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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 To do this, withdraw a set amount from your bank’s ATM (this way you can save money on fees); be sure that the money withdrawn is enough to have a good time, but without putting a dent on your bank account.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
Where To Find Other Sources Of Income
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