Maybe you’ve made it a goal to save more and spend less but you don’t want to entirely give up having a social life or hanging out with friends. Here are some tips for spending less when going out.
SET BUDGET
When creating your monthly budget, you should set aside some money to be used for going out. This money then needs to be allocated for each separate activity. For example, if you are going to the movies, you should give yourself an evening budget that will cover the ticket and concessions. Once that’s spent, you’ll be done for the night. Just remember, if going out is important to you, you may need to make other cuts in your budget in order to afford it.
TALK TO FRIENDS
Let your friends in on your financial goals. Tell them you’d still like to go out to dinner, but you’ll probably skip out on the drinks afterwards. Chances are that they’ll understand or maybe they’ll even have the same goals as you.
ALTERNATIVE IDEAS
When planning activities, are there other options out there? Instead of going to a movie, is there something you can rent or borrow? Instead of going out to eat, can you gather at someone’s house and cook? This will allow you to spend time with your friends without breaking the bank.
EAT BEFORE YOU LEAVE
A great way to save money when you go out is to eat before you leave the house. This will help prevent spontaneous food purchases and help you stick to your budget. On average, when eating out, you can plan on spending around $13 compared to about $4 for food you buy at the groery store.
