Can’t seem to put your finger on where exactly your money goes on the weekends? Here are some common weekend money traps to watch out for – read on!
Ah, the weekend; a much-needed respite from endless meetings and high-pressure work projects. Surely, a weekend well spent goes in a long way in refreshing you for the week ahead. But how do we define ‘well spent’ here?
Typically, when one talks about financial planning, obvious expenses such as monthly EMIs, bills, food and commute costs come to mind. It is not uncommon for us to overlook our, let’s say, entertainment expenses. They’re usually taken for granted because we’re always under the assumption that two days of spending in a week can’t hurt finances. Well, turns out, it can!
Additional Reading: 8 Ways Foodies Can Save Money While Eating Out
Here are some common weekend money traps we tend to fall into in our quest for optimal fun:
The Neighbourhood Mall
The mall can be a very useful place if you’re in need of clothes, electronics or any daily-use commodity. However, going to the mall because you’re just plain bored at home on the weekend may tempt you to buy stuff by impulse.
While window shopping is not a bad way to pass time, it only takes one or two euphoric moments for you to swipe your Credit Card and buy something you never thought you’d need, not to mention, the alluring aromas from the food court that can persuade you into feasting on high-priced snacks.
How to escape this trap:
If you’re bored, go to a place where you won’t end up in situations that may cause you to spend casually. For instance, you could meet friends and play a sport at the neighbourhood park, or better still, find a nice quiet place outdoors to read – whatever floats your boat.
If you’re still hell-bent on going to the mall, stay loyal to the term ‘window shopping’.
Additional Reading: Financial Tips For a Weekend Getaway
The Cinema Hall
While there’s no better experience than watching a good movie at the theatre (especially if you own a Credit Card that gives you FREE tickets), not every new movie is worth your money. When it comes to movies, selective watching can really help you save time and money. The expenses incurred when you’re at a movie hall are not just the tickets but also the irresistible popcorn and other finger food that is waiting for your warm embrace.
How to escape this trap:
If the movie you plan to watch is not getting great reviews, just wait till it premieres on online streaming portals like Netflix and Amazon Prime Video; you can watch the movie in the comfort of your home without spending too much!
Additional Reading: How To Spend A Money-Free Weekend?
The FOMO-Inducing Saturday Night Scene
There ain’t no harm in loosening up and painting the town red on a Saturday night; you’ve truly earned it. But is every Saturday night worth going all out? It’s understandable to cave in to the pressure of partying with your peers when you’re in your early 20s, but post that, you can surely make your pub-hopping nights less frequent. Why? Because restaurants and pubs across cities charge a bomb especially on these days, and thanks to your high spirits, you may not realise just how much you’re spending.
How to escape this trap:
Relax, we’re not asking you to detach from worldly pressures and attain nirvana. Do your share of partying but introduce elements that will make it cost-friendly. For instance, house parties and potluck dinners can really bring down your Saturday night expenses without compromising on the fun. You can still go out every now and then, but mix it up with a night indoors and you’re sure to save!
We hope our tips are able to help you combat weekend traps! If you still feel you must go out every other weekend, at least consider getting a Credit Card that gives you discounts on shopping, dining or movies – it’s there for the taking!