I love when family and friends come to visit and since I live in a large city, I like to plan fun activities that everyone will enjoy. To lessen the impact on my wallet, I create a budget just for hosting guests. This allows me to enjoy quality time with my company without the burden of paying for the visit long after they are gone. Here are some steps to follow to set up a house guest budget of your own.

Set a predetermined amount. Determine how much money in total you are willing to spend. If you are setting aside money from the household budget, decide how much you are willing to devote to guests and related activities.

Create a list of categories. Think of areas that represent (at a high level) all of the things you need to do before your guests arrive or while they are visiting. Consider including the following categories: gifts, meals, entertainment, transportation, etc.

Assign dollar amounts. Estimate high when deciding what amount to put next to each item. Build in a cushion for each category and create a line item like “other” to ensure you are covered for any expenses you may have forgotten.

Check it twice. Take into account all of the activities you have planned. Include the funds necessary to treat your guests to an event (if you so choose). Factor paying your guest’s way in addition to paying your family’s admission costs. Don’t forget to include extra groceries and meals you may eat outside of the home.

Monitor your progress. Once your guests arrive, keep track of how you are doing. Did you spend too much on the concert last night? If so, consider playing board games or renting a movie in lieu of another night on the town. As the visit progresses, reassess your plans and activities to make sure you stay within your budget.

Reward yourself. Assess your accomplishments at the end of the visit. If you did not go over budget and have a few bucks remaining, treat yourself in some small way. Prepare your guests a special dessert on their last night in town or save the funds to take your family out to dinner or the movies.

More tips for hosting house guests…