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Our Debt Free Family

Commit. Plan. Take action.

August Debt Update: Stalled

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<p>We take a look at our finances pretty regularly, but I have to be honest, we've slacked off big time this summer. I am not sure if it is the move, the inconsistency with work, or slipping back into bad spending habits, but we're definitely not where we'd thought we'd be after a year of paying off debt. Here's the latest debt update with detailed numbers...</p>::Pexels

We take a look at our finances pretty regularly, but I have to be honest, we’ve slacked off big time this summer. I am not sure if it is the move, the inconsistency with work, or slipping back into bad spending habits, but we’re definitely not where we’d thought we’d be after a year of paying off debt. Here’s the latest debt update with detailed numbers…

One Year Debt Update

Right now, we are feeling pretty stalled. A lot has happened in the last five months that has hindered our progress a bit.

As you know, last September, I detailed my debt and broke it down. When tallied, it came to $67,999 in total debt for our family. I’m happy to report that almost a year later, we have made some progress. Last year, the numbers looked like this…

  • My Car Amount Owed: $23,051
  • Drew’s Car Amount Owed: $1,092
  • Credit Card Total For Both: $1,748
  • Student Loans (Mine): $23,852
  • Matco/Snap On: $9,534
  • Amount in Collections: $8,722

Here are the updated dollar amounts for August 2019…

  • My Car Amount Owed: $21,333
  • Drew’s Car Amount Owed: $0
  • Credit Card Total For Both: $483
  • Student Loans (Mine): $24,002
  • Matco/Snap On: $7,543
  • Amount in Collections: $679

That brings the total amount we owe down to $54,040. That is nearly $14,000 paid off in a year (not too bad). Compared to this time last year, that is definitely an improvement. Some of our biggest “wins” have been paying off Drew’s car, paying down credit card debt, and taking care of items in collections.

You’ll notice my student loan amount owed has actually gone up a bit. I asked for forbearance on the loans for a few months this year as we transitioned from North Carolina to Georgia. I will be back on track to repaying those in a short amount of time.

The move impacted our ability to attack our debt the way we’ve been wanting to, there’s no doubt about that. With deposits, the costs of moving trucks, and getting used to a new city, we fell behind on our goals a bit.

Getting Back on Track

Both of us are working on budgeting and finding a way to get back on track with our debt freedom goals. First, we’ve had to tap into our emergency fund, which needs to be padded once again. This will be taken care of this month.

Next, we are planning to find a way to cut costs and make more money. As mentioned in previous posts, I’ve been finding ways to make money on the side by selling things and grabbing a freelance gig here and there. Drew has also been looking for additional side work as he feels his way through establishing his own business.

Finally, we HAVE to sit down and work out a budget. We’ve gotten way off track with our current spending and need to refocus. Stay tuned for an update on our new budget later this month!

Readers, where do you stand with your debt freedom progress? I’d love to hear about it in the comments below!

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Can DebtGuru Help You Pay Off Your Debt?

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<p>Thinking about seeking help to get out of debt? You wouldn’t be the first person to do so. Financial counselors have been around for ages but what about the new-age advisors, you know, the ones you find online?</p>::Pexels
Thinking about seeking help to get out of debt? You wouldn’t be the first person to do so. Financial counselors have been around for ages but what about the new-age advisors, you know, the ones you find online?

Now you can virtually make any transaction you could possibly think of online, including consolidating and paying off your debts. DebtGuru.com is a prime example of that.

About DebtGuru

DebtGuru was founded in 1998. Unlike many other debt consolidation and debt relief companies, DebtGuru is completely nonprofit. The company aims to help people pay off and pay down their debt without having to file for bankruptcy or take out a loan to consolidate. DebtGuru’s program does not require any collateral and has already helped thousands of people pay off their debt.

A DebtGuru Review

DebtGuru has been helping people carve their way to financial freedom for almost two decades now. The company is able to provide a ton of great, free resources to its customer base to help them achieve their financial goals.

