A Night Out- Without Taking On Debt

So, you go for a night out. You have a fantastic time.

 

Then, you check your bank balance.

 

Somehow, it’s into negative figures, and you’re staring down the barrel of a debt you didn’t see coming. You vow never to go out drinking again. Heck, you couldn’t afford it if you wanted to. You drank so much last night that you can’t even afford the heating bill this month!

We’ve all been there, and this is one of the worst ways to find yourself in debt. You have a horrible hangover and nothing else to show for this expenditure. Spending too much on entertainment can mean paying more in interest costs on a credit card balance.

 

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But, does this mean you should lock the doors and never go out past eight o’clock? Not at all. As with any financial risk, you simply need to take steps to protect yourself during a night out.

Lucky for you, here are some pointers which could help you do precisely that.

If you’ve had a financial setback, this article can help.

Taxi, or Uber?

A taxi or Uber trip sounds a lot like spending money instead. In reality, making travel plans at a reasonable cost and save you money- and prevent bigger problems.

 

In the worst case scenario, skipping this step could see you behind the wheel. That’s terrible news for all manner of reasons, including financial ones. A crash could cost you in repairs. Not to mention that you would need to seek representation from criminal defense lawyers like those found at attorney-fisher.com.

 

The best-case scenario is that you spend a fortune trying to navigate public transport. Don’t let it happen. Use Uber or a taxi to pay a reasonable fee and not a penny more.

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What About a Debit Card?

 

Leave your debit card at home.

 

It’s a simple step that can save you a fortune.

 

When we’ve had a few too many, we don’t think twice of cracking out the bank card and keeping the party going. But, this way leads to debt. Instead, keep your spending sensible by taking out a set amount. When that money runs out, you’ll just have to come home. You’ll avoid spending money that you need for other things.

It’s as simple as that.

Be Selfish

This may seem cruel, but it’s also necessary. When we go out with friends, it’s all too easy to slip into the habit of buying rounds. They buy you drinks; you buy them drinks. It’s one big happy family.

 

Until you realize that you’ve had two drinks and it’s cost your upwards of $80. As can be seen from sites like thewanderingbroski.com, rounds are bad news for all manner of reasons. One thing’s sure; a night of being generous will ruin your finances faster than anything else. So, be selfish. You owe it to your bank account.

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Do You Budget?

 

Before you head out the door for any social event, check your personal budget.

 

You should maintain a budget, either by using a mobile app like Mint, or by writing down your budget in a notepad. The budget must have a line item for each category of spending, including entertainment.

 

If there’s no more money available in your entertainment budget, stay home and have friends over.

 

 

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

Co-Founder: accountinged.com

(email) ken@stltest.net

(website and blog) https://www.accountingaccidentally.com/

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