How Much Should You Spend on a Party

Life is full of big questions. What’s the meaning of everything? How can I know God? Who should I marry? 

How much should I spend on a party?

Not afraid of tackling the massive money matters, Hope Morning’s Ben McEachen and accountant Pete Burrows tackle this fun financial quandary.

This episode of Money: Faith and Finance podcast investigates the cost of celebrations and whether you can really put a price on a party.

Pete and Ben kick off with discussing the different stages and expectations involved with celebrating birthdays.

Ben is in the world of primary school parties where some parents spend a lot on entertainment and venues, while some continue to go “old school” and have a party at home.

Partly, this movement to shelling out more on external parties is due to families having more entertainment “options” than decades ago, Pete said.

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As kids get older, parties tend to get smaller, Pete pointed out. Less guests can mean less coin. Possibly.

The tension of throwing a party

Beyond birthday parties, Ben and Pete open the door wide to the struggle of stumping up for any part, from a wedding to a wake.

“You get this tension of what you want to do, the kind of occasion you want to have and how many people you want to have there, versus what feels like outside pressure and expectation [of what others are doing],” Ben said.

Pete added: “Parties are not immune from FOMO – fear of missing out.”

But the Penrith accountant was quick to spotlight that higher outlay does not always mean more enjoyment.

“You don’t necessarily need to spend a lot of money to have a good time,” Pete said.

On that note, the Money men recommended thinking through what you believe a party is worth and if you can do justice to a particular celebration, if you don’t spend a lot of money on it.

Your answer will determine how much you spend… and, more importantly, the value you receive from the party. Whether you shell out stacks or not so much.

Listen to the full How Much Should You Spend on a Party episode in the player above or wherever you get your podcasts.