Getting Started With DebtGuru

To begin with, everyone (no matter who you are) is able to get a free evaluation of your finances by a DebtGuru counselor. The assessment of your finances only takes about 15 minutes and then a DebtGuru counselor provides a small session.

The session provided by the company will let you know if DebtGuru is needed for your particular situation. If the counselor believes that you need debt management assistance then you will move forward with further DebtGuru services, including setting up and reducing debt payment plans, creating a budget and payment reminders.

Interested in paying off debt? You may also enjoy these articles: 

Benefits of DebtGuru

Getting started and on your way to financial freedom is fairly easy, so that’s a great perk about DebtGuru. Their debt management program claims to help people reduce monthly payments by 25 to 50 percent and get rid of fees for being late or over limit. The DebtGuru counselors also help stop the collection calls all together. DebtGuru also claims to have a fantastic relationship with creditors, which helps DebtGuru customers get the hep they need.

Outside of the actual help you’ll receive through the DebtGuru program, you will also be provided with a number of resources. Through the program you will have dozens of articles and other financial tools at your service (not to mention a debt counselor).

Disadvantages of DebtGuru

DebtGuru does have a monthly fee of $39, so it will add another monthly bill. This may be a turn-off for many people trying to save more money to pay off debt. Also, while customers can cancel at any time, the company’s website isn’t too clear as to whether or not there will be a cancellation fee, or any other fee for that matter. It also isn’t quite clear as to whether or not the company will give you your money back if the program does not suite you.

The Takeaway

Credit counseling services like what DebtGuru has to offer can help you save 10 to 15 percent of your income when paying off debt. So, if you have a bit of debt to pay off you may think about checking out DebtGuru. After all, the initial evaluation is free so what have you got to lose?

Want to speak to a DebtGuru counselor? Check out the site here.

Photo: Debt.org

Teaching Kids To Budget

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Why is it important to teach our children to budget?

It will be a necessity as a child grows to understand the difference between a NEED and a WANT.

A need is something we cannot live without.

A need is food and clothing.

A want is something we can live without.

A want is things that we perhaps do to relax such as spending money on websites such as 888sportsusa.

It is ok for a child to understanding that it is ok to buy things that are a want but that needs must have priority in spending.

Children are not born with an understand of what we need vs want or what a budget is.

We have to take to teach them properly about money.

Play money games at an early age.

There are many toy store sets with play money or small denomination of change work just as well.

If you chose to use real money in teaching your children have them save it in a safe place between play to understand that it is something special and worth not losing.

A piggy bank or ornamental box is a good place for any change.

Buying and selling toys or cookies for play helps the child establish a stronghold on the understanding of what we have to use money for in everyday life.

Have the child do chores or help older ones to establish a bank of there own money for things that they want to spend money on.

Some parents will give the allocated money for toys to the child and allow them to spend it either all in one sitting or in multiple times through a set time frame.

By not adding to the child’s money for there toys the child will learn what the family had budgeted towards their toys.

A trick my mother started at an early age was giving each of us a part of the shopping list and then showing us the proper way to tackle it.

Needs first.

Only after those needs are met can the wants be thought of.

She showed us how to look at sales, the cost per oz of an item, and name brand vs off brand.

The height of an item or location such as an endcap can have a large bearing on the cost of an item.

Teaching your children to budget will help them to look at you with more respect when you say that something is not a priority, despite how much they “want” it.

 

6 Red Flags to Look Out For When Buying a Car

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Buying a car is a very subjective experience. Some love nothing more than to wander the aisles of a car lot, evaluating potential options. Others, on the other hand, are brought to the lot kicking and screaming. Some who desperately need a new car will put it off for as long as possible simply because they are uncomfortable with the whole process, from picking out the best car, to negotiating an ideal price, to solving a financing solution. Wherever you land on this spectrum, there are red flags to look for when buying a car. As long as you’re aware of these warning signs, you’ll be fine. Don’t know what to be out on the lookout for? Read on for these top six read flags.

