My opinion on how bands should budget for

- and fund -

recording projects

List everyone you know who will buy your album.
Every fan. Every relative. Every friend.
Everyone is worth 1 point.

Add that list up and subtract 25%.
 

Say you end up with 150 people.

 

150 - 25% (37.5) = 112.5

112 * $15 (pre order amount) = $1,680

Pre-Sale:
Bandcamp: 15% fees
Kickstarter: 14% fees

$1,680 - 15% ($252) = $1,428

Now, your band needs to match that amount.

3 Piece: 1428 * 33.3% = $476 per band member
4 Piece: 1428 * 25% = $357 per band member
5 Piece: 1428 * 20% = $286 per band member

Now you have $2,856

Aria Mastering: $100
150 CDs: $180 (tax & shipping included) 
Artwork: $150

$2856 - $180 - $100 - $150 = $2,426

Thus, the budget to record & mix is $2,426
 

I work at $300/day (6 hours plus 1 hour break).
I will also mix flat rate @ $300/song for 2 days of mixing. Plus revisions.

You could either record/mix an LP in 8 days:

Full band tracking: 2-3 days
Overdubbing: 2-3 days
Mixing: 2-3 Days

Or you could record an EP and mix flat rate

Tracking/Overdubbing: 3 Days = $900
Mixing = 5 Songs * 300 = $1,500
 

You could offer to play private parties, bundles of the CD with merch... Those, I would argue, should not be utilized for the sole purpose of recording. Rather, they should be everyday band things. You shouldn't just be trying to raise money for specific goals, you should be systems oriented.

Anything you are considering doing for a recording,
you should already be doing.

I don't want your band spending too much on your album. I want you to get the record you can afford... a record that will sound like you and will not make your feel like you spent too much... and in doing so -- inevitably -- without fail -- will cause your band to turn on one another because you feel like you spent too much and it wasn't worth it.

If you have your music tight and are willing to invest in your band -- then this is the model I suggest you follow.

As always, your mileage may vary.