Money Talks Monday (5/21/18)

So often I am asked about pageant expenses and how they are justified considering my platform relates to financial management. For this week’s Money Talks Monday I am going to address pageant budgeting for those interested in taking part in the Miss America Organization who might think it is an unaffordable endeavor for them.

First, when you enter your first local pageant, see what you already have in your closet that will work for interview and talent. Most young women have something that will work from past events or performances for those phases of competition. For many, there is a prom dress or two hanging in the closet that will work for the evening gown competition as well. Remember, it is the fit that matters, not the designer or the price tag. Judges see YOU in the gown, not the receipt.

Once you have won your local title, a budget calendar is imperative. Whether you pay your own expenses or have the help of your local committee, or both, or if you finance competing on your own; a reverse calendar will help you to plan. Immediately after winning sit down with the financial sources and make a solid budget. If your budget is $10,000 or all you have to work with is the wardrobe allowance provided by your local, then make a solid plan for what can be spent as opportunity costs to gain educational funding. If you win a title in January, place items on the calendar as to when you wish to select them, how much you can spend on them, and create deadlines for when they must be paid. Keep in mind things like production time on dresses you may order, the busy schedules of others you may rely on for assistance, and what is most important to you for competition. Once you have set a budget and placed deadlines on the calendar, work towards those deadline understanding that you will NOT exceed the set budget.

It is also very important, no matter what state organization you compete in, to ask your local committee in the initial meeting what sponsorship programs are incentivized by the state organization. Are there ways to pay your pageant expenses through sponsorships? For instance, can you avoid paying for your opening number attire, swimsuit, or fitness attire through securing sponsorships? If so, what are those programs and when are their deadlines. Anything that saves you out-of-pocket expenses is worth pursuing. If you can sell advertisements to get something free, it is always best to try. If you can raise funds and offset a cost, it is always a wise idea. Many fear fundraising, however; it is very confidence-building and only requires asking. Incentivized fundraising is always to your benefit when preparing to compete and you are only selling yourself short not to try it.

Furthermore, local sponsorships give your community a larger buy in to the Miss America Organization; a buy in to your local and state organizations depend on for continued success. Most importantly though, is to immediately make your budget calendar. Doing so allows you to make wise purchases at the right time for yourself, prioritize finances, make wise investments, and establish good financial practices.

There are many young women who think the Miss America title is out of their financial reach, however; with recycling wardrobes, creating a financial timeline, making wise choices, and capitalizing on incentive programs, it is well within each young woman’s grasp. Remember…crowned Saturday, budget calendar Sunday! See you next week for Money Talks Monday!

#money #finance #MissAmerica