<p>Buying a car is a very subjective experience. Some love nothing more than to wander the aisles of a car lot, evaluating potential options. Others, on the other hand, are brought to the lot kicking and screaming. Some who desperately need a new car will put it off for as long as possible simply because they are uncomfortable with the whole process, from picking out the best car, to negotiating an ideal price, to solving a financing solution. Wherever you land on this spectrum, there are red flags to look for when buying a car. As long as you’re aware of these warning signs, you’ll be fine. Don’t know what to be out on the lookout for? Read on for these top six read flags.</p>::Pexels

  1. What’s That Funky Smell?

Chances are, you’ve at one point spilled something in your car that left behind a bad smell. Hopefully it was only temporary. If you’re buying a used car, you’ve probably accepted the fact that finding a car with that highly coveted new car smell is out of the question. However, a car with “funk in the trunk” is something experts will always tell you to avoid. As this article from HowStuffWorks.com notes, “Avoid used cars with musty, moldy or mildew-y interiors as this is a sign of possible flood damage. When a car suffers flood damage, most insurance companies consider it a total loss because the water damages almost every system, from mechanical to electrical to even—you smelled it—the carpet.” Of course, the smell itself could be a deterrent enough, but the reasoning behind is much more ominous.

  1. Mismatched Paint

All used cars have a history and, unfortunately, accidents are often a part of this record. But it’s how the former owner handled the accident that matters. If he or she tried to save money by going to an unauthorized or disreputable company to fix it, the signs could very well be paint that isn’t matching on various parts of the car. Not only is this unsightly but it’s an indication that the former owner likely didn’t take very good care of this vehicle. In FSBO transactions, always ask for supporting maintenance documentation from reputable service centers like Midas.

  1. Sketchy Sellers

If you’re looking at a car that’s for sale by owner (FSBO) but this particular person is ultra-controlling about how far you can take the car for a test drive or what you can touch, be very wary. And if he or she rides along with you but doesn’t want you to test things like air conditioning or other features, run—don’t walk—in the other direction. You’re often better off using a reputable company like Autonation that certifies their pre-owned vehicles to be in like-new condition. Looking for a new car instead? Check out this Audi dealership. Autonation has Audi dealerships from Arizona to Wyoming, so you can count on a safe seller no matter where you live.

  1. An Unrealistically Low Price

The Kelley Blue Book is there for a reason, as it gives you an idea of how much a used car you’re looking at should be worth. Of course, a car that’s priced sky high for its mileage and current condition is not a good sign, but a car that’s priced incredibly low should also be considered a red flag. The person is obviously trying to unload it quickly, so there is probably something under the hood that isn’t quite right. Be skeptical and consider just skipping this one altogether—especially if the title is missing.

<p>The Kelley Blue Book is there for a reason, as it gives you an idea of how much a used car you’re looking at should be worth. Of course, a car that’s priced sky high for its mileage and current condition is not a good sign, but a car that’s priced incredibly low should also be considered a red flag. The person is obviously trying to unload it quickly, so there is probably something under the hood that isn’t quite right. Be skeptical and consider just skipping this one altogether—especially if the title is missing.</p>::Pexels

  1. A Change in Online Price

If a seller or car dealership decides to start from scratch with pricing when you come in showing them your online quote, this is a huge red flag. Trust us, this will happen a lot. Our advice is walk away immediately. You might be able to eventually get them to stick to the online quote but it will be an exhausting experience. As USA Today’s Adam Shell noted of his experience, “The new price was higher than the initial online quote. But instead of making a beeline for the door (which might have immediately given me fresh leverage in the negotiations), I opted to fight it out, steeling myself for what turned out to be a time-consuming, mind-numbing and emotionally draining encounter.” What they might use against the online quote is fine print, which is even sketchier when all is said and done.

