Balancing Budget And Social Life
June 29th, 2010 | 
Author: Balancing Budget And Social Life
Everyones going out for drinks after class. Theres a bar down the street that has great appetizers and the cocktails arent too expensive and it will be really good to connect with other people in the class so never mind the fact that with a couple of 7 drinks and an 8 plate of food and a 20 tip that social hour ends up costing you 25. And you have class a couple of times per week so that adds up to an extra 200 per month that you could really do with avoiding but everyone else is doing it and you dont want to be the one to admit that finances are tight and be a downer on the evening so you go along and have a good time but all the while feeling just slightly anxious because you know that most of this is going to end up on a credit card at the end of the month and those bills are getting high enough as it is…
Does any of this sound familiar? I know this used to a regular occurrence when I first moved to Los Angeles to pursue my acting career. I would go out with friends after class or rehearsal and have a great time but there would always be that nagging voice at the back of my head telling me that I couldnt afford this. So the question is: how does one balance the need for a social life with the realities of a tight budget? We have three different suggestions here.
1. Dont try to keep up with the Joneses. We are in some ways lucky as artists that we dont have the pressure of some of our corporate counterparts in this area. For us this area is more about dress and eating out than driving the newest Mercedes or living in the right part of town. But it is still a factor. The need to look good; is almost beaten into us from an early age so avoiding falling into this trap can be hard. Try shopping at a discount store instead of going to namebrand shops or having coffee with friends instead of drinks a 1.50 coffee is much easier on the wallet than a 6 beer. You will often find especially when it comes to socializing that people are really glad not to be spending money as they are all engaged in keeping up with you as well even if they cannot necessarily afford it either…
2. Forecast your fun. Forecasting is the process of projecting what your spending will be in any area of your life. The way to determine this is to complete a Chart of Expenses email us at infoabundancebound if you would like one from which you will be able to see exactly what you are spending on average across the financial board. You can then determine exactly what areas you are overspending in and where you can spend a bit more if necessary. The key to this process is not denial however: not not remove categories as trivial without serious consideration because there is nothing like forbidden fruit; for enticing you back. So never go into a month saying I am not going to go out at all; you are simply setting yourself up for failure. Instead allocate a certain amount for Eating Out; or Drinks; or whatever other category you want and then when the end of the month comes around and you are near the end of your allocated funds suggest Dennys instead of the local bar for those after class drinks.
3. Work together to save money. Given that most people are in the same boat as you when it comes to money be the first one to broach the subject of saving money with your friends. There is such a taboo in this country about discussing onesnbsp;finances that most people go through life never saying more than the obligatory Im fine…; usually a lie or Im broke…; but with no real attempt to solve the issues causing that situation. Break with tradition and work with others on ways to both save and make more money. You will be amazed at the ideas that come out of brainstorming these things with like minded individuals so give it a go! At the very least it will take the pressure off the next time you say Make mine a water…;
So anyway I hope these pointers give you some ideas about how to have fun but still make sound financial decisions at the same time. Again it is never about saying I won
t go out until Ive made X.; That may work for some people but I have yet to meet them. Instead map out your spending and put your money towards things that you will enjoy. Instead of feeling guilty about buying a Ice blended latte every day and then stressed about the 30 on drinks going out with friends drink regular coffee instead. 1.50 a day instead of 3.50 is 14 per week you have saved which is 28 every two weeks which covers an evening out with friends every other week. Talk to people and work out things together and then stick to your plan. Your bank account and stress levels will thank you for it.
About the writer: Miata Edoga is a working actor and founder of Abundance Bound Inc the financial education company for actors and artists. She recently released The Artists’ Prosperity Home Study System designed to give anyone who wants them the tools to take control of their money.
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