As an extroverted student (disclaimer I am 21+) who loves to go out and socialize, I sometimes feel caught between a rock and a hard place; should I have fun tonight but double my anxiety when I look at my credit card statement in the morning? Luckily, throughout my years at college I learned through trial and error some handy tips to save coin without the FOMO.
1. Never put your card on tab at a bar. If there’s anything I’ve learned, open tabs at bars are a sinkhole for money. The orders pile up and money starts flowing unbelievably quickly. At the beginning of the night the vibe is “A casual drink and/or bite with a friend” but the dreaded open tab turns the vibe into “Two broke girls.” Order 1 or 2 items and close your tab, it will discourage that “Oh just one more” mentality and save you lots of $$.
2. Leave your card at home, bring cash. Even after just one drink, your judgment gets impaired. If you bring your budget for food and/or drinks in cash only, there’s no way for you to exceed your budget. Though convenient, just disable apple pay for the night. No shocking credit card statements courtesy of your not-so-fab friend; impulsivity.
3. Don’t forget about factoring in the cost of ride apps/cover charges/food. Remember to include tax, Ubers to/from, any potential the cover charges, and the goodies from that open 24/7 bakery you just can’t get your mind off of (I’m looking at you, Insomnia cookies 👀🍪💕). Before you know it, your $15 night turns into $100 and you can’t pay for this month's rent. So be sure you’re factoring ALL the costs to decide if it is within budget.
4. Host your own night-out-in (and make it fun!). You can pick a theme, make some food and the cost will be so much lower (no tips, ride apps, cover charges or inflated drink prices at bars), you’ll have some quality time with friends and get a good laugh out of the creativity some companies have. One of my favorite nights was hosting a "homesick night" where each of my friends brought a food & drink which they missed from home.
5. Not all nights out are created equal. When you sit down with a couple friends at a table you eat and drink much slower, and therefore much less, than when you go to a standup bar where you are upright- thanks to “vertical drinking”. Choosing the former leads to a lower number on your bill than the latter, not to mention better quality time with friends.
6. Cost does not always equal worth and vice-versa. Really ask yourself “Is it worth it?” That $15 from earlier may not sound like a lot but add tip that that’s $20 at least aka 2 hours (if you are lucky!) at your grueling minimum-wage job. $50 for an hour or two on a night out is equivalent to the cost of a 31 day gym membership. Putting costs into perspective and thinking about cost versus worth will not only help you spend less, it will also help you be more fulfill with what you are spending money on.
7. Do research on bars/restaurants in the area with discounts (ie. restaurant week!) and plan your nights out around that. There is a local Mexican restaurant near my university that had half-priced pitchers of margaritas every Thursday evening. They also have taco Tuesday which mean $2 tacos! Getting together with with a bunch of my friends, ordering some chips and guac, and splitting a pitcher of margs among is was hands-down one of my favorite (and most cost-effective) memories.
8. You truly don’t need to drink to have fun. Some of my fondest college memories were going rock climbing with friends, having Saturday morning brunch with classmates in the dining hall, going to lacrosse/basketball/football games, taking a thermos of coffee and bags of snacks to the library to study for exams with my mates, and pajama movie nights with my girlies. All of these were either free or cost a fraction of the price of going out. Choosing to go out, for example, once every couple weeks rather than every week and doing more cost-effective activities, in the mean time will help your wallet tremendously without making you feel as if your missing out on the social life.
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