On Saving (and Spending) Money

Hello friends!

I’ve been talking to a lot of folks lately about spending money vs. saving money. I plan a lot of parties in my personal life, and that means working with various family members and friends to pull something together. With so many hands, and so many opinions involved, it’s sometimes difficult to come up with a cohesive plan. With family especially, and other people footing the bill (or even part of the bill), its incredibly hard to not feel like you’re stepping on people’s toes.

Money is a sensitive subject, but if you are planning an event, chances are you’re worrying about it. I have a philosophy (and a few tips) about money though, and I figured I’d share.

1) Saving money is great. Saving money should not, however, mean buying the cheapest thing – UNLESS that cheap thing is exactly 100% what you want. There is so much STUFF out there. Some of it is cheap and worth exactly what you paid for it – not much. And some of it is expensive and terrible. BUT! Good deals exist. Give yourself time and do your research. The internet is such a big place. 90% of the time you can find exactly what you want for a price that’s within your budget. And if you’re having trouble, shoot us a line. We (especially Laurie) have super internet research powers.

2) You can save time, or you can save money, but it is incredibly hard to do both! If you start the planning process with a budget, you’re doing great. Have you considered budgeting your time as well? Set some deadlines for yourself that are reasonable. Don’t procrastinate. If you end up with a large to do list and a short time to plan, you will end up spending way more money than you originally anticipated.

3) Unreliability is a time and money waster. Think about your vendors (and potential vendors) and how reliable they are. Have you emailed 5 florists, but only 2 are getting back to you? If you feel that people are wasting your time, it is okay to move along. If you feel ignored before you put money down, chances are you will still feel that way after you book the vendor. Even if a that vendor is incredibly talented – putting money into a service or supplier that is unreliable is not a good investment of your hard-earned scratch.

4) DIY does not always mean saving money, but that is okay! When you DIY, you are creating something custom and completely for you! You don’t have to compromise. So channel your inner Martha Stewart, grab some friends, and get going. But please. Please please please. Give yourself plenty of time. DIY can be time consuming. A good rule of thumb – consider how much time you think it will take you and double it. And then give yourself some breathing room on top of that. And make sure to schedule champagne breaks.

5) It’s okay to be picky! If you are spending money, be it $5 or $500, you deserve to be spending it on something that you want and absolutely LOVE, and not something that you’re settling for because that’s all that is available. Again, budget yourself some time to find the exact pieces and services that you are looking for.

renee sig

Need help planning you’re event? Well, that’s what we’re here for! Check out our website to find out more about our services or shoot us a line at info@favoritedayevents.com

image via Wallace Design House. You can find it here.

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