TomorrowMakers

So you want to have an exciting social life. But will it be as exciting when it leaves a hole in your pocket?

Is a cash crunch affecting your social life? Here’s the solution

You work day and night to excel at work, care for your family, and run the household. You deserve to relax, have fun, and let your hair down once in a while. However, somewhere between treating your friends at a swanky restaurant and going on a luxury vacation, you lose track of your expenditure. That’s when you realise you’ve been spending more on your social life than you can strictly afford.

Who says you can’t have a happening social life on a budget? Here are a few tips to help you save some cash while you enjoy quality time with friends and family. 

1. Set a budget

Before you go on a spending spree, set a budget. Knowing your limits will help you analyse your present expenditure and prepare an action plan. To begin with, take a look at your previous expenditure and find out where you tend to spend most of your hard-earned money. This will put you on guard against being reckless.

Do yourself a favour and don’t aim for the sky when it comes to setting a budget. Choose an achievable and realistic figure. An unrealistic budget will only discourage you, and you might fall back into your present state.

How-you-and-your-family-can-make-the-best-of-your-finances


2. Eat in

Most of us spend a substantial part of our earnings on food – lunch with colleagues, dinner with friends, and ordering in when we feel too lazy to cook. Indian millennials spend 32.7% of their income on ‘entertainment and eating out’ and 21.4% on clothing and accessories, according to a recent study by consulting firm Deloitte India and Retailers Association of India.[1]

If you find yourself spending a large amount on lunches and dinners with friends, it’s time to find another way. Why not invite them over for a meal? Cooking food at home will make a huge difference to your wallet, besides adding a personal touch. If you have a group of friends, you can do it on a rotational basis – you host a lunch this week, someone else hosts a dinner the following week, and so on.

Potluck parties are another easy-on-the-pocket option for socialising. If you’re hosting the potluck party, everyone (including you) will prepare one dish and gather at your home to have a feast.

3. Go local

You probably visit new places with your friends quite frequently. One such trip could cost you a lot, given the expenditure involved – transport, stay, food, shopping etc. Instead, exploring local places would be both fun and economical.

So why not explore your city? Spend an afternoon in a garden across town, visit a historical location, learn about new things on a trip to the museum, try some street food etc. You’ll be surprised to see how little you know about your own city. So pack a bag of snacks and go explore your city!

4. Check out free events

The cultural events you attend may require you to pay for tickets priced at Rs 500 or more. But did you know that a lot of free events take place in your city every day?

While you’re making plans to go out, check your city’s event calendar. There are many websites that list events such as music meets, book-reading sessions, cooking classes, dance workshops, or night bazaars. Such events typically don’t have an entry fee. Even if you are required to buy tickets, they won’t be expensive.

Conclusion

The next time you decide to hang out with your friends, plan well in advance. Keep an eye open for cashbacks, early-bird offers, and group discounts. After all, the key to a healthy and balanced social life lies in creating new experiences rather than in ‘buying’ happiness. Enjoy all that life has to offer without having to burn through your savings.

You work day and night to excel at work, care for your family, and run the household. You deserve to relax, have fun, and let your hair down once in a while. However, somewhere between treating your friends at a swanky restaurant and going on a luxury vacation, you lose track of your expenditure. That’s when you realise you’ve been spending more on your social life than you can strictly afford.

Who says you can’t have a happening social life on a budget? Here are a few tips to help you save some cash while you enjoy quality time with friends and family. 

1. Set a budget

Before you go on a spending spree, set a budget. Knowing your limits will help you analyse your present expenditure and prepare an action plan. To begin with, take a look at your previous expenditure and find out where you tend to spend most of your hard-earned money. This will put you on guard against being reckless.

Do yourself a favour and don’t aim for the sky when it comes to setting a budget. Choose an achievable and realistic figure. An unrealistic budget will only discourage you, and you might fall back into your present state.

How-you-and-your-family-can-make-the-best-of-your-finances


2. Eat in

Most of us spend a substantial part of our earnings on food – lunch with colleagues, dinner with friends, and ordering in when we feel too lazy to cook. Indian millennials spend 32.7% of their income on ‘entertainment and eating out’ and 21.4% on clothing and accessories, according to a recent study by consulting firm Deloitte India and Retailers Association of India.[1]

If you find yourself spending a large amount on lunches and dinners with friends, it’s time to find another way. Why not invite them over for a meal? Cooking food at home will make a huge difference to your wallet, besides adding a personal touch. If you have a group of friends, you can do it on a rotational basis – you host a lunch this week, someone else hosts a dinner the following week, and so on.

Potluck parties are another easy-on-the-pocket option for socialising. If you’re hosting the potluck party, everyone (including you) will prepare one dish and gather at your home to have a feast.

3. Go local

You probably visit new places with your friends quite frequently. One such trip could cost you a lot, given the expenditure involved – transport, stay, food, shopping etc. Instead, exploring local places would be both fun and economical.

So why not explore your city? Spend an afternoon in a garden across town, visit a historical location, learn about new things on a trip to the museum, try some street food etc. You’ll be surprised to see how little you know about your own city. So pack a bag of snacks and go explore your city!

4. Check out free events

The cultural events you attend may require you to pay for tickets priced at Rs 500 or more. But did you know that a lot of free events take place in your city every day?

While you’re making plans to go out, check your city’s event calendar. There are many websites that list events such as music meets, book-reading sessions, cooking classes, dance workshops, or night bazaars. Such events typically don’t have an entry fee. Even if you are required to buy tickets, they won’t be expensive.

Conclusion

The next time you decide to hang out with your friends, plan well in advance. Keep an eye open for cashbacks, early-bird offers, and group discounts. After all, the key to a healthy and balanced social life lies in creating new experiences rather than in ‘buying’ happiness. Enjoy all that life has to offer without having to burn through your savings.