How to have a Social Life when you're on a Budget

If you’re worried that being on a budget could be social suicide then you’re not alone. But in an age when everyone seems to need to save money, it is easier than ever to have a social life when you’re on a budget. Find out how you can have fun, stay in touch with friends and still save money along the way.

Why your Social Life shouldn’t suffer

Of course, saving money is a priority right now. But that does not mean you should let your other needs be neglected.

We are social animals.

Although the introvert in you may be very happy staying in and reading a good book, we all need to get out and socialise with our friends from time to time.

It is widely documented that prolonged isolation could lead to depression, low self-esteem and even an increased risk of dementia in later life. It is therefore extremely important that you make both the time and the budget to socialise with friends and family.

I know how daunting the idea of plans can be when you are on a tight budget. Will I be judged if I don’t drink? Will I go over budget? How much will just a few hours of fun cost me?

Obviously, the easiest option is to just stay home. One I chose for the best part of a year after the events of 2020. But I promise you there is a way to save money, not become a recluse and most importantly feel like you are truly living life and not missing out.

Tell your Friends about your Financial Goals

First thing is first, don’t hide it from your friends!

I know it can often be embarrassing to admit that you are budgeting at the moment. Society has seemed to make talking about any sort of financial situations a taboo. But I challenge you to break out of that taboo and just come clean. Chances are your friends could be budgeting too!

By simply telling them that you are being careful with your money right now, you can start making plans with you both on the same page. Maybe they won’t suggest that expensive restaurant again, or maybe you can plan to carpool.

Put simply, if they don’t know that you are budgeting, they can’t be respectful of your money when planning social occasions.

There is one disclaimer to this, however.

They must be the right friends!

Unfortunately, there will always be people who try to exclude others for being different. So stating your plans to budget could cause them to exclude you from their plans.

But please don’t worry about this! If they do that, they were not good friends in the first place.

Real friends will always be respectful of your financial situation and will love you no matter what.

Host a Potluck instead of Dining Out

If you find yourself in a restaurant every other week, you may need to reconsider how much of your budget is needlessly being spent on overpriced food!

Going out to eat is a wonderful treat and you should definitely continue to do that. But to help your budget, you may need to cut down for a while.

So the next time you and your friends want to catch up, suggest a Potluck!

Get everyone to cook up their favourite dish and have a great night in, sharing food and deciding who is the best chef! (Just make sure to coordinate your dishes beforehand so you don’t end up with 11 potato salads!).

Games Night

If the idea of your friend group cooking sends panic through your eyes and shivers down your spine then perhaps stay safe and organise a Games night instead.

A fan-favourite frugal activity that is sure to have you all laughing, shouting and possibly arguing all night long!

Crack out the monopoly and bask in the nostalgia!

Plan Ahead

One of the easiest ways to save money when making plans is to plan ahead. This can apply to many different plans depending on how savvy you want to be.

The most notable way of saving money when planning in advance is when buying train tickets. If you have ever tried to buy a train ticket the day before your trip, you will know how needlessly expensive they become.

So, if you have to hop on a train to see your friends, make sure you plan your visit and buy your train tickets at least 2 weeks in advance so you can have access to the cheaper ticket options.

Planning ahead can also help you take advantage of day specific deals. Maybe your favourite takeaway has a 2 for 1 special on Tuesdays, or perhaps there will be payday sales to take advantage of towards the end of the month.

Taking time to plan your social occasions gives you the greatest chance of finding the best deals and saving the most money.

Meet Halfway

If you and your friends do live further apart then make sure how you get to one another is budget-friendly too.

Clearly you can’t just get your friend to make the full journey to you every time. Just like they can’t ask the same of you.

Instead, see if meeting halfway would be a cost-effective solution. This should split the cost fairly and could give you both a new place to explore together.

Get Cashback on Gift cards for Coffee Shops

My best friend and I absolutely love catching up in a café. More times than not we end up chatting until we get kicked out at closing time!

