I find it very important to have a balance between frugality and having fun. No one said you have to have a miserable life if you are trying to save money and get out of debt…
For those who spend thousands every month on memories, this article is for you. Yes, you need to make memories with the people you care about in your life. But there is a way to go about doing that without breaking the bank. Reminder: you already broke the bank, which is probably why you are reading this post…
SO…fuck your YOLO/FOMO mindset (you only live once/fear of missing out). You’re going to miss out on so much more being buried in a mound of debt and having no savings. You can still have the same amount of fun spending little to no dollars compared to dropping thousands every month.
Stop and think: if money was no object, what do you want your life to look like? Do you want to travel? Do you want to live in a remote area and relax? Do you want to help people and volunteer a lot?
Newsflash: if you have a fuckton of debt and no money saved up, it makes the above really fucking hard to obtain. Sure, you could just throw more vacations on your credit card, have a ridiculous mortgage, and volunteer in the little free time you have. But wouldn’t it be nice to be able to up and go on vacation with no stress, to be able to afford a place to live without wondering if you can make your monthly payments, and to have more time to do the things you love?
If so, get your head out of your ass and get your finances right. No one can get your finances right but you. If you think you NEED to do or buy X, Y, and Z, you are surely mistaken. But like a lot of things, most people fail at cutting things out of their lives cold turkey. So instead of cutting things out, find alternatives. The savings will add up. What you save, throw that money at your debt. You will see that you are not depriving yourself from living a fun life, but instead you are drastically improving your life by paying off your debt at the same time.
I swear you can do it. “But BNB, I have $20k in credit card debt and $100k in student loans. I’ll never pay it off so what’s the point?”. Circle back to the top. The point is that you want to travel, you don’t want to work 20 hours of overtime just to afford your rent, you want to spend more time with your family, etc. So change your mindset. It is possible. Get out from under that “whoa is me” rock, and believe that it is possible to change your financial life. For starters, you need to stop blowing thousands of dollars every month on expensive shit.
Need some suggestions? Check out the below for some entertainment alternatives. To note: it is okay to still do some of the things you love. Happy hour or going to the movies once a week is not a make or break situation. But every night? Now that will kill your wallet. So make some adjustments, and I promise you will still have a fun life and not feel deprived.
Want: To go to the bar with friends ($100)
Alternative:
- Everyone bring a bottle/6 pack/whatever to a friend’s house and hang out and play music ($10)
Want: To go to brunch with friends on Sunday ($50)
Alternative:
- Potluck brunch at someone’s house (someone bring the mimosas, someone bring the bacon, etc) ($10)
Want: To go to a concert ($200)
Alternative:
- Get a bunch of friends together at a house or park and blast some music and have fun ($0)
Want: To go on a fancy beach vacation ($1000)
Alternative:
- Get a group of people together to split an AirBnb for cheap at the nearest beach or lake ($100)
Want: To watch TV ($200)
Alternative:
- There are a million streaming services. Ditch the cable and get yourself one or two. Better yet, get a friend to split the cost with you. ($8)
Want: To have a phone ($150)
Alternative:
- There is absolutely no reason to be paying $100+ a month for cell phone service and paying $1000+ for a new fancy phone. Technology has advanced, so those once crappy cell reception providers are now really good. Cell phone payment can easily be $30/month or less. And stop getting the new fancy phone. Those extra 2 pixels in the camera or the bigger screen are not going to change your life. Check out Mint Mobile or Verizon PrePaid for starters. ($30)
How frugal you want to be is 100% dependent on you. If you want to have financial freedom, you are going to be more frugal than the person who can’t live without certain luxuries. Personally, I can’t remember the last time I went to the bar, to brunch, to a concert, or on a beach vacation. I don’t pay for cable, but I have a couple streaming services. And I pay $30/month for my 6 year old smart phone. I personally would like to achieve financial independence within the next 10 years and be able to stop working for good. I cut out most of my extra splurges while getting myself out of debt. Now that I am out of debt, I try to be frugal, while also still indulging on certain things (hello beer and spoiling my dogs). What I hope for anyone is that you take a good look at your life and your financials. How much debt are you in? Could you save some money by making adjustments? If the answer is yes, either cut out and reduce spending by any means necessary to pay off your debt quick, or if you just aren’t about that life, make healthy adjustments like the above list. Whatever step you take is a good one. Just start.
What are some ways in which you save money on entertainment??