Although a venue in a well-connected, central location would be ideal, these venues often come at a much higher price. If the venue location won’t negatively impact upon event attendance, moving a little further out or to a different area could greatly benefit your budget. Plus, an area outside of a central city spot may improve the travel routes for attendees as they’ll be less worried about it being too busy or having to pay huge parking fees.
Have you thought about non-traditional venues? These may come at a cheaper rate and could make for a more interesting experience. Also see if you can grab an off-peak time when booking your chosen venue, as this way you could save on the room rates, potential accommodation and food if necessary.