Essay Example. Overspending On Events and Festivals

I do find several events within the scope of my career that is awaiting my attendance. I, however, being challenged with the issues of overspending when caught up with such occasions. Every day, I find myself ready for festivals; it finds me fantastic and joyful. I, however, find myself in low stress and a situation of deep thoughts. I have also realized a drop in work performance, meeting only half of the set goals.

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In addition to this is finding myself in a confining situation that demands additional payment of interests, the reduced buying power for the future, and interference in life due to huge debts that results from overspending. I am obsessed with shopping for flaunting things. The nature of the behavior has turned into an addiction that I need to outdo to reduce the habit of overspending (Reivich and Shatte, 2003). I often am caught in problems related to money that notably I hate.

This psychological effect leading to the over-spending needs to be addressed using several approaches. I should avoid over-indulging myself in as many as stuff that is out of the event budget. More important to note is that I need to avoid this bad habit of imitation that possesses competition spirit to others, and maybe unnecessary as it will always cause spending that is out of the budget (Grant, 2014). I should stop with immediate effect on consuming products and services that I don't need for me to remain looking locked into such a group of individuals' spending life.

Recently, my spending technique changed abruptly to incorporate abstract money while preparing and attending events. I feel little pain when using credit cards in making both payments and bills. I do realize that I wrongly use such cards while not putting the issue of managing money online as the priority of stopping overspending. The much more threatening occasion is when I am caught in a situation of spending loans obtained through credits and eventually thinking that I have a lot of money to use. For events and other occasions, the amount acquires in such ways must be paid back.

I have got more freedom spending through credit cards as much as I want, but always, I have found results to be full of frustrations. Since paying through such cards reduces the pain related to overspending, I need to stop using immediacy. I, however, think that this might pose even much more risk to overspending since cash will always be affordable at hand. Keeping a budget is a problem for me, but I do sit reflecting on my future and the efforts to undertake to address this great challenge.

Despite that I am accompanied by other challenges in time management and not paying attention to little things, I do find overspending as a difficult that has hindered my both career and personal development. I need to address this. Before I am various causal factors to budget misappropriation and over-spending, lack of event planning sits before me when I do organize career-based festivals. I have remained in a situation of planning and spending as I go (Dowson, and Bassett, 2018).

I do think that this is the main challenge that many faces that need to be addressed first before the realization of overspending in events. Not just money that I overspend, but also time. Much has been lost simply because I lacked punctuality in time, but then, I have learned the importance of time management and keeping a diary on development issues.

I had initially thought that the planning of events is easy. What follows is making a few calls aimed at event arrangement (Scotti, 2018). Failure is always my end product I do encounter almost at any period. Planning corporate events takes time, and it is nothing to do in briefs. Planning in a few days before the event date binds one to miss vital things leading to its success. I do realize that being a planner in a profession, I need to start event preparation earlier. This will help me to avoid some of the essential things and event parts that render success, joy, and the serving of its objectives fully.

Early planning of both money and time is a meaningful way I do learn from the key challenges. Before doing this, I need to clearly outline my goals and, eventually, a specific timeline based on the set goals. I do learn that budgeting for events early enough is a useful measure of countering or cutting off both over-spending of money and remaining untimely to event organization and implementation.

To avoid impromptu spending to important sessions of events that appear to be missed, I begin by searching for a venue in the possibility of four to three months before the occasion. Finding a speaker early enough ensures preparedness for the most exact bearable budget that can be a haven for total event implementation. Entertainment is an integral part of event planning and execution that appeals too many. Out of its significant influence to attract multiple individuals to an event, its preparation must be done with appropriateness.

It is essential to avoid traveling inexpensive cabs. Walking is always economical means while at the event venues/ locations. Therefore, I must be concerned about my pocket by merely putting in place commuting expenses that are minimal and in consideration of the only available resources. Before an event, is a group of event attendants who actively participate in its successful implementation. I do realize that planning for catering is essential to outdoing overspending (Graff, 2016).

