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Managing money for the stag

how to be smart with the stag cash


Costing, valuing & chasing

So you're bestman, once the dust has settled and the responsibility of stag do coordination comes into view one of things that's undoubtedly going to be on your mind is the coordination of stag do finance. Fear not young man, it really doesn't have to be a slippery slope into overdraft and umbrage but it all depends on getting on top of it, and that also means understanding when you're on top and when you're not (more of that later). Ultimately you're investing in an event, both in terms of time and finance, and like many "investments" failing to set it up properly is more likely to result in the potential for stress and loss.

You're well placed with StagWeb in your corner, we look after well over 3000 groups a year so rest assured we know the ins, outs and upsides downs, we'll absolutely put you in the best position. Just have a look at our genuine reviews, here's a recent one ...

stag destination testimonial ... 21 of us had a great time, I would recommend StagWeb's service as they made everything so simple and great value for money. Thanks StagWeb for a fantastic weekend ... stag location testimonial

Simon Hall, Birmingham

Stag do budgets - setting & sticking

Everyone will appreciate a steer at the earliest opportunity, so try to do that as soon as you can. The quicker you get a grip on this the sooner you'll get a useful indication of who's up for it and that will make it easier throughout the booking process. If you're just having the one stag do you're going to have to try and pitch the price for group as a whole and if the chosen group are lifelong friends, or at least friends made in different areas of life (eg family, sports, work, neighbours, etc), there's a good chance there'll be differences in income brackets, lifestyle and circumstances. Making all-comers feel comfortable is without doubt part of the job, so a degree of financial sensitivity should be applied, and that can be as simple as showing the value.

Coverage - what you need to / should pre arrange

Any decent stag do needs top content and whilst spontaneity has its place, expecting everything to be run smoothly without any structure is undeniably wishful thinking. Don't forget you've also got the boys to think about, they're not going to be too impressed with winging it when you've had weeks if not months to set something up. Put yourself in the groom's position, he’ll certainly be unimpressed if you take a flyer on his big send off. So there are at least 3 crucial elements to pre-arrange for any successfully formatted weekend:

  1. accommodation
  2. activities
  3. nightlife

All of these have sub-elements for example what kind of accommodation, what is the minimum standard, what facilities would be preferable eg bar, spa, what room types. For that activities do you want one or several, do you want premium experiences or low budget options so you can get more in. For the nightlife, it’s quite a few hours and your job is to call the tune from the first pint to the last, so the likelihood is you’ll need to arrange a smooth passage of stimulating venues and possibilities. Past the big three you can add extras below to make the trip smoother but you need to consider the budget.

  1. transport
  2. guides
  3. insurance

You might also want to consider the lads all chipping in for the groom. Talk to us about offers and budgets, it’s our job to make it work.

Prepayments - stag do risks, certainties & guarantees

So at some point you’re going to have to take that jump and start booking things up. If you’re doing it yourself in the first instance you’re going to have to vet the venues for suitability, reputation, credit worthiness, insurance etc then you’re going to have to make series of reservations and deposits, all with variable terms, booking conditions and cancellation policies. Great if you’re uber efficient, well prepared and have the time.

But there are other options. With StagWeb for example you can pay a small stag do deposit to secure everything (ie a single payment) and have your itinerary taken care of in one place with one point of contact, one call etc. At StagWeb we also guarantee deposits so if you have to cancel for any reason (at least 5 weeks in advance of the event) we keep your deposit open for another use, we even make it transferable, just ask us about it. We don’t need final numbers until 5 weeks beforehand and only then do you make your final reservation, we amend numbers to suit so you’re not paying one penny more than necessary. Plus if people drop out afterwards you can usually replace them free of charge! Now that’s what we call client focused service.

One of the many exceptional things about StagWeb is our financial protection, it’s absolutely the 100% best in the business. We pay thousands of pounds a year in our insurances and financial insurance protection. We also submit quarterly financial reports to ABTA so we’re professionally monitored at all times. As far as safe bets go we reckon we’re the best in the market and our commitments stand toe to toe with the travel industry leaders. Another is our credit worthiness, just check us out and do check out others, you’ll see we’re top of the heap.

Stag do value - the difference between price & worth

Here's the thing, not all things are equal, not all services are equal and not all recommendations are equal. That's as true for stag dos as it is for anything else.

Make sure you tune into the value of the service/s you’re booking / using and put that at the forefront of your decision making, just like your groom put you at the forefront of all his friends in organising this.

Here’s a quick review list to think about - kudos, clarity, content, contingency, conditions & cash. If all these aren’t satisfied then it might be time to rethink it.

Stag do money management

Paying deposits, chasing monies, money in and money out, getting the party started requires a commitment which you're just going to have to make. You have to make the lead decisions, you have to chase the boys up and you have to deliver. Past that point though you’re on the home straight.

One of the trickiest challenges you’ll face is coordinating commitment from the others stags, but if you follow the approach above it should fall nicely into place.

In our case we’re here to help you every step of the way and we’ve got lots of ways to help you chase up and prepare the lads, from invitations to regular payment reminders. Just compare our service and you’ll see why we’re better, if in doubt talk to us.

Individual payment schemes - a bestman bounce out

You will hear of individual payment schemes where you can get everyone to pay for themselves directly but to our mind they are not great for anybody, it may feel like you’re relieving yourself of hassle but in actual fact you’re likely to be making more and not just for yourself.  Before you make any commitment in the first instance look at the payment terms, in the second look at the cancellation terms, in the third look at how far you have to pay in advance, in the fourth think about it commercially – what if numbers change, what if you need variations, are there minimum requirements, the list goes on. In our opinion there is great potential to lose out here. The gain for these schemes is to get the details of all attendees and remarket to them – makes commercial sense but to our mind it’s a poor substitute for client focused event management. Be the “best man” and step up to this, take control of the attendees (we’ll help) don’t outsource it and let the cards fall where they may – come on that’s not really being a bestman is it.

If you like the thought of individual payments and you don’t fancy online banking why not get everybody to send cheques to you and send them in to us at the same time.

At a glance, areas where you can slip up:

  • going at it half hearted
  • not putting a decent itinerary together
  • poor decision making
  • unclear bookings
  • booking the wrong date
  • booking the wrong numbers
  • booking under punitive terms
  • late cancellations
  • not keeping in touch with the guys and giving them enough notice a key times
  • booking with companies who don't offer recognised, industry leading financial protection
  • booking with anyone that doesn't have a decent credit rating
  • booking with anyone that doesn't have the right licenses or levels of insurance

StagWeb's last thought...

When it comes to stag do finance StagWeb really are a standard bearing source of reference. We’ve sent away well over 250,000 clients and managed millions of pounds worth of client money in the last decade ensuring they receive the best value and service in the business!

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