HOUSTON — When planning a party, it’s easy to get excited and overspend. However, it’s possible to throw a great party while staying within your budget. Money Management International (MMI) offers the following advice on throwing a fun, frugal party your friends will remember.
Pick your price. Ask yourself how much you can reasonably afford to spend on a party while still meeting your other financial obligations, then set your limit and stick to it.
Consider the details. Every detail has a major impact on your party budget. Make some cost-conscious choices, like inviting fewer guests, hosting the party at a free location such as your home, and holding the party at a time when serving appetizers instead of a full meal is appropriate.
Budget for the big three. Refreshments, decorations, and entertainment are the three big-budget categories for any get together. Decide how you want to allocate your party budget and look for creative ways to save in the other categories.
Some ways to save big:
Potlucks, particularly for big celebrations, are a great way to feed your family and friends while helping them feel involved.
Alcohol is a big budget breaker. Ask guests to bring their own if they wish.
Consider simple decorations that stimulate more than one sense. Scented candles, for example, can help set the ambiance.
Get crafty by creating your own table settings.
Center your party around an event to provide all the entertainment you need without costing you much, such as sporting events, popular TV shows or movies, or an organized game night.
Be sure to visit MoneyManagement.org for more money-saving tips.
