How to save money and still keep your social life intact

“There’s nothing wrong with being smart with your money, and if you’re honest with your friends then they should support you with that.”

I used to think an effective method to build up my savings was to become a social hermit for a few months, never going out and avoiding all temptations to spend. When I was saving up for my Europe trip, I basically decided to sacrifice my present so that I’d be able to really live it up in my future. 

Maybe you’re about to embark on a Euro summer too, or you’re just wanting to become a bit more financially stable. It can be exhausting when you’re tirelessly saving, denying yourself your 3pm sweet treaties and on top of all that, avoiding spending by not going out with your friends.

Interested to hear how others navigate the world? Head to our Life section.

I’ve found it’s just not sustainable to sacrifice your social time for a future financial goal. Of course, money is so important, and it would be ignorant to suggest that we should just not stress and enjoy our youth. I’ve found that the best method is to try and do both by implementing some fairly low-effort modifications to your social life. Here are some ways I try to keep mine intact while saving as much as I possibly can.

Tell your friends

Money can be really awkward to talk about. There’s nothing wrong with being smart with your money, and if you’re honest with your friends that you have a particular savings goal that you’re working towards, or you’re just struggling financially at the moment, they should support you with that.

I recommend avoiding doing rounds of drinks with your friends so that you’re not obliged to have the same type or number of drinks as them. For a cheap option drink-wise, ask for a house wine. If you’re out for dinner, opt for a cheaper meal or even a starter on the menu, and ask your friends if you can just pay for what you ate instead of splitting the entire bill with them. 

Host a dinner party

It’s Friday, and you’re mapping out your weekend plans. Why not invite your friends over for a dinner party instead of meeting at a bar? Light some candles, search ‘dinner party jazz’ on Spotify and start cooking up a storm. Some cheap meal options are a classic tomato pasta or a hearty curry (dahl is super cheap and easy to make). Hopefully, your friends will bring along a few bottles of wine and you can make a night out of it. 

If you hate cooking or the idea of hosting a dinner party is much too intimidating for you, then I relate deeply. A more low-effort alternative is having your friends over for a cozy movie night. Provide some simple snacks and tell everyone to come in their trackies (that way you won’t need to worry about getting dressed up either).

Pre-drink before you go out

It’s all well and good to be hosting wholesome nights in, but realistically, if your friends are still going out every weekend you’re going to want to join in every once in a while. We’re all familiar with the concept of pre-drinking, but if you’re on the savings grind then this is an integral step you can’t skip.

If you’re appropriately tipsy before you get to the venue, you’ll hopefully spend more time dancing and less at the bar. If you don’t drink, then this tip obviously won’t apply to you (and I envy the money you must be saving by going alcohol-free).

Take a trip down memory lane and go for a walk with a friend

Keeping a 1.5-metre distance at all times and making sure you make it home before 8pm? My fellow Melburnians will relate. Maybe you’re trying to leave your pandemic memories behind, but one upside from that period of time was the pure joy of seeing a friend after a week of isolation at home.

Going for a leisurely walk around the park with an oat flat white in hand is still an enjoyable weekend activity, so why not reintroduce it into your social life? Ask your friend to go for a morning walk this coming weekend – the one-on-one quality time activities like this provide are unmatched, and it’s entirely free. 

Don’t buy a new outfit every time you go out

This may not ring true for some people, but there can be immense pressure to find and wear the perfect outfit before you go out with friends. Ever-quickening trend cycles can make it hard to feel confident re-wearing your favourite outfits, and you might feel tempted to pop into the shops to buy a new top before the weekend rolls around.

Remind yourself of the real goal that you’re working towards, and dig out something you’ve already got in your wardrobe to wear. Your friends will still love you if you’re wearing something they’ve seen before. If you simply have to buy something new for an upcoming event, Depop, clothes swaps with friends and your local op shops are the most affordable options.

For more tips on saving money, head here.