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Bachelor Party Budgeting

February 24, 2012 Bachelor Party, Best Man, The Groom

Sometimes things get tough.  Planning a big party with friends can be costly and such costs can add up quickly.  This is an event that requires you to go outside your normal monthly fixed costs – rent, groceries, car insurance, gas, etc.  What if you don’t sell enough tickets in time? What if unexpected costs come up? What if someone backs out last minute? Financial questions as such can hinder your ability to plan the big bachelor party you envisioned for your buddy.  We’ve got a few tips for you to consider, before you start taking up extra hours at work or cutting back on your personal necessities.

 Do Your Homework:

Know what is available, see if you can get it cheaper and if not, determine what can be expendable.  This allows you to prioritize what is considered to be ‘important’ and what can be extracted, should you need to cut back on some costs.  You want to plan a huge party, but you wouldn’t want the event to go above and beyond your allowance.  Say you’re thinking about getting bottle service at a club and limo transportation. You may want to think about cutting back on the bottle service and just have your buddies come along with you and The Groom via limo.  This way, your guests can pay for their own beverages rather than have the bottle service, yet they can enjoy the luxury and comfort of going to the club and riding home in a limo altogether, not worrying about parking or appointing anyone to be designated driver.

 Hire An Event Planner:

 Sometimes, especially when you’re on a budget, an event planner can come in handy because he or she can work within the parameters of your budget.  They would have the expertise and resources to plan an event as cost-efficient as possible.  Your event planner can still arrange for quality entertainment and work with you on how you can include specific and unique features you want at a lower cost.

 Plot Your Budget:

 In order for a successful party to be held, you need to know where your funds are going.  From catering, to buying cases of beer, to decorations, you need to set up a spreadsheet of the costs needed for each item.  List the items vertically and next to each one write its quantity and price.  From there you can determine how much you can charge your friends and family members for tickets and figure out what can be considered expendable, should costs get too high.

 Know Your Guests:

Ensure your guests are fully aware of any costs they may need to pay.  The costs can include purchasing a ticket, to meals, to parking.  Have your guests be aware that once they purchase a ticket and they later decide that they no longer wish to attend, they need to sell it to someone else, rather than returning their ticket to you and asking for money back.  Your guests ideally would be your best friends and close relatives like a brother or first cousin and they normally wouldn’t have a problem supporting you with the event by purchasing a ticket.  However, once you invite those outside your circle of friends, acquaintances or other friends of The Groom you hardly know, make sure the rules of purchasing tickets and what each ticket can offer guests is made very clear.

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