Celebrate Reaching Adulthood on a Budget
Whether you’re planning a bar mitzvah, a sweet sixteen party, a quinceañera or any other coming of age party, you might be considering call the celebration off if it seems like you don’t have thousands of dollars to splurge in a posh event. But there is a way to celebrate and stay on a budget.
This does not necessarily mean that you shouldn’t plan a party without keeping in mind its financial impact. Actually, if money is tight, you have to plan and calculate carefully how you invest your money. Even though a rite of passage might be a very sentimental moment for parents, it is important to not skip your important financial goals, such as college savings and retirement.
What’s the best way to budget for a coming-of-age celebration?
Coming of age celebrations are popular all over the world. Of course, the age and the way to celebrate may vary from one culture to another but amongst the most popular are Bar and Bat Mitzvahs, Sweet Sixteens, and Quinceañeras. Needless to say, all of these celebrations are held in a higher regard than a regular birthday party and, therefore, they imply a rather steep price tag.
Planning with anticipation is really important, not too much anticipation and not too little. You can start thinking about the event years in advance to have a good handle on how many people to invite and other details that might not change too drastically right before the event. However, it is important that you leave vendors, suppliers and other miscellaneous costs closer to the date of the event to make sure costs won’t go up too much from your initial budgeting. Nevertheless, if there are things you can purchase in advance or ahead of time you can do it with lots of anticipation. If the costs are mounting, and you are wondering where to pull the extra cash from, look at other discretionary spending items and see where there may be opportunities to reduce spending.
A trick for saving on your venue choice is to schedule the party any day of the week but Saturday, as prices are lower. Package deals can also help you reduce costs and it could save you the trouble of trying to find food, drinks and wait staff.
Avoid the little details that add up such as party favors or invitations and find ways to optimize the way you spend your money. Try creative, DIY alternatives and reduce the high-priced expenses to the minimum. Go for plants instead of flowers, and choose a buffet style meal instead of a several course meal.