How to Save Money on Social Occasions

How to Save Money on Social Occasions

Once in a while, everyone has the chance to enjoy a special occasion – whether it’s their birthday, the day of their wedding, Christmas, or other important life events.

Celebrating those special days gives us memories we hold onto long into old age – and often, we become determined to make a special memory by spending our money on clothes, food, or gifts to suit the occasion.

While special occasions can be fun, they also can invite large expenses – placing strain on your money goals, your spending limits, or your budget.

There are several ways, however, where you can save money on social occasions – and here, we’ll give you a rundown on three easy ways to have fun while keeping in-line with your budget.

Withdraw your cash

Sometimes, when we plan a night out or go on holiday, it’s tempting to use our debit or credit cards and swipe away on experiences, food, or items that might come with a special day or evening. While using a debit card or credit card can be handy depending on what you want to buy and how badly you need it, consider keeping a small amount of cash handy for splurge purchases and leave your wallet at home.

Having a set amount of cash on hand will allow you to spend according to a budget that you have already defined, and can help reduce the temptation to make a large purchase which you might not normally be able to afford. When your cash is spent, you know that you’ve met your spending limit - and your saving goals can continue without delay!

Use a monthly planner

If there’s a special occasion on your calendar that is a few months or weeks away, you can get a head start by planning in advance – and there are few better ways to do this than by using a monthly planner.

By saving small amounts each month, you can create a ‘splurge fund’ to use when you’re ready – meaning that you will have budgeted in advance for a special event, and that your monthly budget won’t be affected when you spend the money in question. You could even try the 52-week savings challenge to get ready ahead of schedule!

Creating and meeting savings goals can not only feel fulfilling, but it’s also a great way to create goals and have a reward for all your hard work!

Create short or long-term investments suited to your goals

If there’s a special occasion in your future that you can save up for well in advance – such as a wedding, honeymoon, or a special birthday – consider setting up a short or long-term investment that aligns with your goals.

With the help of an authorized financial services provider or a licensed financial advisor, you can set up an investment that can mature on a specific date – meaning that any money you save now will only grow over the period of time up until the event.  

When setting up an investment, consider whether you want to invest with high or low risk. Also take into account any management fees that might impact what results you can expect over time.

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