  1. You’re Bounced Around

We get that you might have to deal with the sales person and the finance person when buying a car, but if you’re bounced around to four or five different people throughout the process, chances are you’re going to end up with a bad deal. The reason being is that part of each of their jobs is to get a bit more money out of you, so if there are a lot of people working with you, well… you do the math.

…

 

Buying a car doesn’t have to be an exhausting and frustrating experience. Watch out for these red flags. If you manage to avoid them, you’ll do great.

Setting a New Budget With Variable Income

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<p>If you’ve been following the blog recently, you know my husband got a new job. That’s great news for us. Two incomes are always better than one. However, that also means we need to go about setting a new budget.</p>::Pexels

If you’ve been following the blog recently, you know my husband got a new job. That’s great news for us. Two incomes are always better than one. However, that also means we need to go about setting a new budget.

Why We Are Setting a New Budget

So, obviously, the main reason for setting a new budget is that we now have more money coming in month-to-month. We also have different bills, goals, and needs than we did even four months ago. Because of this, it is crucial for us to sit down and really take a look at our finances.

My income has been steady for several years and will still be leaned on to pay the majority of our bills. This means his new income will be used to do things we’ve been putting off, stashing away money for savings, and paying off debt (yay). The biggest challenge with setting a new budget is that his monthly payments will vary.

How to Set a New Budget on a Variable Income

Because we have both had pretty set incomes in the past, budgeting on a variable income is a little different from what we are used to. So, I did some searching to see what some of the best tips for budgeting on a variable income are. The personal finance blog Money Crashers had some pretty great tips in a guide on their website. Here’s what we are taking away to use in our own budgeting method…

  1. Add up your non-discretionary spending, meaning the bills you have to pay every single month. Usually, this includes things like housing, utilities, groceries, transportation, insurance, debt payments, child care if you have kids, and taxes. Normally, if you are being paid a variable income, you will have to set aside money for taxes on your own, so it is a good thing to keep in mind.
  2. Take a stab at calculating your discretionary spending (the little things). This can be a little harder. Discretionary spending includes everything from holiday spending around Christmas to those tiny day-to-day debits like your morning coffee. You can take a stab at getting a solid number on this by looking at the spending on your bank accounts and credit cards. Formalize the difference between discretionary and non-discretionary expenses for your family. Know what is necessary and what is not.
  3. Then calculate the average monthly income you’ll have from the variable source. Generally, there will be the lowest amount per month you can expect from a job with a variable income. Then there will be higher amounts that may come in. Consider the higher-paid months windfalls and nothing more. Base your budget on the lower amount you may be paid. This way you won’t be caught by surprise if you don’t get paid as much as you’d hope.
  4. Set aside savings first. Once you have all of that figured out, be sure you set aside some savings as soon as your check from the variable income job hits. This money will serve as something to fall back on during the months you don’t make as much or the months where your expenses are higher (i.e. during the holidays).

Readers, have you had to set a budget on a variable income? How did you go about doing it? 

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Big News From Our Family!

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<p>Over the past few months, a lot of the blog posts on Our Debt Free Family have been hinting at big changes coming our way. My husband got a new job that he is able to work from home and we've been reworking our budget. We've been doing all of this in preparation for a huge change coming our way. So, what's the big news?</p>::Pexels

Over the past few months, a lot of the blog posts on Our Debt Free Family have been hinting at big changes coming our way. My husband got a new job that he is able to work from home and we’ve been reworking our budget. We’ve been doing all of this in preparation for a huge change coming our way. So, what’s the big news?

*Cue drum roll*

Our Big News

We are expecting our first child!

