Budgeting For Big Family Events by Roni Davis

Planning big family events can be so exciting and something to look forward to, but they can also be the source of a lot of financial stress for some. If you want to have a good time and not worry about all of your spending, here are some helpful tips for budgeting when exciting events are coming up.

Plan Ahead
Don’t let big events catch up to you without planning properly. Planning ahead will help ensure that the necessities in your budget do not have to be sacrificed for big purchases. Planning as early as a year ahead is certainly not unreasonable, and it gives you plenty of time to save. 

Planning ahead doesn’t mean you have to know every details and have everything booked months in advance, but having a general idea of how much you want to spend is important. When you plan early you also get a much better idea of how long it is going to take you to save that money, and you’ll be a lot less pressured to do it. 

Shop Early
Once you have created a solid plan you can begin shopping whenever you find something. This is great for several reasons, the first being that your bank account will take a less severe hit. Spending a lot of time shopping or planning can make your experience during these exciting times miserable. We all want to make momentous moments in our loved ones lives, but it is important not to risk our own mental health or put our own well being at risk. 

Shopping early or throughout the year also allows you to take advantage of sales. Black Friday is one of the biggest shopping days of the year, and you can plan to make purchases for the entire year during these sales. In addition to Black Friday, there are lots of sales that go on all year. When you have an idea of what you want to buy for your loved ones, you can take advantage of these. For example, if you know that your mom loves anything from a specific store, you can stay updated on when they are having big sales to get a good deal on your gift. Being more conscious of shopping throughout the year will help you save in the long run. 

Create Spending Categories
There are a lot of other things you’ll spend more money on as the event draws near. Depending on where you and the rest of your family lives, you may need to budget for traveling. If they live a few hours away, you might be able to make that drive. If you plan on flying or taking a long car ride, you should start saving for that as soon as possible. Likewise, if you are flying it is best to buy your ticket early to get the best deal.

Lastly, you want to make sure you have enough to do everything you want to do with your loved ones pre and post event, but also enjoy the event itself. You can’t always know exactly how much you’re going to spend, which is why overestimating is always better, and when you don’t actually spend that much it will feel like a little reward. 

Veronica Davis is a writer, blogger, and legal assistant operating out of the greater Philadelphia area