Tips to Balance Budget and Social Life

An idea of balancing social life and budget seems to be all but impossible. Most of the people think that you can either live a budgeted life or socialise with other people. Dining out, going to movies, and going shopping, all these things eat into your savings. As a result, many people who want to have their savings grow completely ban socialising.

Well, if you want to live a budgeted life, it does not mean that you should stop mingling with other people. You just have to create a budget that supports your regular expenses as well as social life. If you live within your means, you can easily balance your budget and social life.

Socialising does not mean that you have to go out with your friends every other day or watch a movie every weekend. You will have to find out how much you can spend on your social life. Once you have got to know it, you can easily tackle the frustration you often experience curbing your social life.

Figure out how much you can spend

First off, you should estimate how much money you need for your regular expenses like food, utility bills, rent, debt repayments, and the like. Look over your previous months’ payments records to estimate how much money goes toward such expenses.

Deduct the estimated figure from what you earn to find out how much you are left. This will be the money that you could utilise for your social life. A rule of thumb says that you cannot spend more than it even though you want to.

Do not compromise with your emergency cushion

It is crucial to create an emergency corpus, no matter what. This will help you tide over when unexpected expenses pop up. Although you can take out 24 hour loans in Ireland when you need money urgently, it does not mean that you will compromise with your savings.

It does not make sense to pay toward social life at the expense of emergency cushion. Even if you qualify for a loan, remember that you will have to pay back more than what you owe. It can blow your budget that you cannot even meet all of your everyday needs.

Make your home cinema

If you plan to watch a movie with your friends, ask them over and have some time for a movie night. This will undoubtedly be more affordable than going to the cinema. Have a large bowl of chips, popcorns and some soda to create an aura of cinema.

When you are on a tight budget, you do not stop to meet your friends. Instead, you should find some cheaper alternatives that do not hinder your budget and curb your social life.

Look for affordable visits

If you are bored with your daily chores and looking to go out with your friends to break the monotony, you can choose a place with many things to explore and is not further afield. Prefer to go Dutch, so you are not going to bear the entire cost of the meal.

It is unnecessary to go abroad or choose a place that you need to board the flight because it will cost you a fortune. You cannot make a trip all the time when you are being bored. Go for window shopping with your friends. Sometimes you can have lunch or dinner together with your friend either at your home or at a restaurant.

Limit your social life

Although you can have various ways to spend on your social life, it does not mean that you will keep spending money. For instance, if you dine out with your friends once a month, you will have to limit it to once a month. Otherwise, you will quickly fall behind your budget – after all, many a little makes a mickle.

A rule of thumb says that you should find out beforehand how much your budget allows you to spend on social life and stick to that limit. Otherwise, you will not have money for your everyday needs.

Remove the hindrance

Even if you stick to your budget, it can be not easy to have money to spend on your social life. This is because of the debts you have already taken on. Even though you have taken out an affordable loan, it can reduce your buying power. Therefore, you should try to pay off your debts as soon as possible.

If you do, you will be able to utilise that money for your social life. It is not wrong to apply for provident loans in Ireland, but you should consider your affordability.

You can easily balance your budget and social life if you carefully analyse your spending power. You can easily have fun without breaking the bank. Tips mentioned above can help you balance your budget and social life.

Related Posts