Balancing Budget and Social Life
Miata
Edoga asked:
Everyone’s going out for drinks after class. There’s a bar down the street that has fantastic appetizers, and the cocktails aren’t too expensive, and it will be really good to connect with other people in the class, so never mind the fact that, with a couple of $7 drinks and an $8 plate of food and a 20% tip, that social hour ends up costing you $25. And you have class a couple of times per week, so that adds up to an additional $200 per month that you could really do with avoiding, but everyone else is doing it, and you don’t want to be the one to confess that finances are tight, and be a downer on the evening, so you go along and have a good time, but all the while feeling just slightly anxious because you know that most of this is going to end up on a credit card at the end of the month, and those bills are getting high sufficient as it is…
Does any of this sound familiar? I know this used to a steady occurrence when I first moved to Los Angeles to pursue my acting career. I would go out with friends after class, or rehearsal, and have a fantastic time, but there would always be that nagging voice at the back of my head telling me that I couldn’t afford this. So the question is: how does one stabilize the need for a social life with the realities of a tight budget? We have three different suggestions here.
1. Don’t attempt to keep up with the Joneses. We are in some ways fortunate, as artists, that we don’t have the pressure of some of our corporate counterparts in this area. For us, this area is more about dress and eating out than driving the newest Mercedes or living in the correct part of town. But it is still a factor. The need to “look good” is nearly beaten into us from an early age, so avoiding falling into this trap can be tough. Try shopping at a discount store instead of going to name-brand shops, or having coffee with friends instead of drinks (a $1.50 coffee is much easier on the wallet than a $6 beer). You will often find, particularly when it comes to socializing, that people are really happy not to be spending money, as they are all busy in keeping up with you as well, even if they cannot necessarily afford it either…
2. Forecast your fun. Forecasting is the process of projecting what your spending will be in any area of your life. The way to decide this is to complete a Chart of Expenses (email us at info@abundancebound if you would like one), from which you will be capable to see precisely what you are spending, on average, across the financial board. You can then decide exactly what areas you are overspending in, and where you can spend a bit more if essential. The key to this process is not denial, notwithstanding: not not remove categories as frivolous without serious consideration, because there is nothing like “forbidden fruit” for enticing you back. So never go into a month saying “I am not going to go out at all” – you are simply setting yourself up for failure. Instead, allocate a sure amount for “Eating Out”, or “Drinks”, or whatever other category you want, and then, when the end of the month comes around and you are near the end of your allocated funds, propose Denny’s instead of the local bar for those after class drinks.
3. Work together to save money. Given that most people are in the same boat as you when it comes to money, be the first one to broach the subject of saving money with your friends. There is such a taboo in this country about discussing one’s finances that most people go through life never saying more than the compulsory “I’m fine…” (generally a lie) or “I’m broke…” (but with no genuine attempt to solve the issues causing that situation). Break with tradition and work with others on ways to both save and make more money. You will be amazed at the ideas that come out of brainstorming these things with like minded individuals, so give it a go! At the very least, it will take the pressure off the next time you say “Make mine a water…”
So besides, I hope these pointers give you some ideas about how to have fun but still make sound financial decisions at the same time. Again, it is never about saying “I won
‘t go out until I’ve made $X.” That may work for some people, but I have yet to meet them. Instead, map out your spending, and put your money towards things that you will delight in. Instead of feeling guilty about buying a Ice blended latte every day, and then stressed about the $30 on drinks going out with friends, drink steady coffee instead. $1.50 a day instead of $3.50 is $14 per week you have saved, which is $28 every two weeks, which covers an evening out with friends every other week. Speak to people, and work out things together, and then stick to your plan. Your bank account and stress levels will thank you for it.
Casino Fun Collectibles
Edoga asked: Everyone’s going out for drinks after class. There’s a bar down the street that has fantastic appetizers, and the cocktails aren’t too expensive, and it will be really good to connect with other people in the class, so never mind the fact that, with a couple of $7 drinks and an $8 plate of food and a 20% tip, that social hour ends up costing you $25. And you have class a couple of times per week, so that adds up to an additional $200 per month that you could really do with avoiding, but everyone else is doing it, and you don’t want to be the one to confess that finances are tight, and be a downer on the evening, so you go along and have a good time, but all the while feeling just slightly anxious because you know that most of this is going to end up on a credit card at the end of the month, and those bills are getting high sufficient as it is…
Does any of this sound familiar? I know this used to a steady occurrence when I first moved to Los Angeles to pursue my acting career. I would go out with friends after class, or rehearsal, and have a fantastic time, but there would always be that nagging voice at the back of my head telling me that I couldn’t afford this. So the question is: how does one stabilize the need for a social life with the realities of a tight budget? We have three different suggestions here.
1. Don’t attempt to keep up with the Joneses. We are in some ways fortunate, as artists, that we don’t have the pressure of some of our corporate counterparts in this area. For us, this area is more about dress and eating out than driving the newest Mercedes or living in the correct part of town. But it is still a factor. The need to “look good” is nearly beaten into us from an early age, so avoiding falling into this trap can be tough. Try shopping at a discount store instead of going to name-brand shops, or having coffee with friends instead of drinks (a $1.50 coffee is much easier on the wallet than a $6 beer). You will often find, particularly when it comes to socializing, that people are really happy not to be spending money, as they are all busy in keeping up with you as well, even if they cannot necessarily afford it either…
2. Forecast your fun. Forecasting is the process of projecting what your spending will be in any area of your life. The way to decide this is to complete a Chart of Expenses (email us at info@abundancebound if you would like one), from which you will be capable to see precisely what you are spending, on average, across the financial board. You can then decide exactly what areas you are overspending in, and where you can spend a bit more if essential. The key to this process is not denial, notwithstanding: not not remove categories as frivolous without serious consideration, because there is nothing like “forbidden fruit” for enticing you back. So never go into a month saying “I am not going to go out at all” – you are simply setting yourself up for failure. Instead, allocate a sure amount for “Eating Out”, or “Drinks”, or whatever other category you want, and then, when the end of the month comes around and you are near the end of your allocated funds, propose Denny’s instead of the local bar for those after class drinks.
3. Work together to save money. Given that most people are in the same boat as you when it comes to money, be the first one to broach the subject of saving money with your friends. There is such a taboo in this country about discussing one’s finances that most people go through life never saying more than the compulsory “I’m fine…” (generally a lie) or “I’m broke…” (but with no genuine attempt to solve the issues causing that situation). Break with tradition and work with others on ways to both save and make more money. You will be amazed at the ideas that come out of brainstorming these things with like minded individuals, so give it a go! At the very least, it will take the pressure off the next time you say “Make mine a water…”
So besides, I hope these pointers give you some ideas about how to have fun but still make sound financial decisions at the same time. Again, it is never about saying “I won
‘t go out until I’ve made $X.” That may work for some people, but I have yet to meet them. Instead, map out your spending, and put your money towards things that you will delight in. Instead of feeling guilty about buying a Ice blended latte every day, and then stressed about the $30 on drinks going out with friends, drink steady coffee instead. $1.50 a day instead of $3.50 is $14 per week you have saved, which is $28 every two weeks, which covers an evening out with friends every other week. Speak to people, and work out things together, and then stick to your plan. Your bank account and stress levels will thank you for it.
Casino Fun Collectibles
