A question we all ask ourselves after a night out is whether we spent too much without realizing it, due to the fact that we were far too intoxicated. I have heard many stories from friends and relatives from their nights out where they ended up spending hundreds of dollars on either alcohol, junk food or even just cab rides around the town.
Now as we attempt to save money and reduce our debt, partaking in such reckless spending definitely does not benefit us at all. I am in no way an angel; I too have made mistakes and have learned from them. Today’s lesson will be one on spending smart, even when we have little self control.
What you should first do is always limit the amount of money you have on you. To do this, withdraw a set amount from your bank’s ATM (this way you can save money on fees); be sure that the money withdrawn is enough to have a good time, but without putting a dent on your bank account.
You should then keep your debit card out of your wallet for that night, which can help you from withdrawing more money, especially when you probably should not be spending anymore.
The next step will require you to keep only one credit card on you in case of emergencies. Now chances are we might use the credit card as the main source of payment even though we should be using the cash we withdrew. In this case, hand your credit card to your designated driver for the night, or a trustworthy friend, who will in turn only hand it to you for the right reason.
You will easily see the difference in your spending habits, even though you might get just as intoxicated as nights where you spent almost triple the amount of money. The money you do not end up spending ,you can use to put away in a savings account, or even use to reduce your debt.
Keep in mind that you have to always be careful when consuming alcohol, and by just following this advice you will find yourself spending less on your nights out, and saving a bit more.
Bank Guru, a contributor for a financial blog in Canada, banknerd.ca. He is passionate about the banking and financial industry. He believes that consumers aren’t being informed properly and educated enough in personal finance, and he wants to help. You can find Bank Guru at banknerd.ca or you can contact him at bankguru@banknerd.ca.
Image by Eustaquio Santimano
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I’m so glad I never had to deal with this particular issue. I don’t think I have ever been drunk in my life. I never actually thought about the monetary implications that getting drunk could have – other than the obvious cost of the drinks themselves.
.-= Anne´s last blog ..Five Ways I Make Money from My Blogs and Sites =-.
Take out a set amount of cash and know that’s what you only have and that’s what you need to get back with a taxi. Should help, just make sure you don’t take out the plastic when drunk.
.-= Craig´s last blog ..Interview about BudgetPulse with Mr. CC =-.
I just go to the LCBO, buy enough booze to get me more than buzzed and take out an extra $40 on top of that. I drink the drinks from LCBO with some friends, take transit or a split cab (cheap) to the bars, use some of the $40 for cover and nurse the drinks that cost 4 times what the LCBO ones cost (I’m already on the edge of drunk). Usually by the time I’m ready to go home I’ve sobered up enough to say no thanks to the junkfood after…but a few bucks on a hot dog or pizza at 3am isn’t going to break the bank.
People underestimate the FUN of spending cash while drinking. Any server or bartender will tell you they give better service to cash paying customers.
If going out and drinking is a habit, be sure to pay respects to staff and management.
I never pay cover, usually get a round of drinks free from staff or manager.
Also, offer to buy others drinks instead of your self usually gets you a drink in return and goodwill/respect as well.
Going out drinking is always a great opportunity to network and build influence, not just get loaded on the cheap. It’s the most value for your dollar long run.
I like Adam’s theory…
Taking out the plastic when drunk is not a good idea. Also, getting so drunk you don’t know what you’re spending isn’t great either – or perhaps I’m just getting old.
.-= Kazza´s last blog ..British Airways Reduce Flights to Australia =-.
ahaha omg I burst into laughter when I saw this. I was planning on writing about this soon. When I drink I’m careless with eating and spending.
My little trick is to leave with cash only. 1. enough cash to get me enough drunk. 2. Money for a cab.
Other than that- enjoy!
.-= MD @ Studenomics´s last blog ..Q & A With Six Figure Blogger Flexo =-.
You forgot the late night junk food and the indiscriminate online spending…