Getting ready to ring in the New Year? It can be fun and festive, but it can also come with a hefty price tag. Research has shown that a couple can easily spend over $200 for one night’s entertainment. That can quickly add up to over 20 percent of your total holiday budget.
If you want to save some money, here are four ideas for New Year’s Eve on a budget.
1. Don’t Go Out
Every bar and nightclub in town know that demand will spike on New Year’s Eve. Prices at many establishments can easily double. Even if they offer a reasonable cover, or an all-inclusive rate, by the time you factor in parking, drinks and other expenses you’re likely to be paying a lot for a night on the town.
Instead, celebrate at home. Invite friends over to celebrate with games, trivia, and custom playlists. Want to save more? Make it BYOB or potluck and let everyone contribute to the evening. If you don’t have enough room at your place, ask if someone else is willing to host and offer to help organize.
You won’t be alone either, 3 out of 4 Americans will be at home watching the ball drop as well.
2. Get the Most Buzz from Your Alcohol
One of the biggest expenses for a New Year’s party is the alcohol. Instead of stocking up on lots of bottles that are likely to remain unopened or half-finished, make a spiked punch (with lower cost alcohol) or make other fun holiday mixers. Want to save on champagne? Try prosecco or other sparkling beverages; they’re just as fizzy and less expensive.
3. Look for Fun and Free Events
Many communities and organizations offer free or low cost events. Look through your local events listing and see if there’s anything fun and quirky that you can do. Take tango lessons, join a meditation group, go ice-skating or take a midnight run. Depending on where you live, the possibilities are endless.
4. Take Time to Reflect
If you don’t want to celebrate, use the New Year as a time to reflect. This can be a chance for you and your family to sit down and plan for the year ahead. Maybe you want to create a budget and set spending goals; maybe you want to get free from debt, or maybe you want to save for a new home.
Whatever you choose to do, plan it out together, and you can ring in a happy new year.
Want to plan your New Year’s without breaking the bank? Take advantage of the Ultimate Holiday Budget Spreadsheet.
This resource is detailed, easy to use and allows you to set a holiday budget that fits your income throughout the season.
Want to create a budget for after the holidays?
Schedule a free counseling session today or call us at 800-920-2262.