Are you spending too much on your social life?

Are you spending too much on your social life?

 

How much do you spend on your social life? It may be much more than you think. While we’re having fun and enjoying great company, it’s only too easy to swipe our cards and forget about the cost. But having an active social life can be a significant monthly expense which can bust your budget time and time again.

From transportation and bar tabs, to ticket prices, activity costs, restaurant bills, holidays, overnight stays, birthday presents, little treats and even phone bills, enjoying the amazing people in our lives can come at an eye-watering cost.

Although many of us are now more likely to spend time socialising with each other via social media than at the pub, bar or café, the cost of living is always rising and those social excursions and activities can really begin to add up.

So how do you know if you’re spending too much on socialising? And how can you cut down on the cost of your social life? Everyone’s budget is difference, however, socialising should be at the bottom of your priority list, along with other non-essential items when it comes to what you make space for in your outgoings. Create a list of priority expenses including rent (or mortgage payments), bills, food, your pension and any other essential expenses. If possible, also take out a slice of your paycheck to put into a saving account. After all of these key costs are covered, you can decide how much you want or ar able to spend on your social life.

Other non-essential expenses such as beauty treatments, clothes and technology may also chip into the remaining funds left in your budget, so ensure you know exactly what your priorities are in order to assess accurately how much you have to spend on socialising.

In all likelihood, you’ll find that you’re overspending and need to cut back. In this case, the “Social Life” section of Wonga.co.za’s “40 Massive Money Saving Tips” could prove very useful indeed. Here are a few of our favourite practical pointers…

1. Be phone savvy

An easy socialising cost to cull is the amount you spend on your smartphone. From sticking to data-based apps like WhatsApp to communicate (thus preserving your minutes and credit), to switching from expensive contracts to buying a good phone outright and using prepaid data and credit to ensure you don’t pay over the odds, there are lots of ways you can reduce and manage the price of smartphone socialising.

  1. Drink less alcohol
    If you enjoy a tipple with your favourite people, you may be pouring potential savings into your glass. Alcohol is one of the biggest socialising costs, which also has a negative effect on your health. Challenge yourself to go teetotal for one month, or try swapping every other drink for a non-alcoholic beverage to save more and feel better too!
  2. Hang out at home
    Heading out on an adventure can be bags of fun, but you’ll save much more money if you invite friends over. From braais and games nights, to home-cooked dinners and movie marathons, there’s plenty of low cost fun you can have with the people you love without ever leaving your front door.

How much do you spend on socialising each month? Do you have any money saving socialising tips? Share your spend and savvy ideas below.

image source: https://unsplash.com/search/friends?photo=MxfcoxycH_Y

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