Bar tab shock is a precursor to other drinking regrets. It's easy to spend more money when the drinks are flowing and everyone loves the person who buys a round. The average person spends $50 or more on night o drinking. If you're going out at least once a week for a month, you've dropped $200 on alcohol not including the meals you might have purchased. If you're on a tight budget that is not a feasible habit to keep up. Follow a few tips to manage your fun night and your wallet will thank you.
However big the budget, always allocate money for a tip for the bartender. Keep your bartender happy and you'll have a good evening.
1. Skip the top shelf and imported.
Top shelf stuff is obviously the good stuff, but if you're on the budget get your cocktails mixed with well liquor. It's not the best liquor but you can have you alcohol without spending a more than you want to on liquor. Beers that are on tap, domestic or local tend to be less inexpensive than imported beers.
2. Happy hour is happy for a reason.
Happy hour is the best time to get drinks. Cocktails, beer, wine or even liquor can be half price depending what bar you're going. Technically you could drink double the about within your normal bar budget. Outside the typical happy hour, look for drink specials.
3. Drink water between each drink.
You should probably already be doing this anyway, but drinking a glass of water between each alcohol drink will slow down your alcoholic consumption. That saves you money and keeps you from drinking too much alcohol.
4. Skip the shots and get a sipping drink.
Shots can be a bit of a waste when it comes to drinking. One gulp and you are done. If you order a beer, a glass of wine or a whiskey, you can sip. Sipping takes longer to drink there for e you're not buying as many drinks.
5. Set a budget and stick with it.
Give your self a limit before you even get to the bar. And then carry that limit in cash. Whenever you are done with the cash then you are done drinking. Look up the menu before you go out so are prepared to order drinks within your budget.
Pregaming isn't just for college students with tight budgets who want wild nights. If you intend to have a wild night out, start at home. Economically it's much cheaper to drink at home than at a bar. So if you really want to take shots, take them at home.
7. Stay home and drink your own booze
If you really want save money on alcohol, skip the bar, stay home and drink. Purchasing alcohol by the bottle is much cheaper since you're not paying for the service or the ambiance. Invite a friend or a few friends over for social aspect of drinking. Plus no need to call an Uber.
What is Robinhood?
The Robinhood app debuted in 2013 as a first-of-its-kind revolutionizing free investment platform. Much like the 700-year-old story of the hero to the people, Robin Hood, FinTech entrepreneurs Vladimir Tenev and Baiju Bhatt created the platform in order to make stock trading easily accessible to the general public and not just the wealthy.
The National Financial Educators Council (NFEC) surveyed young adults in 2017 and asked them what high school level course would benefit their lives the most.
The majority responded that money management was the course that would be most beneficial.
With personal debt is at its highest record and COVID-19 threatening to have the hardest economic effects on youth, understanding money and finances is an important life lesson that should be taught to children at a young age.
The following is a list of the best financial literacy lessons and tips to teach children throughout different life stages.
I thought I had a pretty good handle on my finances out of school. I worked several jobs while attending university and had little to no problem managing my income. However, once I graduated, I realized how much more complicated personal accounting could really be.
There were so many variables I needed to keep track of. Biweekly bills, monthly charges, and general necessities amounted to a heap of confusing numbers that were often impossible to decipher. The funniest part was that I was actually trying to do this by hand (I don't know what I was trying to prove to myself, either).
After messing up for the 17th time, I decided to give Microsoft Excel a shot. I used Excel a bit in school and I knew all the big-wig finance people used it, so what could I possibly have to lose? The answer is about six hours of my precious time. Excel isn't much of an improvement over handwriting and it's still dependent on the user to manually input all of the information. It's like doing everything by hand with the slightest help, meaning that it still required a tremendous amount of time and concentration. Well that was all for nothing, I guess.
It's sort of funny. I was certain that I could manage my personal finances with ease, when it's practically a full-time job. I was already stressed out enough with my first job and I knew I didn't have enough time to give my finances the attention it deserved.
That's why I decided to try out a budgeting app. My best friend told me that he uses an app called Truebill to manage his finances. "What does it even mean to manage your finances?" I asked him. He told me that Truebill was the personal financial assistant I wished I could have. It could aggregate all of my account information into one place and give me specific insights and actions.
I loved the idea of having full control over my finances, especially during a time of financial uncertainty, and I realized that Truebill would be the easiest way to accomplish this. The user interface is incredibly simple and intuitive, so it doesn't even feel like a finance app! Truebill offers a multitude of features, with their most popular being the ability to cancel subscriptions with the press of a button.
Okay, I had no idea how many subscriptions I was still subscribed to. In fact, I wasn't even using a quarter of the subscription services I was signed up for. Subscription boxes, streaming services, my old gym, and even an old subscription to my favorite magazine--it was all there and I was livid. How could I let myself waste all of this money and how did I never catch this? Thank goodness for Truebill.
Truebill also offers bill negotiations. There is a 40% fee based on how much you save and Truebill even claims that there is an 85% chance that they'll be able to lower your bill once a negotiation is requested. Why wouldn't I take them up on this? There was zero risk and I would only have to pay once my bill was lowered (which means that I would be saving money regardless).
More standard features of Truebill include the ability to generate a credit report on-demand and even request a pay advance. I only used the pay advance feature once when I wanted to buy a gift for my mom, but didn't have enough cash in hand and Truebill automatically reimbursed itself when I got my next paycheck.
The credit report is another fantastic feature and practically taught me what good credit meant. Truebill's credit report basically shows you which financial decisions have the most significant impact on your credit score and ways that you can improve your credit month-over-month. I've never had such control over my credit and it feels good.
I'll be the first to admit that I was extremely naive coming out of school. I figured that as long as I was attentive, I could manage my finances with ease. We manage money to some extent throughout our entire lives, but once you're thrown out on your own, it's a completely different story. With Truebill, I've finally been able to take control over my finances and stay on top of all of my responsibilities.