Throwing a budget-friendly party for the New Year celebration is not impossible. With careful planning, you can have a great time with family and friends without going beyond your budget. But the thing is, you need to manage your holiday budget well in order to afford to host a party for the New Year’s celebrations.
According to statistics, almost 3 out of 10 Americans plan to spend more than $1,000 for the holiday season. This is quite a lot of money to spend on gifts, decorations, and a party. But for some, it is okay to spend that much money if it means they will have a memorable time during the holidays.
Unfortunately, some people are not so wise about their finances. They are too blinded by the excitement of the season and their need to make sure that their loved ones will have the best time. They also fail to look a little further into the future to figure out what they will do once the holidays are over. These are the people who go beyond their projected holiday expenses and end up in debt.
Obviously, you do not want to end up in debt. That can quickly crush the joyous feeling during the holiday season. To prolong that feeling, you want to make sure to keep your expenses as low as possible. However, does that mean you should skip the New Year’s party?
Of course not!
Tips to throw a low-cost New Year’s party
There are several ways for you to throw an entertaining and budget-friendly party for the New Year’s Eve. Let us go through them one by one so you can start planning your party.
Do it at home.
First of all, make sure your venue is free. Hold the party at your house. If it is not big enough, move it to the backyard. Not only will the venue be free, you can make use of the items that you already have. Practically everything can be made at home and that will keep the cost significantly low.
Get help from others
Of course, organizing a budget-friendly party at home will be physically and mentally demanding. You have to arrange everything yourself. But then again, you can always ask your family and friends for help. For instance, you can assign things to your guests to bring. Like 3 of them will be assigned to help you with the drinks. The rest will be assigned to bring different kinds of food. Or one will be tasked to take care of the program and prizes. By delegating the tasks, you do not have to exhaust yourself trying to come up with everything that you will need for the party.
Use existing decorations
According to statistics, consumers have spent $89.95 on Christmas decorations this 2017. Obviously, your party will need decorations. Instead of spending more money, you can always use the decorations that you have at home. Concentrate on the areas in your house where the guests will stay – like the living and dining room.
Opt to use reusable dishes
Some party hosts opt to use paper products (plates and cups) to keep the cleanup to a minimum. While this will be easier on your part, it is not always the most cost-efficient means to throw a party. You will be spending more by buying paper plates. For one, you need to buy more than your guests. Some of them usually throw a plate once it is done and get a new one for refills. Not only that, using paper products will be harmful to the environment. So just ask some of your guests to help in the cleanup so you can stick to reusables.
Keep the guest list low
The more people you invite, the harder it will be to succeed in throwing a budget-friendly party. Besides, if you plan to hold it at home, you cannot invite everyone in the neighborhood. Your house might not be big enough or too crowded – and you do not want that. It is better to stick to the people who are close to you. It will not only keep the cost low. The preparations will also be more simple. Best of all, you get more chances of really interacting with your guests. It all works out for everyone.
Know where to buy what you need
Finally, you have to identify the right places for you to buy what you need. Not everything can be found in your house and that is okay. This is why you need to consider buying what you need at the dollar store. Some of the things that you need will only be used in this party so it should be okay to buy the cheaper ones. But if you know that you can use it again, it might be a better idea to buy one with a better quality.
These are only some of the things that you need to remember if you really want to throw a budget-friendly party this New Year.
Tips to start the New Year right
Apart from the way you will celebrate the New Year, it is probably more important for you to know how to start the year right. You do not want all the expenses to end up haunting you in the form of a holiday debt. Fortunately, there are a couple of things that you can do to make sure you can strengthen your finances at the start of the year.
Review your goals last year
Start by looking at your goals last year. What were the goals that you have set for yourself? Why did you choose these goals? More importantly, you need to be honest with yourself regarding the success of each goal. Were you able to successfully meet all the goals or were they forgotten by February?
Identify the mistakes and obstacles of the previous year
In case there are goals that you missed, you need to identify the mistakes and obstacles that led to your failure in meeting them. It might be a mistake made with the household budget or simply case of having no control over your finances. Maybe you had to go through a financial emergency and that forced you to give up the goal. These are important details that you need to identify.
Set up a new plan
Once you have reached this step, you have an idea which goals you need to pursue for the new year and how you can ensure that you will reach them. Set up a new plan to reach your current or new goals. Having goals will help you make better financial decisions. Before you make a purchase or if you get a bonus, you will think about your goals. Hopefully, you will opt for the choice that will bring you closer to your financial goals.
Stick to the plan
Once the plan is in place, you need to make a commitment to stick to it. There will be a lot of things that will keep you from channeling your money towards your goals. You need to be firm in making sure that you will take every small step towards your target for the year. Give yourself some motivation by having milestones that you can celebrate. Once you meet that milestone, you can reward yourself. This should make it easier to work on reaching the next one.