Stationeries must be planned for and budgeted before the day of the occasion. The unique challenge with this is that budget is set for an approximate number of people who lack the surety of attendance and thus, may lead to more overspending of time and money. Research is essential when initially conducted to determine various issues related to supplies to an event, determination of the much one can affordably be spent on catering, and all other vital activities linked to the event.

Spending over meals in much more expensive hotels and restaurants has increased my spending for events drastically. Even when meals are accommodated with the event budget, I do realize that I am almost addicted to spending more on such premises. To avoid budgets related to such addictive habits, I need to train myself to remain always bound with the event budgets and avoiding engagement with peers who still think restaurants to be the only option for food.

Venue location is determinant to the most likely increment of event budget and needs to be first identified and considerations necessary; that necessitates its occassionalization need to be employed. I need to choose from a variety of locations against their expense costs, choosing only the appropriate venue with less expensive cost, and that serves to meet its intended purpose. Corporate budget chips in first and should be well planned and outlined to counter overspending effectively. It is said that time is money, and thus, failure to consider appropriate budgeting time may result in increased budgeting amount, therefore, overspending.

Some of the things in my event planning appear to be little. Initially, what I have encountered is failure that has geared my option of creating a planning team for the event. It is vital to reduce the risks related to financial misappropriation by self while encouraging a more lenient approach to addressing over-spending. A team builds and reminds of the main focus of the event's Launch. Fixing events during off-seasons, at least, will be an essential measure that I should practice in avoiding similar spending.

During such seasons, prices of goods and services are low, which would render the event budget relatively small, thus not posing the psychological burden of its expensiveness. Real-time monitoring, evaluation, and review of the spreadsheet/ schedule of the budget are vital as it gives one an understanding of budget and remainder in real-time. I get an opportunity to reallocate cash/ my budget when the monitoring and review are effectively administered. In addition to all these, being realistic to the event budget is essential.

I need to set my budget agreed possibly soonest, but being real to the type of the event, I can deliver using minimal resources haven. I need to think of the event objectives and anything crucial that directly give a promised success. Depending on the type of event that is ticketed, I need to define the price of the ticket earlier enough while put into consideration the potential expectations of those to attend the event. This is important since it ensures that attendees feel cared for.

Psychologically, I have lived by being affected a thing normal to many. I mean, pressures from social media and its influence have drastically changed by thinking status that has coerced me to spend more than I do plan for seminars, ceremonies, and festivals. Buying things based on their popularity or when having problems related to emotions and need to get rid of, I must avoid. I should, therefore, avoid such buying done impulsively. I see a new habit being developed of spending characterized by patience and accountability.

In conclusion, budgeting is amongst the critical factors in events organization. Its management, therefore, is highly significant in its organization regardless of the amount of the set budget- massive or small. How to spend budget need to be set in track alongside planning aimed at wise use of money and time. The size of the budget does not determine the success of an event, but planning does. Planning being a determinant factor of success should be carefully got to be done to minimize the risks related to over-spending.

Since petty things or issues do change with abruptness in the planning process, it is recommended that expenses are kept moderate in the sense of catering for future financial emergencies. One should, therefore, try to make utilization of all possible measures that are available to him that are less costly and would interfere with the budget to the negative. One needs to twist his or her thinking over the avoidance of influences that come from peers and social media, leading to being accommodated within flaunt budgeting that always increases spending.

Finally, it is vital to ensure the assessment of the various requests for changes that have a close relationship with festivals and events. This needs to be done by counter-checking the impact of the changes to the budget and one's schedule.

References

Dowson, R., and Bassett, D., 2018. Event planning and management: principles, planning, and practice. Kogan Page Publishers.

Graff, B., 2016. Not buying it: Stop overspending and start raising happier, healthier, more successful kids-seal Press.

Grant, T. (2014). How to keep an event budget in check. https://www.bizjournals.com/bizjournals/how-to/marketing/2014/12/how-to-keep-an-event-budget-in-check.html

Reivich, K., and Shatte, A., 2003. The resilience factor: 7 keys to finding your inner strength and overcoming life's hurdles. Harmony.

Scotti, D. (2018). Many events faced in planning an event and their solutions. https://www.thegreatevent.com/major-challenges-faced-in-planning-an-event-and-their-solutions/