Celebrations like birthdays and holidays are often expensive, especially if you want to make it a special time for your family. Luckily, taking some time now can save money later. Having a budget will help you prepare while ensuring you don’t spend more than you can.
Take Out a Personal Loan
It might not seem like a great idea to take out a personal loan to fund a special celebration, however when you think of it in more detail, people do it all the time. Paying for large scale things like weddings, first birthday parties, and even funerals can require the type of cash that many people simply do not have on hand. You can review a guide that explains the pros and cons of taking out a personal loan to cover these expenses.
A loan that is distributed by an online lender can be in an amount that feels appropriate and manageable to you. It is not uncommon for people to utilize other methods of payment in tandem with a personal loan to spread out the costs. If you are someone who knows they can manage the loan repayment easily, then the on-time, or even in full payments after the fact can have a favorable effect on your credit score.
Use Credit Cards
Credit cards can be a trap if you spend without a purpose, but they can also help you save money if you use them right. Many credit cards offer points for travel or purchases in specific categories. If your credit card is offering rewards for purchases at big box retailers this month, it could be a great time to stock up on paper plates, even if you aren’t holding a celebration until later in the year. You can use your rewards points for certain products, gift cards, or even cash back. If you get cash back at certain stores, make sure this is activated, even if you don’t shop at those stores frequently.
Every little bit can help. Of course, it is possible to use your rewards for any purchase you like but using them for a specific celebration or purpose can help you be more mindful about your spending. Putting them toward a certain purpose also lets you be more intentional and can give your budget a bit of breathing room.
Cut Back in Other Areas
If you can’t or don’t want to make money online or pick up a part time job to increase your income, you must find ways to cut back to increase your ability to save. Consider ways you can reduce how much you need to spend. If you are holding a birthday party, you might be able to make your own decorations instead of purchasing a kit.
You can save money on gifts by making your own as well. This helps you show others how you appreciate them, and it means you won’t spend more than you intend. If you are getting gifts for kids, shop around at yard sales, online marketplaces, and thrift shops. You could find something for much less than you would pay for it new.
Come Up with a List to Stay Organized
One of the ways successful event planners stay organized is by creating and operating off of a list. Make a list of the things you will need for your celebration, and list everything in order of importance. This helps you figure out what you need to save for first, and this prevents you from splurging on things that are not necessary.
If you are hosting, you will need to pay attention to food, like a cake or special meal. If you will be traveling, you will need to include the cost of airfare or gas to get there. Don’t forget about gifts, even if you do not yet know what you want to purchase. Budgeting a set amount means you can spend the funds without feeling guilty. Keep your list updated as things change.
