Being the host means making room at your table and bringing everyone together—something that’s possible when you are living your best life. So how do you get there? Start with a healthy serving of financial confidence.
Living your best life doesn’t have to be a dream
You’ve always imagined yourself opening your home for get-togethers and planning out seasonal menus. So what’s stopping you from inviting everyone in your group text over for a dinner party this weekend? It probably comes down to how financially confident you are.
Here’s the not-so-secret secret: Throwing a party free from financial stress is about more than hitting up the discount dessert shelf and grabbing the off-brand beverages. It’s all about how owning the enviable role as party-planner extraordinaire fits into your financial picture—your spending and your savings plan. When you have your financial bases covered and can confidently host a dinner or brunch, you’re able to enjoy the moment and live your best life.
It’s when your money management is off that your event can quickly turn into a splurge that leaves a bad taste in your mouth and a dent in your financial confidence.
Conquering financial challenges can be as easy as making a few simple changes. Here are five ways to live your best life while also being the host with the most financial confidence:
- Open separate accounts. By naming them according to what you’re saving for (“Mike’s surprise 40th birthday,” e.g.), you’ll know ahead of time exactly how much you can spend stress-free.
- Save for emergencies. Even though you might be saving for a specific goal, it’s still important to have that financial confidence account in place. Try setting up an automatic transfer so that a portion of your paycheck is whisked into your emergency fund before you even notice it’s gone (say goodbye to feeling torn between social outings and saving!).
- Pay for only what you use. Comb through your bank statement for recurring expenses you signed up for but might have forgotten about. Let’s say four streaming services and two gym memberships is your thing—and you actually use them all. Then have at it. But if you barely remember the last time you watched anything on two of those streaming services, let them go and free up more funds for your party budget.
- Outsource the extras. Planning a bigger celebration? Reach out for help with food, drinks or decorations. You’ll find that many guests will be honored to help create a memorable party; they just need to be asked.
- Focus on more than food. Keeping your guests confined to the dinner table means additional dishes or even courses. Shift the focus to another activity that’s fun for the group, like a board game, or an impromptu dance party to extend the festivities (and the dollars) beyond the main course.