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PERSONAL FINANCE
Celebrate that big event without breaking the bank.
New York Life | May 22, 2024
You really can navigate celebrations on a budget. Here’s how.
It’s May, and that can only mean one thing — celebration season is upon us! Confirmations, graduations, and Holy Communions are filling up the calendar this month. Throw in a spring wedding or a Bar/Bat Mitzvah and it's easy for expenses to pile up. But fear not! Whether you're hosting a party or attending as a guest, there are plenty of savvy ways to celebrate without breaking the bank. Let's dive into some tips to help you navigate this festive season while keeping your finances in check.
For party goers:
1. Plan ahead: Mark your calendar early and start budgeting for upcoming celebrations. Knowing what events are on the horizon allows you to allocate funds accordingly and avoid any last-minute financial stress.
2. Group gifts: Coordinate with friends or family members to chip in for a joint gift. Pooling resources not only saves money but also allows you to give a more substantial and meaningful present.
3. Shop smart: Keep an eye out for sales and discounts when shopping for outfits or gifts. Don't underestimate the power of thrift stores or online marketplaces for finding stylish attire at a fraction of the cost.
Opt for potluck: If you're attending a potluck-style celebration, consider bringing a homemade dish instead of purchasing store-bought food. Not only is it more economical, but it also adds a personal touch to the festivities.
For party hosts:
1. Set a budget: Determine your budget early on and stick to it. Be realistic about what you can afford to spend on the venue, food, entertainment, and other party essentials.
2. Simplify the menu: Instead of offering a full-course meal, consider serving appetizers, finger foods, or a buffet-style spread. This not only reduces food costs but also allows guests to sample a variety of dishes.
3. Choose a budget-friendly venue: Host the celebration at your home or consider outdoor venues like parks or community centers, which often have lower rental fees compared to traditional event spaces.
4. DIY for the win: Invitations, decorations, and entertainment can still be meaningful without breaking the bank. Consider electronic invitations or designing your own using free online templates – it’s also a great way to track RSVPs. Instead of splurging on expensive party supplies, consider crafting your own decorations or repurposing items you already have at home (Pinterest can be your best friend for budget-friendly decorating ideas). You can even get creative with entertainment options that won't break the bank. Set up DIY photo booths, organize backyard games, or create a playlist of your favorite tunes for a budget-friendly dance party.
Celebration season is all about cherishing special moments with loved ones, and you don't need to empty your wallet to do so. By implementing these money-saving tips, you can enjoy the festivities without the financial hangover. So go ahead, raise a toast to the guest of honor, and celebrate in style without breaking the bank!
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Media contact
Kevin Maher
New York Life Insurance Company
(212) 576-7937
Kevin_B_Maher@newyorklife.com