It is best to think of the overall budget in terms of price per person, rather than an overall target budget amount. Without the context of knowing anticipated guest count, the overall budget amount is not enough information to give context to the expected scope of the event.
The guest list is the single biggest driving factor of the budget, so the closer you are able to whittle down the guest list to the actual number of people you would like to attend, the better! To determine your per person dollar figure, divide your overall target budget by the number of anticipated guests you’d like to attend – and there you’ll have your estimated price per person.