<p>This week, we learned we are expecting a baby girl. Both of us are overjoyed with the idea of growing our little family. The first few months of the pregnancy we kept the news quiet between us and a few close family and friends. I was deathly ill for about eight weeks straight and it was exhausting. But, now that the first trimester (and then some) has passed, we are ready to share the news and get down to business. Now that we know we are expecting a girl, it feels like there are a million and one things to do. People have asked about a registry already, we are looking at expenses and budgeting changes, and things we need to get done before the little one arrives. Not only do we need to get a nursery ready and get everything baby will need, but there are things like getting the car registered and updating our work computers that need to be done as well.</p>::Pexels

This week, we learned we are expecting a baby girl. Both of us are overjoyed with the idea of growing our little family. The first few months of the pregnancy we kept the news quiet between us and a few close family and friends. I was deathly ill for about eight weeks straight and it was exhausting. But, now that the first trimester (and then some) has passed, we are ready to share the news and get down to business.

Now that we know we are expecting a girl, it feels like there are a million and one things to do. People have asked about a registry already, we are looking at expenses and budgeting changes, and things we need to get done before the little one arrives. Not only do we need to get a nursery ready and get everything baby will need, but there are things like getting the car registered and updating our work computers that need to be done as well.

Financial Thoughts

So, that brings me to the financial aspect of our big news…

We have been putting our heads together trying to think about what our major priorities should be as September 2 approaches. Here are some of the bigger expenses and things we are hoping to accomplish over the next four and a half months.

  • Health insurance: I had to purchase health insurance earlier this year to pay for prenatal care. We did not qualify for Medicaid. This is an extra $278 bill each month. We will also need to purchase health coverage for the little one once she arrives.
  • Car repair and taxes: We recently spent a little over $600 on replacing all four tires on our vehicle. That was desperately needed. There are also a few more things we need to get done with the car, including paying our taxes here in North Carolina and getting our plates switched over from Georgia by July.

  • Work computers: Because we are both working from home, we are in need of new computers. Both of the laptops we’ve been working on are clinging on for dear life and need to be retired for travel computers. We will be looking at getting desktops for our in-home office.

More Financial Thoughts

  • Getaway: Next week, we will be going on one of two getaways we have planned before the baby arrives. We won’t be doing much (if any) travel during the first year of her life, so we want to be sure we have two nice trips together before then. The other trip will be planned before July 22, which is my medical cut-off date for travel.
  • Nursery: Of course, we will also be planning out and buying things for the nursery. Much of this will be bought for us. We both have large families that are looking forward to the new addition. It is the first grandchild and the first great-grandchild for much of our family. We are also applying for any and all freebies we possibly can. For example, the insurance company is going to cover the cost of a breast pump (yay). We also started our registry through Amazon, which will send a free Welcome Box with some baby items.

Getting Ready

Looking at that list above is a little daunting when you think about it all fitting into the next four and a half months. However, neither of us has any doubt it is doable with good planning. Most of all, we are looking forward to the arrival of our baby girl. I can’t wait to keep you updated on this process and how we handle everything each step of the way.

Readers, how did you prepare for your first child? What tips do you have to share?

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Five Big Challenges that Novice CFD traders face

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Newcomers face several challenges in the market at the beginning of their trading life. So, if they want to stay in the market, they need to learn how to deal with these. Otherwise, it would be tough for them to trade properly. Bear in mind, if you have sound knowledge about the market, trading will become easy for you. So, you have to know about the basic and technical factors so that you do not face any complications to take the right measures.  [Read more…]

Paying Off Debt vs Saving: Which Is Better?

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<p>A few weeks ago we talked about how you don't necessarily have to give up investing to further your debt freedom progress. Another hot debate in the finance community is paying off debt vs saving. Should you be stacking up savings if you haven't paid off all your debt? Dave Ramsey would say no. Get your $1,000 emergency fund in place and focus on your debt payoff efforts. But which is really better?</p>::Pexels

A few weeks ago we talked about how you don’t necessarily have to give up investing to further your debt freedom progress. Another hot debate in the finance community is paying off debt vs saving. Should you be stacking up savings if you haven’t paid off all your debt? Dave Ramsey would say no. Get your $1,000 emergency fund in place and focus on your debt payoff efforts. But which is really better?

