Financial experts offer holiday party budgeting advice

Financial experts suggest that setting clear expectations and budgets can prevent holiday party hosting from causing financial strain, particularly for students and young professionals. Costs for decorations, snacks, and disposable items can impact funds intended for essentials.

Kalee Boisvert, a financial adviser at Raymond James Ltd., recommends researching costs online and using simple tools like a phone’s notes app to track spending categories. Tanya Reynolds, a senior vice-president at MNP, notes that the timing of planning affects budget flexibility, suggesting that long-term planning allows for more savings, whereas last-minute decisions require stricter adherence to available funds. Strategies to manage costs include choosing between sit-down dinners or snack-style gatherings and considering potluck formats to reduce food expenses.