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How do you Set a Budget for Your New Year’s Eve Party?

Champagne and Fireworks InvitationsIf you’ve decided to have a New Year’s Eve party, you’ve probably already given some thought to a budget for your party. Not having a budget or going over budget on your party can cause significant financial strain and stress and put a damper on your festivities.

Your goal is to throw a great New Year’s Eve party but you do not want to go into considerable debt to do so. The best way to have a successful New Year’s Eve party is to set a budget based on the amount of cash or credit you have available and work within that budget to create the most spectacular New Year’s Eve party possible. Once you have set your overall budget, you can set individual budgets for each element of your party.

Some individual elements to consider when planning your New Year’s Eve party are invitations, location, decorations, entertainment, food, beverages and incidental items. Prioritize your list to determine which elements are most important to you so you will have an idea of how to distribute your available funds.

For example, you may consider the New Year’s Eve invitations to be important as they set the tone for your event and a fabulous invitation entices guests to attend your party. If your invitation doesn’t impress your guests, your turnout could be less than spectacular.

If you decide that food and beverages are more important than entertainment, you likely allot a larger portion of the budget to food and beverages than to entertainment. Likewise if you value entertainment over food and beverages you will likely allot more money to entertainment than to food and beverages. Once the priorities are determined you should assign a percentage of the total budget to each of the expenses on your list. This percentage should be based on the importance of the expense as well as other factors such as overall cost of the items.

The most important aspect of setting a budget for your New Year’s Eve party is to carefully follow that budget. As purchases are made for the party, it is important to document each purchase and the price of the purchase to ensure the budget is not being exceeded. If y0u exceed your budget in one category, it will be necessary to decrease the budget in another category to ensure the overall budget is not exceeded. It is also important to keep the overall budget in mind when making each purchase to ensure you will meet your overall financial goals.

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