Paying Off Debt vs Saving

First, let’s talk about why this is such a hot debate. If you’re an avid Dave Ramsey follower, you know paying off debt to be the number one priority as far as your finances go. This is because once all of your debts have been paid, you will have more money freed up to put towards savings, retirement, and investments.

However, this simply doesn’t work for everyone. I don’t know about you, but $1,000 isn’t enough to cover a huge emergency in my life. With a new addition on the way, I’ve been feeling the push to save more than ever. Of course, part of that is definitely getting some things paid off to have more cash flow in general, but actually saving plays a role too.

So, which is truly better? There is honestly a case for both.

The Case for Saving

When it comes to deciding whether you should be saving or paying off debt, there is a good case for saving money. The more cash you have to fall back on in the event of an emergency or major life change, the less likely you will be to rack up more debt. For example, if you have a few month’s expenses set aside, you are less likely to lean on your credit card in hard times.

Similarly, if you are expecting a big change like we are, saving more money may seem appealing. Again, you will have more money stashed away for when things change for you. In our case, having a baby is a huge change, especially from a financial standpoint. When you are facing something like that, stashing away some extra savings is never a bad idea.

The Case for Paying Off Debt

While you are saving, you could certainly be paying off debt with that money. Many people in the debt-free community would argue that savings could be saving you money on interest, etc. That is absolutely true, but it provides less peace of mind and immediate cash on hand in the event you run into a financial emergency. That being said, there is a case for paying off debt instead.

When you focus on paying off debt vs saving you will be able to free up more money on a month-to-month basis. For example, if you are focused on paying off your car, paying that off can free up some serious cash monthly. In our case, paying off our car would mean an extra $488 per month. That would make a huge difference. Arguably, once you pay off these bigger bills, you can start saving more quickly. You can also free up more money to put towards other debts, making even more money available month-to-month.

Bottom Line: Do What’s Best for Your Family

Whether you are on team savings or debt payoff, you should always make whatever decision is best for your family. There is no one-size-fits-all for finance. Personal finance is just that: personal. If having more savings in the bank decreases your anxiety when it comes to your financial situation, stash away some extra money. At the same time, if making progress on your debt freedom goals provides you with more peace, focus on that.

Readers, what side of the fence are you on when it comes to paying off debt vs saving?

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Travel on a Budget: How to Explore the World Without Breaking the Bank

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Travel on a Budget: How To Explore the World Without Breaking the Bank

<p>Traveling the world can be a life-changing experience, but it can also be expensive. With careful planning and a bit of creativity, it's possible to explore new places without breaking the bank. Whether you're a student on a budget, want to take a family vacation, or simply looking to save money on your next adventure, there are plenty of ways to travel on a budget.</p>::Pexels

 

Traveling the world can be a life-changing experience, but it can also be expensive. With careful planning and a bit of creativity, it’s possible to explore new places without breaking the bank. Whether you’re a student on a budget, want to take a family vacation, or simply looking to save money on your next adventure, there are plenty of ways to travel on a budget.

In this guide, we’ll share nine tips and tricks for saving money on travel so you can make the most of your trip without overspending.

 

Plan ahead

Planning ahead is crucial for traveling on a budget. If possible, planning 6 to 12 months in advance should give you plenty of time to do your research, create a travel budget, and start saving. This will also give you time to book transportation and accommodations at reasonable prices and plan out your itinerary with budget-friendly activities and attractions.

 

Choose an inexpensive destination

One of the easiest ways to save money on travel is to choose a destination that is less expensive to get to and stay in. For example, traveling to Southeast Asia or Central America can be much more affordable than traveling to Europe or North America. If you’re staying within the States, consider a lesser known destination to save money on airfare. Or maybe there’s a nearby city or town you can reach by car or train to avoid flying altogether.

