Is Your Budget Ready For A Season Of Entertaining

The Fourth of July may have come and gone, but that doesn’t mean you’ve closed your doors for the season. There’s still the rest of the summer waiting, and you’ll be hosting another family cookout, dinner party, or casual backyard BBQ before you (or your budget) know it. If you plan on making the most of being a host, your hospitality comes with some hefty bills. Between all the food and drinks, your budget may not be ready for it. If you want to make sure your family gets through a season of entertaining without compromising your finances, you should try out these money-saving tips.

Rank your party “must-haves”

It’s easy to go overboard when you want to make your guests feel welcome. Before you know it, you’re piling on snacks, beverages, and decorations your casual backyard hangout does not need. You’re far more likely to make these unnecessary purchases when you don’t approach your get-together methodically, regardless of how big or small it is.

Take the time to prioritize the party’s “must-haves” or the items you need for your event to happen. While a new outdoor sound systemand patio set will certainly help set the tone of your gathering, these upgrades will waste most (if not all) of your entertaining budget. If you feel like you can afford more than the basic food and drinks, make a wish list of other things you want. Find out what they cost and see if your budget can afford these fun, yet ultimately unnecessary, additions.

Prioritize your entertaining savings

Even the most basic food and drinks can be financially overwhelming if you have a lot of friends or family set to arrive. Catering multiple get-togethers may push your finances to their limit. Avoid this by making dedicated savings for your summertime gatherings. Follow money-saving tips like those you can find here to help eliminate unnecessary spending limiting your ability to host properly. Small sacrifices like skipping takeout and preparing your coffee at home can help boost this fund and take the pressure off your budget.

Know how to fix mistakes

Despite your best-laid plans, you may still drain your entertaining savings and overspend in other areas of your budget. The chances of this happening increase if you don’t factor in the hidden costs of hosting, like broken dishes or damaged patio furniture. If these mix-ups happen and your savings aren’t up to the task, you should look up the benefits of getting an installment loan. Their terms work a little differently than the typical short-term loan because online lenders like MoneyKey breakdown their repayment into several installments. Otherwise, online installment loans work just like any other personal loan bridging the gap between your responsibilities and your savings.

Find savings

Though you may be the host, you can delegate some of your responsibilities to close friends and family. They’ll understand the financial burden of feeding them every week, so they’re unlikely to kick up a fuss if you suggest a potluck where everyone brings a dish and/or a drink to your get-togethers. When you can rely on your guests to bring most of the fixings, you won’t have to worry about making and paying forthe entire meal.

Your goal is to be a gracious host, but that can be a challenge when you’re struggling under the financial burden of your role. Don’t let your responsibility get to your budget. Take these tips into consideration the next time you invite friends and family into your space, and your budget will survive the entertaining season.