Getting into debt

You know all those months when money seems to be disappearing from your bank account – your car is in need of an unexpected repair, the payment for your cell phone is bigger than the previous month or your pants have torn. These little extras here and there seem to make all the difference in your calculations at the end of the month. Then, the time of the week comes when you decide to go out with friends: you circulate from one bar to another unconsciously by burning your tickets for alcoholic beverages, tips, change rooms and taxi.

Money seems only part of the game

money

Welcome to the Canadian world where any purchase seems to be reasonably priced and affordable. Between money for tips, drinks, meals and taxis, many Canadians throw money into friends outings to bars and parties.

In 2011, alcohol spending on a Canadian was around $ 860

This trend of obtaining alcohol has steadily increased among young men and women. According to Statistics Canada, individuals categorized as heavy drinkers were those drinking more than five alcoholic beverages in one evening on a monthly basis.

From 1993 to 2011, the percentage of young adults categorized as heavy drinkers increased by 14%.
While the 2008 economic recession still lurks among Canadians, they are still celebrating on Saturday nights. However, Thursdays and Fridays are not so popular anymore.

In short, Canadians will continue to celebrate. By planning in advance, it is still possible to save money, even with a thirst for partying.

For those being squeezed with their money, spending $ 5 to $ 10 on drinks offering little alcohol could be disadvantageous for your wallet. In order to save money between friends, it is best to contribute to the purchase of bottles and get a portion of the bar to yourself.

In order to save a few dollars, drinking with friends in advance is preferable before going to party in bars. By dividing the price of the bottles, your costs of the evening will be drastically reduced.

By also planning your way back, you will save money

By also planning your way back, you will save money

Opt for night buses or split the price of a taxi with friends. If the money is gone, try contacting a friend living nearby to sleep at his house for the night.

Also, according to a study in 2006 “No Booze? You May Lose, “alcohol-consuming individuals, in general, earned more money than those who abstained from drinking. Indeed, this social activity coincides with greater monetary gains. As mentioned in the study, men attending bars at least once a month got 7% ​​bonus in addition to their 10% premium they have compared to non-drinkers. Even if, on the women’s side, drinking occasionally increases their income by 11%, drinking in a bar at least once a month does not seem to have any effect on their income.

Finally, partying and drinking with friends should be part of your budget. Costs accumulate quickly. $ 100 a week for only one-third of a year for out-of-pocket expenses can go back up to $ 1,700 a year. That’s the importance of keeping your expenses under control.
To summarize, it is necessary to calculate your fixed expenses: your rent, your cell, your car, etc. Then, the remaining money should be placed either in the payment of your debts or in a savings account, which should represent 20% to 50% of your income. The remaining money can end up in your pockets and, if you prefer to spend it on outings with friends, and have a good time.

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