 

Consider travel peak time

Another way to save money is to travel during the off-season or shoulder season when prices are lower. This may mean traveling during the winter months or in the spring or fall when there are fewer tourists. However, keep in mind local school holiday breaks — when many families hit the road — to avoid crowds and the prices that come with them.

Stay in budget-friendly accommodations

Accommodations can be a major expense when traveling, but staying in budget-friendly accommodations such as hostels or Airbnbs can help you save money. If you’re traveling solo or with other adults, hostels are often much cheaper than hotels and can be a great way to meet other travelers. Airbnb can also be a great option if you want to stay in a local neighborhood and have access to a kitchen — especially if you’ll be traveling with kids.

 

Cook your own meals

Eating out at restaurants can be expensive, especially if you’re traveling for an extended period of time. To save money, consider cooking your own meals instead. This can be done in hostels or Airbnbs with a kitchen, or you can opt for street food or local markets. If cooking every single meal isn’t feasible, try to cook just one meal a day (breakfast is generally easy).

 

Use public transportation

Transportation is another major expense when traveling, but using public transportation or walking instead of taking taxis or renting a car can help you save money. Public transportation is often much cheaper than taxis and can give you a chance to see more of the area and interact with locals.

 

Look for free activities and attractions

There are likely plenty of free activities and attractions to enjoy in your destination. Look for free walking tours, museums with free admission days, or local parks, beaches, and gardens to explore. Go on a hike, enjoy some free live music, peruse a local street fair, or play a game of cards while you people-watch. Free activities are often the best way to immerse yourself in the local culture.

 

Use travel rewards points or credit card rewards

If you have a travel rewards credit card, you may be able to use your points to cover some of your expenses, such as flights or hotels. This can be a great way to save money on travel — so long as you manage your credit card responsibly, of course.

Be flexible

Finally, staying open to different travel dates, destinations, and modes of transportation can help you find the best deals and save money on your trip. Keep an eye out for last-minute deals or flash sales on flights or hotels, and be willing to adjust your itinerary to take advantage of these deals. This includes staying flexible even while you’re on your trip. For example, if a certain attraction or activity is too expensive, you might look for a cheaper alternative or skip it altogether.

Conclusion

With these tips and tricks for traveling on a budget in mind, it’s time to start planning your next adventure. Remember, you don’t have to break the bank to see the world and create unforgettable memories. With a little bit of creativity and some careful planning, you can explore new places and have an amazing time without overspending. So, what are you waiting for? Start packing your bags and get ready for an adventure of a lifetime!

 

 

How To Plan a Party in 2023 Without Breaking the Bank

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How To Plan a Party in 2023 Without Breaking the Bank

<p>Planning a party can be a lot of fun, but it can also be expensive. Between the food, decorations, and entertainment, costs can quickly add up and break the bank. However, throwing a memorable party doesn't have to come at a high price tag. With some creativity, resourcefulness, and strategic planning, it's possible to plan a fun and festive party that won't leave you in debt. In this blog post, we'll share some tips and tricks on planning a party on a budget.</p>::Pexels

 

Planning a party can be a lot of fun, but it can also be expensive. Between the food, decorations, and entertainment, costs can quickly add up and break the bank. However, throwing a memorable party doesn’t have to come at a high price tag. With some creativity, resourcefulness, and strategic planning, it’s possible to plan a fun and festive party that won’t leave you in debt. In this blog post, we’ll share some tips and tricks on planning a party on a budget.

 

Be thoughtful when making the guestlist

When planning a party, it’s crucial to carefully consider who to invite, especially if you’re working with a tight budget. Firstly, keep in mind the size of your venue, as it may limit how many guests you can invite. Secondly, think about the purpose of your party and invite specific groups of people accordingly. If it’s a birthday party for your child, invite their classmates and close family members. 

