Cinco de Mayo on a Budget

May 05, 2016 : Violeta Stauffer-Rodriguez – Past Contributor

Cinco de Mayo is one of those holidays that everyone loves to celebrate. When it’s a good excuse to drink margaritas or eat guacamole – why not!? But it’s not just a good excuse for a party, it’s a great opportunity to celebrate the impact of Mexican culture and heritage in this country.

Last year we provided some surprising spending facts for Cinco de Mayo, but this year we’ve put together some tips to celebrate Cinco de Mayo on a budget. We hope you can use these valuable tips not only for Cinco de Mayo, but for other family celebrations throughout the year as well.

Establish a budget

If you’re the person in your family who is hosting the celebration, it’s always a good idea to establish a budget. Staying within a specific budget will help you be more organized and not overspend. Use this party budget estimator to help you consider major items like food, drinks, decorations and entertainment. You don’t need to have a big party to set a budget; having a clear idea of what you’d like to spend will prevent you from overspending every time to you plan a party.

Divide and conquer

Ask your friends and family to help you by bringingtheir own contributions to the party. You can have a “Bring Your Own Drink” (BYOD) party or a potluck dinner. Prepare a list of the things that you’d like tohave at the party, and ask your friends and family to bring some of the items on the list. That doesn’t mean that you will not offer something for your guests, but it will help you minimize your costs. In our Latino culture, we love to share, so don’t be shy to ask for help.

Do it yourself

You can prepare some of the dishes at home by following fun recipes, or you can make your own decorations. Check out the Pinterest board for Cinco de Mayo Party ideas from Cathy Murillo, CraftyChica.com that you can do yourself. She has great recommendations from making a piñata, to baking margarita cupcakes.

I hope you have a great time with your family and friends this Cinco de Mayo, and consider these tips if you are planning to host any celebration and you want to stick to a budget. Have fun!

Related Topics

Avatar

Violeta Stauffer-Rodriguez – Past Contributor

Related Resources

Before You Move, Consider Cost of Living…

Dealing with life events, financial stress and planning | H&R Block

Many life events can introduce financial stress. Guest contributor Madeline Cronin discusses how to deal with financial planning through various life stages.

Fourth of July on a Budget – Party Ideas | H&R Block

Host a 4th of July party on a budget with these party ideas from H&R Block! From food to decorations, find creative ways to save money & enjoy the holiday.

New Tax Law Effective Date | H&R Block

When does tax reform take effect? The new tax law passed in 2017, with most provisions going into effect in tax year 2018. Learn more with the experts at H&R Block.