When it comes to entertainment, perhaps it might appear that this is the most difficult area in which to make potential savings. After all, why should we have to give up something we really like?
Well, to start with, you need to save money and you’re not going to do that by squandering the savings you have already made by not adjusting this part of your life.
Even though the thought of cutting back on the social side of life might scare you a little, it can actually help you to re-focus on the kind of stuff that you might have forgotten about and preserve your health in the long term too!
1. Skip the pub for a change
Skip going to the pub every 4th weekend and save the money in a jar. One weekend per month off the booze could mean 25% off your monthly booze bill, 25% less calories intake, 120 minutes less at the gym or even enough money for a little weekend break after every 3 months of abstinence.
2. Forget the cinema for once
Instead subscribe to an online streaming service like Netflix or LoveFilm.
For less than a price of a single cinema ticket you and whoever else you want with you get to see a couple of films in the comfort of your own home.
3. Start a monthly DVD social
Start a monthly social and take it in turn to host at each friend’s house. Bring a bag of snacks and bottle or some cans and you’ll save a fortune by not going to the pub while still being able to get out of the house and socialise.
4. Dine-in competition
Copy the ‘come dine with me’ concept and motivate your friends to join in. The basic idea being that within a group of five people, each person takes it in turn to cook a meal for a group of friends until everyone has cooked. At the end of the meal, everyone secretly scores the evening out of ten. Each host has to provide some sort of entertainment which makes every turn that little bit more challenging. Increase the challenge by introducing a maximum budget to keep costs low or agree to donate a small amount of money as the prize for the winner. This is also a great way to raise money for good causes while having a little fun.
5. Go out an hour later
It doesn’t sound much but if you do that every time you go out you could be saving around 10-20% from the amount you spend on drinks in a night. Added up over a year that can easily equate to the price of a small holiday!