Create A Party Budget In Three Easy Steps
From renting a venue to catering and everything in between
, determining how to pay for a special event like a wedding or 50th anniversary party on a budget can be daunting. However, making and sticking to a party budget will help you avoid a lot of undue stressand may save a lot of money in the process. Here are three tips to help keep your party budget-friendly without sacrificing the fun.
Determine what you needand what you dont. Start planning for your special event as far in advance as possibleideally 12 months beforehand. Make a list of the supplies and services youll need, and then look it over to see what, if anything, you can make yourself or borrow from friends or family (i.e. tables and chairs). Here are a few money-saving ideas on popular services and supplies so you dont have to break the bank for an unforgettable celebration.
Catering You may be able to drastically cut food costs by starting the party after meal times, such as mid-afternoon or late evening. By avoiding large, expensive meals, you can instead offer just desserts or light hors d'oeuvres.
Decorations The key here is to keep it simple. Votive candles or small vases of flowers are inexpensive, never go out of style and are perfect for any occasion. For tables, consider simple sets of off-white linen tablecloths and napkins for reuse at future events.
Entertainment Think about using your MP3 player or computer instead of hiring a live band or deejay to cut more costs. MP3 players allow you to create and customize your own playlists, and can be hooked up to speakers.
Libations Alcohol can quickly break the budget for your event, especially if you opt for an open bar. Consider pouring drinks yourself or have a few willing guests take turns.
Venue Depending on the number of guests, consider hosting the party in your home or backyard. The home of a close friend or family member may also be an option.
Videographer/Photographer Look for local professionals as travel fees typically apply. You can also ask about price deals if your event is occurring in slower business months, such as February.
Create a realistic budget. Use your checklist of all necessary party expenses to create a budget for the event. To get as accurate a dollar amount as possible, get estimates from rental companies on the supplies you need, and dont forget to factor in costs like delivery fees and sales tax, which are often excluded from quotes. You may also want to consider adding a 10 percent buffer for unexpected expenses. Evite has a great party budget example and cost calculator to help you plan.
Set up a party-specific savings or checking account. One of the best ways to stick to your budget and not go overboard on expenses is to create a separate savings or checking account dedicated solely to your party. Use your budget to determine how much to put into the new account on a weekly basis to help achieve your financial goal.
Checking accounts When you compare checking accounts, you may want to look for one that offers interest on your balance, so you can earn interest on the money you save. Also, you may want to look for a checking account that offers a debit card, so you can conveniently pay for expenses as they arise.
Savings accounts If you decide to open a savings account, you may want to consider interest rates, as well as fees and other features and terms you would like. Meet with a banking specialist for help determining which account is best for your needs and consider all features, terms, benefits and fees of the possible accounts.
Whatever the event, these three tips can help you plan for party expenses and shave money off your event budget. To be sure you get the best prices, compare quotes from several rental companies and professionals before committing to one. Do the same for bankscompare local and online banks to find one that can help you reach your savings goals and can make your budget work harder for you.
Content was created and provided by M&T Bank, member FDIC
Resources:
1. http://evite.myway.com/app/party/calculator/view.do
2. http://www.oprah.com/money/How-to-Throw-a-Party-on-a-Budget
by: William Hauselberg
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