Knowing how to save money is an ongoing struggle my friends and I often encounter. I find that it is easy to lose track of where our money is going as every little thing in life seems to add up. Here is a shortlist of easy money-saving tips to help manage your money a little better on a night out.
Money-Saving Tip #1: Budget Your Social Spending and Plan Ahead
Personally, an area where I spend the most is my social life. Something I have noticed takes all the money from my account the fastest is going out for drinks. Going out with friends gets expensive – you need a ride there and back, cover to get into the bar etc. All of this means that your recent paycheck might disappear just as fast as it appeared.
I’ve gathered my own personal tidbits on having a fun night without breaking the bank. Before the night begins, I budget myself by withdrawing a given amount of money and doing my absolute best at not going over that amount. This method provides a flexible boundary and keeps me aware of my spending throughout the night.
Money-Saving Tip #2: Go the DIY route
Additionally, I try to make my own drinks at home before I head out. Drinks when going out tend to be around $4-$12, depending on how much alcohol is in them and where your favourite spots to go are. For me, this has been one of the best ways to save a few extra bucks.
Money-Saving Tip #3: Research Your Options
I’ve started to look for places that have certain deals or
specials that can save us the extra penny. To keep up to date with deals
happening in my area, I tend to look at their signs when out and about. Some restaurants have extremely affordable food
and drinks and your bill can easily stay under $20 while you have a fun time
with your friends on a fun night out! So, do your research and find a list of places
you can afford. Knowing your options ahead of time will allow you to stay on
budget consistently.
Money Saving Tip #4: Get Smart With Saving
Being able to budget your nights out is great but you should also keep your savings in mind. I try my absolute best to take my paycheck and put aside whatever I find appropriate into my savings. Since my income varies, so does the amount that goes into my savings. The amount you save per paycheck doesn’t always matter as long as you are making sure that you save. Usually, I opt for anywhere between $100-250.
While we cannot avoid our monthly bills, our transit costs and the expense of living, we can do our best to monitor our casual spending. Whether it be our social habits or finding ways to redirect our money, we can find simple and easy ways to save some extra money.