Is Your “Sunday Funday” Killing Your Budget?

FOMO-and-DEBT

You work hard all week long, so when the weekend rolls around, you want to relax, spend time with your family and friends and of course do all the fun things that make life enjoyable.

You deserve it! However, sometimes indulging in too much fun on the weekends can burn a hole in your pocket. If your weekend enjoyment is leading you to spend more money than you should, you could be putting yourself into a financial pitfall that may be difficult to recover from.

Here are some signs that your weekend pleasures may be killing your budget and how you can have good, smart and budget-friendly entertainment without going into debt.

You have FOMO

You may have a very lively social life, but don’t let “FOMO” (fear of missing out) be your demise. If your friends are inviting you to go out to expensive restaurants, lavish nightclubs, and extravagant lounges, you might have to decline every once in a while. No one wants to miss out on having a good time, but are you willing to make some sacrifices to ensure a healthy financial future? Think about how you feel once the weekend is over and you realize you don’t have as much money in the bank as you thought you did. Getting that credit card bill at the end of the month can be painful which negates the fun you had in the first place!

Instead, why not suggest some budget-friendly things to do that your family and friends will enjoy with you. Just by doing a little research you’ll be able to find local venues that are hosting free concerts, shows and other events that won’t break your budget. Why not host a pot-luck Sunday Brunch? Invite your friends over on a Saturday evening for game night.  Everyone can bring and share their favorite dishes as well as their go-to home-made cocktails. Cutting back on eating out and ordering expensive drinks doesn’t mean you still can’t enjoy the weekend!

You and Your Barista are BFFs


If your Barista at your favorite coffee shop has your drink ready to go with your name on it as you walk in the door, you’re probably spending more than you should.  It’s ok to treat ourselves and indulge in a frothy frappe every once in a while, but making it a routine could be a budget killer.  Try getting in the habit of making your coffee at home or find recipes online where you can make your own favorite latte or flavored caffeinated drink at the fraction of the cost. If the average specialty coffee drink costs $5 and you multiply that by how many times you visit your coffee shop each week, you’ll see how much you will save!

Your Dinner Specialty is Making Reservations


After leaving the office on Friday nights, the last thing that’s probably on your mind is cooking dinner. It’s so easy to stop and pick up a pizza, Chinese food or take-out from a fast-food establishment. By the time Saturday morning comes along, you are up and running errands, dropping kids off to sports so eating out again while on the road may be convenient. Sunday morning, your best friend invites you to brunch and by the time the weekend is over, you’ve probably spent over $100 just on dining out alone. Try planning and budgeting out your weekend meals. Budgeting creates healthy money habits that will keep you from racking up debt. If you know you are going to be away from home most of the weekend, allot a specific amount you can spend into your budget and stick to it.

You Are Literally Drowning in Coupons


Here’s where FOMO rears its ugly head again. From emails to snail mail, you have more coupons than you know what to do with. While it’s so tempting to get in that store to save 20% off, are you really saving? Stores will send you coupons to entice you to shop and that’s where they get you! Unless you have something particular that you need to purchase, then coupons can come in handy. Otherwise, it’s best to resist the coupon temptation. Deleting the emails and tossing the coupons in the garbage will help you stay out of debt!

By overcoming FOMO and sticking to a budget you’ll be able to develop healthy and positive financial habits. For more information on how to get on track with your finances, contact Tayne Law Group, P.C. Our debt relief attorneys will be happy to assist you.

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