Are you thinking about co-hosting a party? It’s a smart move. Party planning with other co-hosts means you have more people to brainstorm with, share responsibilities with, and split the bill with.
As the saying goes “teamwork makes the dream work.”
But how do you co-host a party? How should you manage shared money and stay within your budget?
You’ve come to the right place.
This article is your go-to guide for party planning, with a strong emphasis on how to collect, manage and spend money with your fellow co-hosts.
Whether you’re planning a Super Bowl party, a birthday shindig, your best friend’s bridal shower, or a budget-friendly party, this blog has something for you.
Keep reading to discover:
- 9 tips if you co-host a party this year
- How to set a party budget and split the bill
- How to use Braid Money Pools to collect, manage, and spend money for everything on your party to-do list
- Party etiquette guidelines if you need to ask your guests to contribute
Ready to set up a free money pool for you and your co-hosts? Click here to get started!
9 party planning tips for you and your co-hosts
Is this your first time co-hosting a party? Are you looking for an easy way to share the expenses?
Here are nine steps you should take when party planning with others. Discuss them with your co-hosts or better yet, share this article with them.
Together, you can create a party your guests will thoroughly enjoy.
1. Define the purpose of your party
Come on. That’s easy. The baby shower is for the first-time mom. The birthday party is for someone’s birthday. Right?
Sort of. To throw a party that resonates with your guests, get crystal clear on your party’s purpose.
Maybe the first-time mom has been trying to get pregnant for years. Therefore, you’re not just throwing a party for all things baby. You’re celebrating the fact that dreams come true.
Maybe your friend’s birthday isn’t about his age as much as the strength and courage he demonstrated throughout a rough year.
Once you have your party’s purpose, it’s easier to choose the theme, location, decor, cake, or games accordingly.
2. Figure out the basics
Before you and your co-hosts put your inner party planners to work, lay down the basics. That includes things like:
- Date
- Guest count
- Type of party (casual brunch, formal sit-down dinner, barbecue at a local park, etc.)
- Budget
- Location or venue
- Gift for the guest of honor
- Menu
- Music or entertainment, if any
- Catering, if any
- Flowers/decor, if any
- Party favors, if any
When working out the basics, remember to keep your guest of honor in mind and cater to their tastes and preferences.
For example, if you’re co-hosting a party for a shy introvert, they may not want to party all afternoon; they may feel better with a brief brunch celebration.
A Hawaiian-themed party might not land well for someone who hates the beach.
By keeping your guest of honor front and center, you lay the foundation for a party that’s sure to celebrate and please them.
3. Decide on the party budget
There are several different ways to work out your budget. Often, this overlaps with Step #2 (Figure out the basics). Take a look.
Take your “basics” and estimate their overall cost. To figure this out, you might decide to jump to Step #5 (Give everyone clear tasks). This way, each person can research how much their individual task will cost, and together, you can create an accurate picture of the party budget.
If the total starts to get too high, you can always go back to the basics and see where you can be savvier.
The second way to decide on a budget is to set a cost per guest and multiply that by your estimated guest count.
For example, if the cost is $25 per person and you're expected to host 20 people, the party budget is $500. You would then split the party budget among the co-hosts (more on that below).
From there, you can decide how much to spend on different basic categories: venue, restaurant, DJ, entertainment, etc.
4. Decide how to divide party costs with your co-hosts
How should you divvy up the party expenses?
If all co-hosts have similar incomes and circumstances, splitting the costs evenly is probably the fairest division.
But if incomes vary across, you might decide that certain co-hosts should only contribute what they can. You may also choose to lower the overall party budget so everyone feels good about their contributions.
If someone’s in a bind and can’t put any money towards the party, that’s okay. There are many valuable ways for them to pitch in, too.
For example, instead of making a financial contribution, let them take on other key tasks.
These can include pre-party cleaning, decorating, cooking, baking, designing invitations, brainstorming games, or acting as the liaison for DJs, catering companies, rental services, etc.
Finally, if one co-host offers to have the party at their place, the others might be encouraged to contribute more to the overall pool.
Split party expenses with your co-hosts by starting a Braid Money Pool, click here to learn more.
5. Give everyone clear tasks (hint: play to everyone’s talents)
One of the beautiful things about co-hosting a party is that everyone shares the load.
Once you figure out the party basics and budget, create a list of all the tasks that need to be done and let your fellow co-hosts pick their task(s).
Common tasks include:
- Contacting and securing venues, catering, bounce houses, etc.
- Designing and sending invitations
- Collecting RSVPs
- Choosing the menu and food arrangements
- Choosing desserts and ordering the cake, etc.
- Purchasing beverages
- Working with a florist or purchasing flowers
- Choosing and putting together party favors
If people don't have a preference, assign tasks that allow each person to shine. For example:
- The fantastic baker can create the birthday cake of dreams
- The artistic co-host can design the invitations and address the envelopes
- The well-connected friend can network with local venues to secure the best deal
- Are you good with numbers? Start a Braid Money Pool and keep the party budget in good standing
The importance of delegating party tasks cannot be understated. Everyone knows exactly what’s expected of them and this prevents confusion.
