Whatever the event – be it a birthday, Christmas or just a celebration – when it comes to party planning, there is one thing you literally cannot afford to neglect: creating a budget. The idea of creating a budget for your party, and then sticking to it, may seem painfully Scrooge-like and against the entire fun-loving feeling that hosting a party creates; but if you don’t want things to spiral out of control in terms of finances, it’s an essential.
A workable budget applies no matter how big or small the party you are hosting is. Even if it’s just an intimate get together of friends and family, you will find that by listing the things that are needed and setting a price; you can actually keep in control in ways you hadn’t imagined.
To begin setting a budget,
Write down a list of everything you consider essential to the success of the party. Include things like drinks, entertainment, food and decorations. It’s then time to take to the high street or internet and get rough prices on what you need to fulfill each of the criteria on your list. When doing this, it is better to overestimate and then be left with more money at the end of the process, rather than undervalue things and find yourself short. When you’ve priced each list item, add the total together and work out 10%. This amount is the final part of your budget – a contingency fund, for things you had not necessarily anticipated.
You should then keep the final figure, including the 10%, and work from this as your total budget. You may find you need to spend less in some areas so you can get the best in others, so work off the budget as a total rather than a set amount for each item; the set amounts in the initial planning are just a rough estimate. Stick to your budget, and you’ll be able to enjoy the party without worrying about the financial ramifications!