Thoughts

How to Make Social Savings Without Jeopardising Your Quality of Life

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When you are busy on the social scene it can be quite difficult to juggle your bank balance with your jam packed diary. You are never one to turn down a glamorous event or new car upgrade, but how do you keep on top of your finances at the same time? Living the high life isn’t always the lap of luxury it is made out to be; you still have bills to pay too! Whether you’re looking to save money travelling internationally or cut back on your car payments, there are many ways in which you can make subtle social savings without ruining the quality of life you know and enjoy. The following ideas are set out to help you upgrade your bank balance from meagre to marvellous, whist still keeping your social life buzzing. At first some of these changes might feel like a shock to the system, but with a little planning and perseverance you will be able to create a more balanced lifestyle.

Save on the Basics (People Won’t Even Know!)

If you are all about living a flashy and extravagant lifestyle, there are ways that you can cut back without anybody even noticing! You don’t have to spend a fortune on the basics in your life, such as your mobile phone contract. Reducing your tariff (that you probably don’t even use up anyway), will help to reduce your monthly outgoings without affecting your quality of life. Similarly, you should have to pay through the nose for your car insurance either. You will definitely be able to find better coverage at a lower price just by doing your research online. Mobile phone payments, car insurance, broadband bills and home cover don’t have to cost you heaven and earth. Enquire with your providers sooner rather than later and you will start saving instantly.

Create a Monthly Budget

This is one of the best ways to ensure you are living within your means. If you find yourself constantly breaking your budget, then you need to assess what you can do to change this bad habit. Whether you download an app to help you keep track of your spending patterns or you write everything down in an old fashioned notebook so you can keep an eye on your habits, there are many ways to monitor your monthly budget. If you know you have an expensive occasion coming up, think carefully about how you are going to save up for this upcoming event. It might mean cutting back on some luxuries for a month, but your budget should help you to work all of this out quite easily.

Don’t Be Too Spontaneous

Although spontaneity might be the spice of life for many people, it doesn’t always pay off when it comes to your finances. Let’s face it, planning ahead can save you a lot of money, whether you are going on an expensive holiday or organizing a special occasion. It definitely pays to be organized, so try to keep those out of the blue outings to a minimum if possible. Of course, you always need to use your own judgement with this one, because many people will live spontaneously on a rare occasion. Remember that these ideas aren’t meant to hinder your ability to have fun. They are simply a way of putting the brakes on some of the extravagant purchases you might have made recently.

Learn Your Spending Downfalls

Everyone has an Achilles heel when it comes to spending. Whether you always book extravagant trips or you’re a sucker for a clothing sale, there will always be that one thing that makes you feel weak. When you are able to learn about your spending downfalls, you will be able to take charge of these during your weak moments. It can be very difficult to admit that you have an addiction to cars, holidays or handbags, but this is a vital element of improving your social savings. The next time you have a weak moment and want to splurge on that luxury item, think carefully about whether you really need it. Sooner or later you will be able to grasp the idea of spending smartly, so that you aren’t faced with those hefty bills at the end of the month for no justifiable reason.

Make Someone Hold You Accountable

If you know you are terrible with money, why not enlist one of your friends to keep tabs on your spending habits? Whether they hold onto your credit card or have the password to your online banking, they can hold you accountable for all of your spending. When you have nobody to answer to it can be very easy to go wild with your spending habits. However, when you know you have somebody watching over your shoulder it becomes easier to make wise decisions. Think about someone in your family or a close friend who is very good with their finances. Ask them to help you keep on top of your spending habits and your savings will slowly increase.

Choose Carefully on the Menu

Like most people, going out for dinner is something you love doing on a regular basis. However, when you head out to a fancy restaurant with friends, the menus are psychologically designed to make you spend more money. It can be very easy to go overboard and choose the most extravagant thing on the menu, just because the people around you are making those choices. If you stick to sensible and affordable options when you head out for dinner, you will soon be able to make huge savings in the long run. Now and again it is absolutely fine to enjoy whatever your heart desires on the menu of a fancy restaurant; just make sure you aren’t doing this every single week. Cooking at home and hosting dinner parties can be just as fun, so consider shaking up your social meet ups and eating in for a change.

Only Say “Yes” When You Mean It

Living a hectic social life can often take its toll when you are constantly out and about. Not only will you be exhausted from attending all these social events, but your bank balance will almost certainly take a hit. You need to remember that outings with your friends and family are supposed to enjoyable, not an exhausting expense that tends to get out of hand. When you are constantly trying to keep up with the hottest events in your calendar, it can be easy to grow tired of watching your money wither away so quickly. Only say ‘yes’ to the events that you know are essential and those that will make you happy too. A lot of people these days feel pressured into going to every single event because they have the fear of missing out. Learn to say no once in a while and your bank balance will soon thank you!

Don’t be too scared away by some of the changes mentioned here; you will grow to love them and they will soon become part of your everyday routine. Your busy social life shouldn’t cause your bank balance to dwindle below a healthy amount. You can find a perfect balance between fun and frugality as long as you are willing to put some extra thought into it. Even if money has never been high on your worry list, it doesn’t mean that it won’t be one day. Practicing good habits now will set you off well for the future if money ever runs short. So learn to adapt your lifestyle today and you will find the perfect way to keep on top of your social calendar and keep your bank balance healthy.

 

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