STAYING ON BUDGET
Experts weigh in on how to enjoy New Year’s Eve parties without breaking the bank,
When she was in her 20s, Kristina Partsinevelos felt the majority of her New Year’s Eve plans centred around splurging on some ticketed event at a bar or hotel, and feeling disappointed afterward.
“I’d spend all of this money on a ticket to a fancy event and a new outfit, only to have drinks spilt all over me and be unable to talk to anyone I was with,” says the BNN reporter. Partsinevelos also battled the financial stress of arranging transportation in the cold weather, with cabs charging exorbitant fares.
Now that she’s in her 30s, Partsinevelos has found her best New Year’s Eve parties are spent at a friend’s house that is TTC accessible.
“A home gathering on New Year’s is way more fun, since you can actually spend quality time with those you plan it with and it’s a lot cheaper. Not to mention everyone does notice your outfit,” she adds.
It’s also important not to let any plan add to the financial hangover the holidays can bring, says Holly Perez, consumer money expert and a spokeswoman for Mint.com.
“We see a lot of folks get into a holiday hangover from spending too much money on dining out and bars. New Year’s often plays a big role in that,” says Perez. “Cabs and Uber-ing also add to the expense.”
How can you plan to enjoy a New Year’s dinner out or party without worrying about the financial aftermath?
You need a plan, says Shannon Lee Simmons, Toronto-based financial adviser and founder of the New School of Finance, a fee-only practice focused on a millennial clientele.
“Most times, New Year’s Eve nights get really expensive when there isn’t a plan . . . cabs, cover, etc. By planning ahead, you know what your budget is and you can stick to it.”
And pay for your additional expenses with cash, Simmons adds. “Once it’s gone, playtime is over.” WHAT SHOULD YOU PAY? What’s a reasonable amount to budget a New Year’s night on the town? Here’s what the experts suggest: Event tickets: Be prepared to shell out at least $100 for a New Year’s party at an organized event in the city, says Erin Davis, senior writer for Notable.ca, a website dedicated to covering the happening events in Toronto. “While the entry ticket to a bar or club might range from $25 to $40, you’ll spend way more than that on drinks by the time you leave.” Hotels can offer a more luxurious dinner-and-dance alternative, but be prepared to splurge. Prices can vary from $85 for an early 6 p.m.-dinner seating at the Four Seasons’ Café Boulud to $180 for a prime dinner seating at 8 p.m. at the Ritz Carlton’s Toca Restaurant. Anew outfit: Wearing something you already own is the best way to cut down on outfit costs, which is what Partsinevelos has been doing for years. However, if you must buy something new, try going shopping post-Boxing Day on Dec. 29 and 30, suggests Davis. “Sometimes, it’s nice to have a new outfit to ring in a new year and you can get items at half their regular price.” Babysitters: For parents, finding a reasonably priced babysitter on New Year’s Eve can be harder than catching a cab. Throughout the year, you can hire a babysitter for between $10 to $20 an hour depending on their qualifications. On New Year’s, be prepared for a premium, says Alison Dunbar, founder of the Summerhill Club, a Toronto-based boutique service. “You may have to pay up to $25 and guarantee the hours.” Transportation: Uber may be all the rage for Torontonians these days, but not on New Year’s Eve, when fares can skyrocket based on demand thanks to its surge-pricing policy. Licenced cabs, on the other hand, offer some fare reassurance, but can be extremely difficult to find. Consider the TTC as an alternative, which is free on the 31st after 10 p.m. and runs all night. A bottle of champagne: Visiting the LCBO for a bottle of bubbly can get overwhelming, with prices varying from $22 for a bottle of Moet & Chandon Imperial Champagne to over $3,000 for a vintage Dom Pérignon.
Davis says her favourite is the classic Veuve Clicquot Brut Champagne, which can range from $49 to $69. ANEW YEAR’S EVE IN From shiny decorations to hors d’oeuvres and bubbly, a New Year’s Eve party in your home can end up costing as much as a night out. Experts suggest the following tips for adding glam to your celebration without bulking up the cost: Make a list of what you need in advance. “Keep your shopping list handy at all times and try to pick up one or two items when you can,” says Nick Mastromarco, a Toronto managing director with the Bank of Montreal. “Shopping around for one item at a time will help ensure you don’t get overwhelmed and end up spending more than you need to.” Keep invitations online and send them in advance. “For a full house, you want people to commit to your party before they make other plans,” says Partsinevelos. With a website like PaperlessPost.com, you can create relatively fancy invitations with RSVP functionality at no extra cost. Get creative with mini-food stations. By separating your living space into mini-food stations such as a Caesar bar, nacho bar and grilled cheese station, you can maximize the glam factor of an in-home event, without anyone noticing that all of these stations cost less than $30 each to put together. “It’s all about the presentation,” says Partsinevelos. Get decor at the dollar store. Although venues like Party City provide favours such as hats and streamers, chances are these items will be much cheaper at the dollar store. “Favours are a must for New Year’s house parties,” adds Partsinevelos. Also consider moving Christmas lighting inside for extra decor flair. Contact a local brewery for the booze. Buying beer and wine at traditional outlets can be costly, but microbreweries such as Amsterdam Brewery or Mill Street Brewery can supply you with a 50-litre keg for approximately $200. The same deals can be found from local wineries on cases. It also adds a je ne sais quoi to the event. Entertain with games. There’s no need for a fire-thrower at your house party to add flare. To keep guests entertained, games such as charades, Truth or Dare or Cranium go a long way. After all, more than the booze or food, it’s the company that’s most important for an amazing New Year’s celebration.