Whether you like it or not, budgeting for a film is an essential piece of the filmmaking puzzle. It's as important as having a script and constructing a set, because unfortunately if you don't stick to a budget you'll likely run out of money before you get to finish the project.
It doesn't matter if you're making a big-budget Hollywood film or a low-budget indie, our budgeting advice remains the same. Work hard to get it right the first time and you can make your dreams a reality!
A preliminary film budget is an initial high-level budget which you would send to investors to raise financing for your project. You generally only provide the top sheet (explained further below) which displays the total category costs - no detailed cost breakdowns.
This is the main film budget that you build out once you've secured financing. We'll dig into the details below. During this process, you need to finalise actual costs until you have as accurate a picture as possible. You will also need to make tough decisions as to how you will allocate the total budget between the departments. You will require input from the whole team to get an accurate budget.
A script breakdown lists everything you need to make the scenes happen - every character, prop, location and wardrobe change. You can create a script breakdown by taking a copy of the screenplay and highlighting each element in a different colour. From this, you can write up an itemised list of every element to make sure you take into account every cost.
Review your script breakdown and identify the stuff you have no idea how to cost accurately. This could include particular filming locations, stunt doubles, animal hire, or the cost of shutting down a highway. Research companies online and don’t be afraid to call people and ask for quotes and negotiate prices.
This involves breaking down realistically how long you need to shoot each scene and who needs to be there as this will severely impact your costs. So it's important to get input from the rest of the production team. Don't just start from Day 1 of shooting either, remember to factor in your prep days. Prep days are the days outside of shooting when your crew is working to be ready to shoot.
SuperScout is your own private location library – upload locations in minutes, tag them with ai in seconds, then search and share with your team
This is the normal structure for a level film budget, divided into three levels:
This category covers development costs, talent, and key crew involved in the early stages of production. It includes writers, producers, the director, and main talent.
All pre-production expenses and travel for these positions are also included in this section of the budget.
This section represents the bulk of the overall budget, covering all production costs, equipment and jobs on set not included above.
It includes essential expenses like permits, transportation, camera gear hire, catering, power and more.
This category encompasses all costs related to the post-production process, including the facilities, equipment, services, and labour required to edit the film and add visual effects, music and dubbing.
This catch-all category covers expenses for marketing and distribution, such as publicity and film festival submissions.
Film-specific budgeting software provides tools to help manage the unique challenges of budgeting for a film. While not essential, they do offer customisable templates using industry-specific costs as well as real-time budget tracking so you don't have to create your own solutions from scratch.
Movie Magic Budgeting is considered the industry standard and is used for both short and long-form scripted projects, but other popular software options include Filmustage and Showbiz budgeting.
A contingency is a specific amount set aside to handle unforeseen issues and acts as financial padding for the project. The average contingency is around 10% of the total budgeted costs and this generally works well if you are well-covered in your other categories and departments.
It will be easier if you work out the contingency amount first before you assign the rest of the budget to make sure you are covered.
If your filming day has delays, staying on longer and doing overtime is usually cheaper than adding a shooting day. Having said that, overtime hours are billed at double time after 12 hours - so it can still represent a significant cost and therefore needs to be budgeted for.
Always add an allowance for overtime even if you don't think the project will need it. After all, you can always reallocate this allowance if you don't use it.
Pick-up days refer to the shooting days that occur after your scheduled shooting period, to film anything that was missed during principal photography. So how many pick-up days should you budget for? It depends on the size of your project.
A short film would benefit from 1 pick-up day with a skeleton crew and a feature film shooting for around a month to 6 weeks would normally budget for at least 3 days.
Production insurance covers your production from financial loss in case of crew injuries or equipment and property damage. You'll need an insurance policy for most film projects because you won't get filming permission or a permit without it. Of course it's always a good idea to be covered regardless.
Companies offering production insurance in the UK include Hiscox UK, Towergate, Kingsbridge and AXA. Reach out to a few different providers for quotes to get an average cost for your budget.
Budgets not only help you secure investment for your film, but they are a vital tool for keeping your production costs on track and ensuring you have enough money to finish your project.
Budgeting for a film should be a constantly evolving process as your production moves forward. It's vital to keep revisiting your budgeted costs and update them with actuals, so if necessary you can reallocate funds to the right departments.
Remember, the more research and care you put into your film budget, the fewer surprises will come your way during filming!
SuperScout is your own private location library – upload locations in minutes, tag them with ai in seconds, then search and share with your team
