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Keeping your party budget in check

Whether hosting a game watch for family and friends, throwing a birthday bash for a child or spouse or planning a formal dinner party for professional colleagues, party hosts must determine their budgets early on to ensure the party does not break the bank. Regardless of whether your affair will be a black-tie event or a backyard barbecue, there are certain tips all potential party hosts can apply to keep their party budgets in check.

Figure out what you can afford. Though a young child may love to have the circus in his or her backyard when celebrating a birthday, chances are such an expense would be too much for the average person. When planning parties big or small, first assess your finances for the party. If you’re trusted with planning an event for your company, work with the accounting department to develop a budget that’s realistic. Planning a child’s birthday party should involve a similar assessment, during which parents can examine their finances to determine what they can and cannot afford to spend on their youngster’s big day. Once you have determined what you can afford, stick to that figure and do not exceed it.

Find ways to trim costs.No matter the type of party you’re planning, there are always ways to trim costs. Instead of hiring a clown for a child’s birthday, buy a clown costume and don the suit yourself. If hosting a larger gathering where music is expected, create a playlist on your digital music player and play that rather than hiring a DJ. Instead of a fully catered event, do some of the cooking yourself to make things easier on your bottom line.

Invite guests to lend a helping hand. One of the ways to keep your budget in check is to invite guests to lend a helping hand. If hosting a laid back gathering of family and friends, make it a potluck affair that encourages guests to bring their own special dishes or share beverage detail. Guests at company-sponsored events should never be asked to bear some of the financial burden of the party, but you can even shed some of the cost at such events by having a cash bar instead of an open bar. Guests often want to help their gracious hosts, so don’t be afraid to ask.

Don’t go overboard with food and drinks. It’s always a good idea to anticipate your guests will eat a lot at the party. So you might want to go the extra mile when stocking up on food and beverages. However, there’s no reason to go overboard, especially if you know the exact number of guests who will be attending the festivities. An excessive amount of food likely won’t keep for long, and you are liable to be left with more leftovers than you can reasonably consume. When buying food and drinks for the party, plan for guests to overindulge, but don’t go overboard with your estimates.

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Tags: Featured Story, Party and Entertainment

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