Don't Go Into Debt to Pay for Your Special Event
It costs money to plan and execute a special event, whether it is a family reunion, your parent's 50th anniversary party, a wedding or another special event. It is easy to put the costs on a credit card but not so easy to pay for the event for months or even years after it has occurred. With a bit of preplanning, you can prevent that from happening.
When you decide to hold a special event, the first thing to do is make a realistic budget of what you can afford, then decide which things are most important. Maybe you want a great location, so, to afford it, you are willing to compromise on the type of food served. Or perhaps a DJ is okay rather than a band. If you will be sharing the costs with others, perhaps siblings or extended family members, you will need to decide how to divide the costs. Will everyone contribute equally or will certain costs, such as the food or the facility rental, be paid by certain people. If family members will be sharing the costs, you may want to open a bank account just for the event. That will keep you from over spending; when the account is empty, the spending stops.
Don't allow anyone, including the guest of honor, to pressure you into making decisions you are not comfortable making, particularly if you may end up footing the bill. You don't have to serve filet mignon and imported wine if you can afford only chicken and soft drinks. It's okay, and your guests won't care. Don't allow anyone to make last minute changes without your permission. Too many fingers in the pie can create unpleasant surprises. If you are the one working with the event planner, let her/him know that you expect to approve all costs and any changes. If Aunt Martha wants to substitute an expensive dessert for the one on the menu, then she should be prepared to pay the additional cost.
Weddings tend to be big budget breakers, particularly if the bride (or her mother) is living out a fantasy and she wants it all. It may be necessary to show some tough love and hold firm on what can and cannot be accommodated. For instance, it isn't necessary to hold a shower at a restaurant with a cost of more than a thousand dollars when an informal shower at a home, church or club house will be just as much fun. It isn't necessary to have the bachelorette party at a resort or pay $5,000 for a designer gown if a similar, but more affordable, gown is available. You get the idea.
The two areas where you will want to spend your money are on photography and the services of a good event planner. When the event is over, you will have your photos and your memories, so don't skimp on photography. A good event planner can be worth her weight in gold. She will know the venues that offer the best deals and service; she will know the right merchants to provide the food, flowers, and other services you want at the most reasonable price. Plus, the stress she saves you is priceless.
By creating a realistic budget and sticking to it, you will be able to look back on your special event knowing you had a wonderful time and you won't have a stack of bills to prove it.
When you decide to hold a special event, the first thing to do is make a realistic budget of what you can afford, then decide which things are most important. Maybe you want a great location, so, to afford it, you are willing to compromise on the type of food served. Or perhaps a DJ is okay rather than a band. If you will be sharing the costs with others, perhaps siblings or extended family members, you will need to decide how to divide the costs. Will everyone contribute equally or will certain costs, such as the food or the facility rental, be paid by certain people. If family members will be sharing the costs, you may want to open a bank account just for the event. That will keep you from over spending; when the account is empty, the spending stops.
Don't allow anyone, including the guest of honor, to pressure you into making decisions you are not comfortable making, particularly if you may end up footing the bill. You don't have to serve filet mignon and imported wine if you can afford only chicken and soft drinks. It's okay, and your guests won't care. Don't allow anyone to make last minute changes without your permission. Too many fingers in the pie can create unpleasant surprises. If you are the one working with the event planner, let her/him know that you expect to approve all costs and any changes. If Aunt Martha wants to substitute an expensive dessert for the one on the menu, then she should be prepared to pay the additional cost.
Weddings tend to be big budget breakers, particularly if the bride (or her mother) is living out a fantasy and she wants it all. It may be necessary to show some tough love and hold firm on what can and cannot be accommodated. For instance, it isn't necessary to hold a shower at a restaurant with a cost of more than a thousand dollars when an informal shower at a home, church or club house will be just as much fun. It isn't necessary to have the bachelorette party at a resort or pay $5,000 for a designer gown if a similar, but more affordable, gown is available. You get the idea.
The two areas where you will want to spend your money are on photography and the services of a good event planner. When the event is over, you will have your photos and your memories, so don't skimp on photography. A good event planner can be worth her weight in gold. She will know the venues that offer the best deals and service; she will know the right merchants to provide the food, flowers, and other services you want at the most reasonable price. Plus, the stress she saves you is priceless.
By creating a realistic budget and sticking to it, you will be able to look back on your special event knowing you had a wonderful time and you won't have a stack of bills to prove it.
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