Hitting happy hour, or a new hot spot for dinner can be a great way to usher in the weekend. But it also can be a strain on your savings. Maintaining a budget doesn’t mean you have to sacrifice your identity or your social life. From your friends at Camino Federal Credit Union, here are some savvy ways you can stretch your dollars to both build up a savings, and have a fun night on the town.
Divvy Up Your Money
This system literally puts your money, where your mouth is. It’s a cash-only approach. Every Sunday evening, before a new week starts, pull out all the cash you estimate you will need for the week. Split the money evenly between seven envelopes, one for each day. You should factor in how much you need each day for food, your morning coffee, gas and anything additional. If you run out of money one day then you have to think about which days you can afford to forgo coffee so you can have a cocktail on Friday night. Stick with this cash only approach, and do not go to the bank to withdraw more, unless it’s an emergency. Everything else stays in your savings account.
Make a Date with Netflix
Socializing is fun. But it adds up! Let’s say you go out to the bar with your friends every Friday and Saturday night, and you take turns buying rounds. You pay your bar tab without really looking, but then at the end of the month you are shocked that you didn’t save anything. An average bar tab is $55 dollars, including tips. When you factor in taxis and Uber, you’re nights out are costing you nearly $1000 a month. Staying in, with fewer trips out, can really help you build up a bankroll.
Activate Your Social Life
Stuff your savings and slim your stomach by encouraging your friends to be more active. Take a hike or a trip to the beach for a bonfire. Even a visit to the museum, or to the coffee shop for an Americano and nice walk, can keep you engaged with your friends. It’s inexpensive and fun! If you belong to a gym, consider that a mostly free activity for the month. You aren’t spending any more money after your monthly fee.
By wisely planning out your schedule and your money, you will start seeing your money grow. Our friendly advice might just make you wealthier and healthier!
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