Do you spend lots of money on a night out? The booze, the food, the music, and hanging out with your friends, partner or colleagues after a demanding work-week all sound great, but the reality is that it’s eating away at your savings. In the end, your nights out may become a financial stressor instead of giving you the relief you need. The good news is that it just means you need to get smarter when it comes to spending your money on a night out.
Why you should ease spending lots of money on a night out and start saving
Spending lots of money on a night out will only drain your bank account, especially when you add up the cost of alcohol, entry, late-night snacks, transportation, and so on. In fact, Aussies spend a whopping $4 billion per month on drinks at the bar, restaurant dinners, coffee out, takeaway meals, and gambling. What’s more, while you’re throwing your money around like it’s nothing and think it’s okay because you get some booze and fun in return, you’re actually making the owners and staff of the pubs, bars, cafés, and restaurants richer.
Now, if you don’t think this is fun, then it’s time to start saving. A night out is as good an opportunity to save as any other, like when you’re trying to cut costs on your grocery shopping and utility bills. Remember, you don’t need to spend a lot of money to have a great time. It’s completely possible to go out, have fun, and save money at the same time.
10 best ways to save money on a night out
1. Create a budget and pay in cash
People spend on average $81 on a night out. If you usually spend $100 on your night out, consider cutting it down to $50 and stick to it. Or even better, only take $50 cash with you and leave your credit card at home so you won’t be tempted to pay more. You should budget for the food and drinks, venue entrance fee, transportation, and everything else you plan on doing.
2. Drink and eat before you go out
If you already have some beer, cocktails, wine, or coffee at home, drink a glass before you head out so that you don’t spend much when you’re out. You should also eat beforehand, preferably carbs, so you’ll feel a bit full and not want to eat too much once you go out.
3. Stick to the basics
When choosing what to eat and drink, opt for the basics. For example, order a small entree like a plate of arancini balls rather than a three-tier seafood platter. And as for the drinks, go for the house vodka instead of the Grey Goose.
4. Look out for deals
Some bars or clubs offer a happy hour where you can buy two drinks for the price of one or buy discounted food. They may even put out free food for the occasion. Also keep in mind that a cocktail pitcher is often cheaper than buying individual drinks. The beer on tap is also cheaper than bottled beer.
5. Drink water after alcohol or no alcohol at all
Every time you drink a glass of alcohol, drink a glass of tap water afterwards. Tap water isn’t only free, it’ll also reduce your chances of getting a headache from drinking alcohol. What’s more, drinking alcohol can reduce your stress and worries, make you more friendly and impulsive, give you memory blackouts and affect your ability to process information, all of which could lead you to overspend.
On the other hand, you can just drink water, as it’ll quench your thirst and fill you up quicker. Not drinking alcohol also means you won’t eat stuff you wouldn’t normally touch and you can ride your car back home.
6. Skip the rounds
If someone asks you to buy a round of drinks for the group, say no because you’re trying to save money. Let someone else buy drinks for everyone or just buy a drink for yourself.
7. Get friendly with the staff
If you make friends with the venue staff, they could offer you free or discounted food and drinks. If you’re already friendly with one of the staff members, you can consider asking them for some freebies.
8. Don’t attend nightlife events or bar hop
Tickets to nightlife events like a music event are expensive and eat up the largest share of spend. Going to an event can also spur you to spend more, so go to a bar or restaurant instead. However, don’t bar hop as it’ll cost you more money when it comes to food, drinks, entrance fees, and transportation. Make sure to stay in one place the whole time.
9. Don’t spend on late-night snacks
On the way home, don’t go to a fast-food restaurant like McDonald’s or eat some kebab or sausage roll as they can equal the cost of transportation. If you know you’ll get hungry, prepare snacks at home before you go out so you can eat them when you return.
10. Walk, carpool or take public transport
If the bar or restaurant is close to your home, you can walk to and from the venue instead of driving to save on fuel. If not, you can consider carpooling with a friend or taking public transport such as the bus or train, which are both cheaper than getting a taxi.
Need financial assistance?
After a hard day’s work, you deserve a break but spending more than you can afford on a night out will only lead to financial strain. By following these money-saving tips, you can have a less expensive but still enjoyable night out and your wallet will thank you for it.
Saving money is very important but if you have a planned night out you just can’t miss and don’t have enough cash on hand, we can assist you with a personal loan. Find out more about applying for our products by contacting us today.