 

If it’s a casual get-together, you can be more flexible with your guest list. Thirdly, consider your budget and don’t feel pressured to invite everyone. The more guests you invite, the more food, drinks, and supplies you’ll need, which can add up quickly. Lastly, prioritize your closest friends and family members, as they are the ones who mean the most to you. By being thoughtful when making your guest list, you can ensure that your party is enjoyable, memorable, and within your budget.

 

Cut corners with decorations (literally)

Print-outs are a cost-effective and customizable way to add a personal touch to your party decorations. From banners to signs to table decorations, there are print-outs available for every occasion. You can find a variety of printables online for free or at a low cost and customize them to fit your party theme by using different colors and fonts. Print-outs are also reusable, unlike store-bought decorations that are often one-time use. They eliminate the need for disposable decorations that end up in landfills and contribute to a more sustainable environment. 

 

You can create beautiful and unique decorations without spending too much money. So, next time you’re planning a party, try printouts and see how they can transform your space into a festive and personalized celebration.

 

Take invitations into your own hands

Making your own party decorations is a cost-effective and fun way to add a personal touch to your celebration. You can use various materials like paper, fabric, or ribbon to create unique decorations that reflect your personality and taste. Making your own decorations is often more affordable than buying pre-made decorations and reduces the need for disposable decorations that end up in landfills. 

 

It also allows you to involve your family and friends in the party planning process and make it a fun DIY project. So why not give it a try at your next party and see how your creativity and imagination can transform your space into a festive and unique celebration?

 

Recycle past party themes

Recycling past party themes and decorations can help you create an affordable and sustainable celebration. To do this, you can mix and match decorations from different parties, repurpose old decorations, and get crafty with materials you already have at home. First, choose a theme for your party and gather decorations from past parties that fit the theme. By mixing and matching these decorations, you can create a unique and personalized look that doesn’t cost much. 

 

You can also repurpose old decorations, such as using Christmas lights to create a romantic ambiance for a Valentine’s Day dinner or using party hats as centerpieces for a baby shower. If you’re feeling creative, consider making your own decorations using materials you already have at home. You could create a DIY photo booth backdrop using old bed sheets or make your own party favors using leftover ribbon and wrapping paper. 

 

Recycling past party themes and decorations helps you reduce waste and saves you money. So, the next time you plan a party, consider recycling decorations from past celebrations and getting creative with what you have.

 

Choose the time wisely

Choosing the right time for a party is crucial to ensure that your guests are satisfied with the food and drinks you serve. Consider scheduling an afternoon party between 2 pm and 5 pm to serve light finger foods and drinks. Hosting an evening party after 7 pm allows you to serve light dinner options and drinks. Brunch is another option between 10 am and 1 pm to serve breakfast and lunch options. By scheduling your party outside of traditional meal times, you can offer light and delicious options without needing a heavy dinner. Choose a time that will allow you to serve food and drinks that your guests will love, and remember, timing is key to hosting a successful party.

 

DO THE MEAL MATH

Planning a party on a budget requires figuring out the least amount you can spend to feed the entire party. This involves making a list of the types of food you want to serve and the number of guests you’ll be feeding. Research prices at different grocery stores and online retailers to find the best deals on the items you need. 

 

Calculate the cost per serving for each item by dividing the total cost by the number of servings it provides. Add up the cost per serving for each item to determine the total cost of the food. If the total cost exceeds your budget, consider adjusting the menu or looking for ways to spend less, like buying in bulk or purchasing generic brands. Don’t forget to factor in the cost of drinks, snacks, and any other items you’ll be serving. Plan for leftovers to get the most out of your food budget. 

 

When planning a party on a budget, pizza is one of the most cost-efficient food options as you can purchase it in large quantities, customized to fit different tastes, and you can calculate exactly how many to make or buy using an online pizza calculator.

 

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