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Party on a Budget: Making June Birthdays Unforgettable Without Breaking the Bank!

June 26, 2024 Hey, party planners! If you’re anything like us, June is both the most exciting and financially challenging month of the year. Cory and I celebrate our kids' birthdays this month, and it usually leaves our wallets crying for help. But this year, with the guidance of our Summit Financial Coach, we decided to turn things around. Here’s how we planned amazing birthday parties without the financial hangover. First, let's talk about our usual method: winging it! We’d go with a “you got this” approach, splitting expenses randomly. This method typically led us to overspend, pushing us to rely on credit cards. Not ideal. While we’ve never thrown extravagant parties, we always ensured our kids had unlimited fun, which often meant unlimited expenses. This year, we took a different route. We sat down with our coach to discuss budgeting and planning. The key takeaway: Understanding the difference between needs and wants. Needs are essentials like housing, utilities, transportation and food. Wants are non-essentials like dining out, fancy clothes, and, yes, those pricey birthday parties.We were introduced to the Budget Worksheet through Summit’s website under Money Smarts > Worksheets. Fair warning: It requires some effort, but it's totally worth it! Cory and I spent over an hour pulling together all our financial statements to get a clear picture of our current financial state. This clarity allowed us to plan a realistic budget for our kids' parties. For our 4-year-old, who loves the outdoors, pizza and birthday cake, we planned a simple yet delightful party at the park. We calculated the costs for food cake, and a special birthday outfit. The result? A small family gathering on a beautiful Friday, where our little one could play to his heart’s content. He loved every moment, and so did our pockets! Our Party-Planning Strategy: 1. Complete your monthly budget. List all your monthly expenses (your needs).
2. Do some math: Subtract your total monthly expenses from your income (take-home pay) to find your surplus.
3. Prioritize financial goals. Allocate a portion of your surplus to savings or paying off debt.
4. Budget for wants. Use the remaining surplus for your non-essential desires (in our case, the birthday party).
5. Stick to the budget. Discipline is key!!! Following the budget will make you proud.
6. Celebrate and share. Enjoy the party and feel great about your financial discipline! Key Takeaways: Be realistic. Plan within your means. Get creative. Find fun, cost-effective ways to celebrate. Involve the family. Simple gatherings can be just as memorable. Planning parties on a budget doesn’t mean sacrificing fun. With some thoughtful planning and a clear budget, you can create unforgettable moments without financial stress. So, go ahead, plan that budget-friendly party, have a blast and brag about your savvy planning skills! Je’Lisa Lott You might also be interested in As we wrap up our Project Money experience, we want to take a moment to reflect on how far we’ve come—emotionally and financially—and share our journey... This past week, our family participated in a door and patio decorating contest hosted by our apartment management company. The grand prize? A $200 gift... Over the past year, my family has been making deliberate choices to save money and focus on our financial goals. One of those decisions recently involved... As we approach the end of our journey with the Project Money program, Cory and I (Je’Lisa) took some time to reflect on how we can apply the financial... Every now and then, life throws a financial curveball—in this case, it was a pleasant surprise. We received a refund from our gap insurance since our car... This week, we faced an unexpected hiccup with our insurance: A doctor charged us for a 2023 appointment because they had outdated information. It was frustrating... Thanksgiving is a time for gratitude, family and of course, a feast. But let’s be honest, hosting a traditional Thanksgiving can come with a hefty price... This weekend, we decided to take a quick overnight trip to Minnesota. It was to record some music and spend time with friends, but we were determined to... This month marked a milestone for our family: It was our first month without a car payment after refinancing our vehicle through Summit Credit Union. With...