The only drawback is that we end up spending quite a bit of money on tea, coffee and cake!

Luckily, there is now an ingenious way you can save money in your favourite coffee shops.

You can now get cashback on gift cards! Meaning you can buy gift cards to use in your favourite shops and cafes and redeem cashback, essentially saving you money on in-store purchases.

Historically, cashback has been an online purchasing perk only, so this is a very exciting development for those of us who often frequent the same shops and cafes.

Two of my favourite places who offer this service are TopCashBack and JamDoughnut.

TopCashBack

If you are not familiar with it, TopCashBack is one of the most popular cashback sites and is usually my go to for any and every purchase. Within their site, you can find TopGiftCards which offers a wide range of e-gift cards with great cashback percentages.

Simply purchase a giftcard of your specified amount and they will email it straight to you! The cashback will then track and appear in your account shortly after.

As well as many restaurants and cafes, they also offer gift cards for some cinemas, so make sure you check the website before making any future plans.

TopCashBack is free to join and if you sign up with my referral link you will get a £10 bonus (once you earn your first £10). I will also get a little bonus so if you use my link, thank you!

JamDoughnut

The JamDoughnut app offers you instant cashback at over 150+ shops, restaurants, cafes and supermarkets all through gift cards.

Similarly to TopCashBack, you simply choose your desired retailer and purchase your gift card securely through the app. You will then receive a barcode that you can use in-store at the checkout.

The cashback will instantly appear in your JamDoughnut wallet as points that you can later cash out once you reach £10.

Don’t worry if you don’t spend everything you put on your gift card, it will remain there for you to use next time. You can even use any other vouchers or loyalty cards in conjunction with your gift card to maximise your savings.

If you are not signed up to JamDoughnut yet you can use my referral code VY7A to get a £2 Bonus.

Choose which Plans are most Important

This is arguably the most important point on the list. If your friends suggest a plan that you are not interested in, or does not sound worth the money then know that it’s ok to politely decline.

Learn to say no.

There is no point wasting your hard-earned money on something that you are not going to enjoy. And by occasionally saying no to plans, you will be saving your budget for future plans that you really won’t want to miss.

Plan Fun into your Budget

Although socialising does not seem high on the priority list, you must make sure you still plan it in. That means actually accounting for it in your budget.

When you are establishing your budget, you will obviously have sections such as rent/mortgage, food, heating, fuel and emergencies. But now I want you to add “fun” to that list. It may seem counter-intuitive, but adding a dedicated fun section into your budget will often help you save money.

You will be able to track how much you spend on leisure more easily. And by specifically allowing for it in your budget, you will not feel guilty for spending money on something that you may have deemed a “want” not a “need”.

Have a Dedicated Sinking Fund

You could take the last point one step further and create a dedicated sinking fund for your socialising and fun activities.

In this context, a sinking fund is a small separate pot of money that you set aside and add to gradually for future expected costs. It is a great way of creating a physical budget by separating your money into the assigned sections of your budget. For example, you could have a socialising sinking fund, a Christmas fund or a future holiday fund.

You could do this physically by putting cash into separate jars. Or you can use virtual money pots alongside your regular bank account(s). Certain online banks such as Monzo or Starling offer this option.

There you have it!

How to Have a Social Life when you’re on a Budget.

I truly hope that with these tips you feel that you can stick to a budget and still enjoy life to the fullest.

Let me know your favourite frugal way of socialising in the comments below!

Disclaimer: This post may contain affiliate links and/or referral links which means I may earn a small commission or incentive if you choose to purchase or signup (at no additional cost to you). Please note that I will only ever promote products that I truly believe in and would recommend with or without earning a commission.

One reply on “How to have a Social Life when you’re on a Budget”

An interesting discussion is definitely worth comment. I do believe that you should publish more about this subject, it may not be a taboo matter but typically people dont discuss these subjects. To the next! Many thanks!!