Socializing with friends enhances our quality of life. Especially now with vaccination programs happening rapidly all around, many are eagerly getting back to meeting each other, heading to their favorite restaurants and pubs to catch up with friends. While hanging out with friends is always fun, if we are not careful, it can take a huge bite out of our wallets.
According to studies, 40% of millennials overspend in order to keep up with their friends and even get into debts — and are afraid to admit to it. Sometimes, we find it difficult to turn down an invitation to a social gathering with friends as we are afraid of missing out on something special with them, which is also known as FOMO (Fear of missing out).
However, we need to be mindful of how to keep costs on social activities under control. As a matter of fact, there are many affordable ways that you can pursue without canceling your plans with your friends. Let’s look at some of the ways we can be thrifty with our money while still having a good time with our friends.
1. Budgeting
Have a monthly budget, this helps us to organize how we spend our money and analyze what we spend our money on. Have a monthly budget for socialisation with your friends. It will also let you gain more control over your unplanned spending on social activities. For example, you can find out what you overspend on and be more mindful of it the next time you go out. Moreover, you must check in with your budget both before and after a plan in order to ensure that you stay on track.
2. Prioritizing social events
Now that you have mapped out of your budget, you can determine what social activities that you need to prioritize this month. Listing all the activities that are scheduled for this month and ranking them in order of significance is the first step in this process. And you’ll have a better sense of what social gatherings should be prioritized as a result. If there is a birthday or a celebration party coming up, purchasing gifts can also be put on this list.
Moreover, you can see how you can make adjustments to accommodate more friends in a single gathering so that you can meet more people at the same time, which would be both enjoyable and cost effective. For example, instead of scheduling many gatherings with different groups of friends, it is better to plan an activity where you can invite all of them, such as a picnic, game night at home, or a movie night with friends.
However, when you suddenly start limiting your spendings, it can appear as though you are having a hard time with your finances. At times like this, it is better to be upfront and transparent about your budget and maybe suggest something more affordable yet fun. Also, tell your friends about your financial goals so they won’t be concerned.
3. Having fun with the simplest of things
You don’t always have to spend money to be happy or have a good time. There are plenty of alternatives that you can suggest to your friends. Here are few examples;
- Slumber parties — Instead of going to the movies, you can set up a slumber party at your home, put on the xmas lights which have been hiding in the storage, put up a projector to slip on your pjs and have the best of time with your friends.
- Picnic Day — If it’s nice outside, there’s nothing more fun than packing up some food and bev, spreading it on a blanket, and enjoying the great outdoors with your friends. If you want to be more sustainable, you can use apps like karma, which is a sustainability focused app that actively works against food waste.
- Free events — You need to keep a tab on your city’s website, university or college websites to see any free events happening around you. Meetup is another platform where you can find free activities near to you that you can choose to do with your friends. There are plenty of places you can find to go and hangout with your friends all day, have a nice time and head back home with minimum expense but with a whole lotta fun
- Date nights — Especially in dating, instead of going to an expensive restaurant, you can enjoy the outdoors or a quiet and romantic dinner at home. There are many ways you can make things more romantic at home. For example, you can set the mood by setting the table with a tablecloth and candles in your dining room or patio. Play your own Spotify playlist for your sweetheart and enjoy each other’s company.
- Shopping on budget — Second-hand shops are known for saving money and promoting sustainability. But there are many reasons why shopping second hand may be fun. One reason is you never know what you’ll find when you go looking for things. So many things I’ve bought from these stores have surprised me (in a good way). Sweden has many second hand stores like Modern Retro, Myrorna etc. Undoubtedly, It can be a fun experience to share with your friends.
You don’t need to spend a lot of money to have a good time with your friends. Instead of worrying about missing out on social activities with them, you can plan events that fit into your budget with a little creativity and willingness. That way, you will be able to enjoy your social life with friends by doing the simplest things that bring out the greatest of experiences.
