear and organize, you can divide this part into three sections: First is above the line. In above the line section, lead actors and the supporting cast are to be input here. Also, included here are the directors, producers as well as the scriptwriters.  Next is below the lineIn this section, it focuses on the cameramen and assistant directors. Other crew included here are those who are in the lighting department, sound department, make up department as well as the arts and costume department. Last part would be post production. The post production are consists of the editors and visual effects team. Addition of soundtracks are also under the post production. Other important factors here are background and color correction.Filming schedule and required tasks: Having a detailed schedule helps in the creation of the film budget. Knowing when certain activities will happen can help in approximately computing the budget. A day to day schedule of activities will also increase the chance of obtaining  the proper estimate.Other information: This part of the film budget is optional. Other relevant information of the template are insurances and bonds.

How to Create Your Own Film Budget Using Templates?

A film maybe classified into low budget film and high budget film. Still, the step by step process of creating a film budget stays the same.

Step 1: Analysis

The most important steps in commencing a project is analysis. Knowing and understanding all the requirements of a film budget will help in creating a clear and detailed document. First, get on the same page with the script writer and director. Get the title and story of the movie straight first.

Step 2: Gather All the Cast and Crew Needed

Now that you have a title and a story for the movie, it is time to talk to and recruit the cast and crew for the production. Identify the requirements and goal in order to have the perfect cast. Do an extensive research about the crew and hire them accordingly to tailor to your needs. Having a perfect job description will narrow down your search.

Step 3: Set Up a Schedule

In order to have a smooth and fast transition of tasks and activities, set up a work schedule. Identify when the cast and crew are available and when they are needed the most.

Step 4: Setting of Budget

This is without a doubt the most important step in creating a film budget template. In order to achieve unison and begin with the project, know the daily rate of the crew. Note that this could be done per department for a faster and clearer communication and agreement. Regarding the talents or actors, mostly, they get paid by project. But,  to achieve a more thorough and detailed film budget you can break them down into daily rate.

FAQs

How to acquire financing for your movie?

To produce a film, funding is very important. Funds may come in from investors and sponsors, film studios and product advertisements.

What are the phases in making a movie?

There are 5 phases in filmmaking namely:

Development – It is the planning and organizing phase. This is the part where you plan the story and script.

Pre production – It is the testing and adjusting phase. This is the part where you test the cast along with the crew and adjust accordingly.

Production – It is the implementation phase. This is the part where the actual filming begins.

Post production – It is the editing phase. In this part, it is mostly done by the editors. It is the part where they add soundtracks, correct colors, edit backgrounds and add visual effects.

Distribution – It is the launching phase. This is where the movie is available to the public.

What does box office and highest grossing movies mean?

Box office hit means that the movie is a success in terms of attracting a large audience. On the other hand, highest grossing means that the movie made the most money. Nevertheless, they are both measurements of success.

Closely following the film budget template can help you refrain from going over the intended budget. Doing thorough research and having a detailed template boost up your chance in completing a project. Sufficient budget and proper project management greatly influences the success of the film.