How To Plan For Your Future Event When Money Is Tight Right Now

By Marissa Wong, an Event Coordinator at Bill Hansen Catering & Event Production.

It’s no secret that the COVID-19 pandemic has made life difficult for everyone, one way or another. During this time, what is keeping many people sane is dreaming, hoping and planning for better days, when we can all safely leave our homes and get together with our loved ones.

On the other hand, now is the perfect time to plan your future event, whether it be a wedding, birthday party, baby shower, religious celebration or any other social gathering. But what if your finances have been strained by the pandemic, and just thinking of spending extra money on your event is giving you stress?

  1. Have an honest conversation with yourself and your loves ones about your event. Where are you in the planning process? What elements of your event are considered non-negotiable, and where is there some wiggle room if you need to tweak the budget? How soon do you anticipate being able to recoup financially? If your event is not for another year, for example, you may be in a much better financial state by then. Also take into account any extra expenses in your life that you are willing to cut right now, just to ensure you will be able to pay for those details that will make your special day that much better.
  2. Have an honest conversation with your vendors. The event industry is hurting too, but we are all in this together and are more than willing to work on a happy solution with you. Can you work out a payment plan where you pay in smaller increments? Can you postpone your event without penalty? You are not alone. Now is the time to ask.
  3. Speak to all your creditors. Credit card companies, lenders, insurance companies, phone carriers and more all have COVID-19 plans in place. Ask for that payment deferral or price reduction, even if you’re not sure you will need it. It’s better to have it as a safety net just in case.
  4. If you received a stimulus check, save as much as you can. It may sound impossible when you have expenses to pay, but even if you save a fraction of it, it is better than nothing. Put it into a CD or savings account that still earns some interest and is less risky at the moment than other investments. The same goes with any tax refund you may receive.

Most importantly, DON’T LOSE HOPE! This pandemic is certainly unprecedented, but society has emerged from other crises before, and you will too. Take care of your health and the health of your loved ones, and we will all make it out soon.

 

Marissa has worked at Bill Hansen since 2016 within multiple departments. Now as an Event Coordinator, she draws on her Operations and Culinary knowledge to provide an accurate and detailed overview of events to clients.

 

 

Feature Photo by Merari Photography
Photo of Guests by Brandi Toole Photography

 

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