When you are in your 20s and 30s, there is so much fun to be had: festivals like Coachella and Burning Man, bachelor and bachelorette parties, weddings, and weekend getaways. The only problem is having fun can leave you running low on funds.
Just because you have student loans doesn’t mean you can’t go out and have fun. However, you should keep to a budget and focus on having the most fun for the lowest cost.
Here are some quick tips to enjoy going out with friends without breaking the bank.
Limit trips to the bar
Night clubs, concerts, and vacations are a blast, but with cocktails running $20+ at some venues, drinking can quickly get out of control on the money front.
Instead of heading to the bar for another round each time your glass is empty, try these strategies:
Drinks are a fraction of the cost from a liquor store or grocery store. Cut how much you spend on drinks in a night by having one or two at home, so you don’t feel the need to spend as much at the bar.
A word of warning: do not overdo it on the drinks before you go out. Binge drinking is dangerous and many venues do not allow people inside who are visibly intoxicated.
For every drink you finish, have a glass of water next. That will not only save you 50 percent on your bar tab, but help prevent a hangover, too many booze-fueled calories, and bad decisions.
Be the D.D.
Being the designated driver is not always fun, but your friends will appreciate it and you will spend zero on drinks for the night.
Enjoy outdoor fun
While it does not look like spring in some snowy parts of the country, warm weather is here or just around the corner. Instead of another night out at the bars, organize a day trip or weekend getaway in the great outdoors.
Camping is inexpensive and fun if you have the equipment already, or you can rent cheap camping gear from REI or a local outdoor equipment store. In addition to camping, you can go hiking or spend a day on the beach for free.
Many of my friends in Colorado purchase a season pass to the big ski areas at the beginning of the season. After making an investment of a few hundred dollars, every day on the slopes is free!
Become the activities coordinator
Most groups of friends have that one guy or gal who does most of the planning for the group. If you are not already, become that person!
The planner in the group suggests fun activities and outings more often than anyone else. If you are the one planning the next adventure, you can choose whatever you want. To stay in budget, you can pick the fun and budget friendly activities without making a big deal that you do not want to spend money.
Game nights, progressive dinners, group bike rides, museums, picnics, 5k runs, farmer’s markets, author events at bookstores, and bargain hunting at garage sales and consignment stores are all fun activities that usually come with a low price tag.
It is okay to spend on fun!
One night, I was out at my favorite Denver nightclub with a group of friends. In the excitement of the moment, I said, “next round’s on me!” Ninety seconds and $120 later, I realized I made a budget mistake.
If you are paying off student loans, or any other debt, you can still go out with friends and spend money on entertainment. Just do it with a budget-first mindset to make sure you don’t blow $120 you can’t afford in less than two minutes.
Start by looking at your income and required expenses each month to figure out how much you have leftover to spend on fun. Expenses like rent, groceries, insurance, and your cell phone bill are not optional, so take that money off the top.
With what’s left, decide how you want to allocate your money into what you value most. If your goal is to get out of debt as fast as possible, which is a brilliant plan, allocate a big chunk of your disposable income to debt pre-payments.
This calculator can help you figure out the fastest route to getting out of debt:
Next, allocate your spending into other categories like savings, clothing, entertainment, and anything else you can survive the next month without. Remember, you can still have fun on a budget.
A lot of people are just like you and have student loans. Your friends might appreciate you taking the time and effort to plan fun, budget-friendly activities that help everyone keep spending to a minimum If you do it right, you’ll be debt-free in no time and still have plenty of fun.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
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1 Important Disclosures for SoFi.
2 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.54% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of March 18, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 0318/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.5% effective February 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.54% – 7.12%3||Undergrad & Graduate|
|2.54% – 7.27%1||Undergrad & Graduate|
|2.67% – 8.96%4||Undergrad & Graduate|
|3.23% – 6.65%2||Undergrad & Graduate|
|2.69% – 7.43%5||Undergrad & Graduate|
|2.98% – 9.72%6||Undergrad & Graduate|