Tuesday, April 19, 2011

How to Throw a Shower on a Budget: Setting a Budget

Now that we have made a plan, it is time to get down to the budget of the party.

2. Set a budget

In order to set a budget for a party you need to look at two things. You can’t just start aimlessly and set a random number.

First, you need to look at how much you can afford to spend on this. If you only have $50 a month that is discretionary you can’t set your budget at $200…it has to fit in with what you can afford. Make sense?

Next you need to refer to your plan, step #1, and figure out what you think it will cost. If you end up over budget on paper it is easy to go back and slash things out and adjust your expectations.

Lastly, take a trip to the atm and get out cash. Yep. I can’t stress the benefit of carrying cash enough. When I planned out this shower, I got an envelope and labeled it “Kimery’s Shower” and I put the allotted cash and the budget/planning list in it. I carried it aorund in my wallet for a few months. As I purchased things, I took money out of the envelope and crossed the items bought off of the list.

It's a good time to practice of self discipline...

Tomorrow I will be back with Step #3: Dare to be Different


Phoebe said...

I don't know if your church observes Lent but with your discipline, you'd do great!! LOL
You do great with a cash only budget!!

Lee Ann

Katie said...

Lee Ann,

No, we don't.

Now, I am not even close to a truly disciplined person. LOL. Being disciplined with money just comes easier than being disciplined with other things for me.

Misty said...

This is definitely one of the things that I "lack" when it comes to planning... My discipline and time management could use some help. :)

Phoebe said...

YOu are right on the money for suggesting using cash vs debit/credit cards. I just got back from buying some small plates and bowls for a fund raiser at work and if I had cash, I would have been more careful with the funds!! Keep up the good work.

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