Top tips on how to budget your bills with your social life
Spending time with friends and acquaintances is great but it's also one of the easiest ways to spend a lot of money without even noticing it. From drinks, show tickets and dinners, to taxis and late-night takeaways it’s very easy to overspend in a single evening.
According to a study by Strutt & Parker on millennial spending, most people born between 1980 and 2000 are living expensive social lives. In the study, the average millennial was found to be spending £3,016 in nights out, £1,320 on takeaways, £625 on coffee, £550 on gym memberships, £416 on the lottery, £350 on minibreaks and £77 on mobile upgrades a year.
With a little bit of budgeting, plenty could be saved per year to put towards savings or a future deposit. Here are some tips to help you maintain a healthy social life without spending too much...
1 Welcome friends in your home
Going out with friends means spending money, at times more than you would like to. By opening the doors of your home to friends, family and new acquaintances to hang out, play some games or enjoy a few drinks, living on a budget while still enjoying company can become easier every time.
2 Learn to open up and talk about it with friends
All our social lives are made up of real friends we can share anything with. It doesn’t make sense to talk about any topic under the sun but ignore the little matter of money. By talking about it, including spending and how much it’s driving you into debt, you might learn your friends are also going through the same. Money is a huge topic and discussing it with friends strengthens the relationship and regard for one another.
3 Engage in creative socialising
Living under a budget doesn’t mean you can’t enjoy quality time with friends. Do your research well beforehand for happy hours to dine out and find places where discounts on meals and desserts are aplenty. If you must drink, go the student way and drink cocktails with friends before you go out, for instance before leaving for a show.
During movie nights, you might want to purchase tickets online to make the most of discounts which are always floating around. You can even bring a few snacks with you to avoid purchasing anything while there. Also, an alternative to going out might be to create a movie experience at home and invite friends to enjoy a Netflix film, a new release or a classic that you all love.
4 You close friends determine your spending habits
It’s very true that your spending habits are usually the average of your five closest friends. If your close friends are swimming in debt, you’re probably in the same financial situation. If they’re saving and succeeding, you’re probably doing the same. Take a closer look at the people you spend the most time with if you want to live within your budget, avoid debts and become financially successful.