6. Start your Braid Money Pool for party expenses
Braid Money Pools are ideal when you co-host a party. Here’s how they work.
A Braid Money Pool is a free shared wallet where you and your fellow co-hosts collect, manage, and spend party money together.
Once you set one up (it only takes a few minutes), everyone can put money into the pool using your customizable pool link. It’s free and they only need their debit cards.
The party money remains in the money pool until you need to spend it on party supplies, vendor payments, venue deposits, etc.
You can invite co-hosts to join the pool, too. Once they do, you can assign them permissions so they can track and spend money with you.
Co-hosts love that party money stays in a shared wallet and doesn’t mix with their own money.
This makes it so much easier to share spending with your fellow co-hosts while staying within budget.
Start your Braid Money Pool today!
7. Pay for every party expense directly from your pool
Every pool comes with a free Braid debit card which you can use everywhere Visa is accepted.
With this card, you can pay for party expenses right from the pool. You never need to transfer pool money to your bank account to spend it.
As other co-hosts join the pool, you can assign them as admin and set spending permissions and limits. This allows them to make purchases with you.
You can see every transaction in the pool and easily keep track of spending and stay within budget.
Did we mention it’s free?
There are no transaction fees, overdraft fees, or monthly fees. With the Braid card, you can spend as much or as little of the pooled money as you need and never pay any fees.
8. Send out invitations and collect RSVPs
You can’t have a party without people so remember to send out the invitations!
Whether you use traditional invitations or send everyone a message over text or social media, remember to clearly state each co-host’s name.
When stating the RSVP date, ask guests to RSVP to one specific co-host, not to all of them.
This ensures that you have an exact headcount leading up to the party and can plan accordingly.
Invitations also double as a place to ask guests to pitch in. Because this can be a controversial topic, we explore tactful ways to tackle it below.
9. Assign day-of tasks
When the big day arrives, make sure you and the other co-hosts know exactly what their responsibilities are.
Who’s the official “Guest Greeter”? Who refills the food trays? Who helps the party move seamlessly from beginning to end?
Decide day-of tasks beforehand so your guests feel comfortable from start to finish.
Create a free Braid Money Pool for your party budget here.
How to be an amazing co-host if your party budget is low
A successful party doesn’t have to break the bank. You can wow your guests even if your party budget is limited.
Create a celebration your guests will enjoy with these budget-friendly ideas:
- Keep your guest list small
- Host the party at your place
- Create a collaborative Spotify playlist so guests can add their favorite songs and create a fun atmosphere with you
- Offer one signature drink or cocktail, rather than purchasing a variety of wines, liquor, and beer
- Let guests know exactly what you’re offering in case they want to bring something to add to the festivities
- Party before or after mealtime to save on food expenses
- Opt for low-cost, high-volume foods, like homemade pizza, pasta, chili, stews, etc.
- Save money by sending out Potluck, BYOB, or “Going Dutch” invitations (see below for more)
Party Etiquette: how to ask guests to pitch in without contributing money
With inflation at an all-time high, hosts and guests alike know how expensive it can be to pull off a party. But that doesn't mean you have to cancel the celebrations.
There are other ways to ask guests to pitch in so you can lower the party budget, and you can use your invitation to make your requests.
For example, you can say:
- I’m throwing a potluck party. Could you bring a dish to share?
- Here’s what I’m providing. Feel free to bring anything else!
- For food and drink, we’re “Going Dutch” or “This is a Dutch Treat Party! Bring your favorite dish and drinks. Can’t wait to see you there!” (Going Dutch is when everyone pays for their food or drink at a party.)
There are so many advantages to Going Dutch, throwing a potluck, or asking guests to BYOB.
For one thing, everyone gets to enjoy exactly what they like. For another thing, co-hosts can concentrate the party budget on the venue, entertainment, the guest of honor’s gift, etc.
Party etiquette: Is it okay to host a party and ask the guests to pay?
If you co-host a party, you agree to help pay for it. But is it okay to ask your guests to pay, too?
It’s not as uncommon as you think. However, before you ask people to pay up, ask yourself the following questions:
- If the party plans are overly ambitious, are there ways to lower your expenses so guests don't have to pay?
- Will my guests have just as much fun at a lower-budget party?
- Are my guests in a position to pay me right now?
If you believe your guests would be happy to put something toward the party, here’s how they can do that quickly and easily.
How do you pay a co-host?
If you’re asking guests to pay toward the party, send them your pool link. It’s the quickest, easiest way to collect money without a hassle.
What’s a pool link? It’s simple. Once you set up your money pool, you can create a customizable link for it.
You can personalize the pool link with a photo and a short description, explaining what their contributions are going to be used for..
It’s fast, easy, and perfect for contributing party money.
Once your pool link is ready, send it to your guests via text, email, or social media. It doesn’t matter how you share it. Pool links can go anywhere.
Once your guests receive the link, they can put money in the pool with their debit cards. They don’t need to download the Braid app to pay and it doesn’t cost them anything to contribute.
Parties are a fun way to bring people together and have a great time. Whether you and your fellow co-hosts are paying for the party or asking guests to pitch in, use Braid Money Pools.
They simplify party planning and help you have a great time, which is exactly what parties are for.
