We all have certain days of celebration in our life. One of your son’s birthday is coming soon and you want to throw the best party that he has ever had in the past. Following the next month is your marriage anniversary and you want to gift something valuable to your life partner and make it more special. Your daughter is finally trying the knot and wants to go out for a honeymoon to the Caribbean islands. These are some special moments in life and they happen to be very costly expenditure and you really don’t have any ways to avoid. They all mean a monetary sacrifice and it will definitely put a financial strain on your total income.

When you find yourself in such circumstances, don’t take drastic measures to obtain the amount of money that needs to be spent here. You have ways to cover these expenses and you won’t have to make extreme sacrifices. Your family will be in a healthy household economy if you can make use of the following ideas.

  • Planning Ahead Your Financial Situation

Don’t wait till the last minute to start planning for the upcoming party and its cost. The key is “time management”. If you start making at the very last minute, not only you will miss a lot of opportunities to make it a better party and save money but you will also be making rash decisions that will make you more stressful. If possible, get together with your family members and start planning before a couple of months before the celebration date. You will have things better organized. Make a list of everything that you intend to buy and compare prices in different stores. Go for the lowest cost and quality products and try not to add new things to the list already prepared. You don’t want your budget to exceed at the last minute.

  • Saving Part of Your Income

When you are trying to save money, it should not be thought as a sacrifice or a loss of a percentage of your monthly income. You have to keep a positive attitude for the upcoming event and save more money from your income otherwise you won’t succeed in your plans. Putting apart only 10% of your monthly income for a couple of months will be enough to make the party a big memorable event. Besides, if you are making the right plans and saving money, you will see extra money in your kitty before the final celebration day.

  • Borrowing Money from Friends and Family

If you have your close family members or friends who are willing to contribute towards the upcoming event, don’t hesitate to take their help. You can work out arrangements with them to pay back within a considerable period of time. It will be good to keep everything in writing so that you both know what to expect when you are paying them back. It’s very reassuring to see someone who is close to you and offering a helping hand during your time of need. Make sure that you don’t do anything bad that can break their trust on you.

  • If All Else Fails…

If none of the above options worked for you, there is one last alternative that you might want to give a chance. Take a short term personal loan from a good reputed financial institution. Do the research and compare the prices to see that you get the lowest interest rate. Don’t fall into any kind of scams because it’s not your money and you will have to pay it back. This option can also work for you if you have a large portion and need a little to cover the rest. You finally have ways to celebrate the big upcoming moment and you will feel the happiness in your family members’ eyes.

This entry was posted on Monday, March 3rd, 2008 at 6:06 pm and is filed under Budget, Personal Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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