To be honest with you, I used to not have an actual social life. I would wake up at 6 and go to bed at around 11 and work all day. Don’t be like me.
The thing about entrepreneurship is that it’s draining, and if you stay there and do that every single day, you’ll burn out and your work will turn to crap.
So take a break and live a little. You might be afraid to hang out with your friends because everything cool to them costs money. But here’s how to have a social life while still on a budget.
1) Make Friends, Preferably those that are also Money-Conscious
Obviously, the first thing to do is make friends, preferably GOOD friends. One thing you can do to make friends is talking to anyone and everyone. Several questions start off with a question, so ask one. Try not to start off with how was your day, because let’s be honest: do you really care?
I would start off trying to find some place where you can find common ground. After a while, see where their head is when it comes to spending money. Nothing’s better than making friends that are also money-conscious and disapprove of the consuming culture.
2) Let your Friends Know that you Have Financial Goals
I’m sure everyone has goals, but not everyone knows of your goals. You don’t have to be super adamant and in their face about your financial goals, but letting them know why you’re not splurging on $10 frozen yogurt will help your friends plan dates better. A good friend would respect your goals and bring you closer to them, not farther away.
In some cases, if your friends offer an expensive restaurant but still want you to come, one of them might also offer to split the bill with you. Your friend wouldn’t have offered if you never told them that you were budgeting. On the same token, if you know of any restaurants that deliver big portion sizes, think of those and offer to split the bill with someone.
3) Start a Side Hustle if You Haven’t Already
At some points in time, you’re gonna want to do something you can’t afford. A great way to be able to afford travel or other things that are outside your budget is to start a side hustle. If you already have a 9-5, see if you can do a couple of gigs here and there in something you’re good at to increase your income. Having an additional source of income makes budgeting a lot easier and life a lot more enjoyable.
Are you great with taking pictures? Give discounted head-shots to friends and families. Reach out to bloggers that you might know because bloggers always need graphics and photos for their site.
Are you great at writing? Try freelance writing on for size. Starting a freelance business might be a bit more lucrative to get into because you might not know people looking for writers. However, freelance writing has been the saving grace for me when I’m short of a couple hundred dollars every month.
Let your network know that you offer these services, show some samples online, and pitch to people who might need your services. This article will help you find your first client.
Another side income you can look into is graphic design. Every business—and I mean EVERY BUSINESS—needs a graphic designer. Someone’s gotta make the logo! If you’ve got Photoshop or any other type of graphic design software (that’s not Canva), try your hand at graphic design. Practice making logos, social media graphics, resumes, and even business cards.
4) Examine the Opportunity Cost of Going to Every Event
You might have friends that don’t care about your goals, or they constantly forget that you’re trying to live a financially-stable life. You might have to say no to events. You might even have to say no to the friendships.
But you might also have close friends that want you to join in on their celebrations. Fancy occasions like weddings might require a fork load of money. But just because you’re saving doesn’t mean you have to deny a special occasion. If you were the best man or a bridesmaid at a wedding, are you just going to ignore their invitation because of your goals? If you don’t go, you’d save money. But you’d also miss out on a special moment in your friend’s life. It’s up to you to decide which sacrifices are worth it.
The secret to having a social life while on a budget is to be conscious of everything. And if you don’t want to be the one to always look at the price tag, try looking for an additional source of income to supplement the costs.
Do you splurge whenever you’re with friends? What are some ways to spend less money when you’re having a good time?
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When I had budget first time in my life, well my social life for an enitre month is been zero, then I started to talkwith friends and say clearly that I was on a bufget, believe me this process helped me to see who were true friends….I started a couple of side hustle, see low cost things instead expensive and this helped me a lot…now that I’ m debt free I still have a good social life but on a budget:P
It’s weird because most of us are in the same boat (young, early in our careers, broke, and in debt), but because we don’t want people to see us that way, everyone pretends to have more money to blow than they really do. So we overspend because our friends do, which just perpetuates the cycle.
You’re so right; we just need to let our friends know we’re on a budget. They might actually be relieved to know that we’re not the Joneses they need to keep up with!
Making friends with cost-conscious friends is something my wife and I have done. It is hard saying no to current friends, and, maybe you can join them once or twice a month instead of every week. If they are legit friends, they will understand.
I’ve also noticed that as we have gotten married, started families, and changed jobs and work schedules, you also gravitate towards others that have similar interests as well.