Life on a budget

We'd all like to have a bit more spare cash floating around, but the reality is that most of us will need to stick to some sort of budget each month to avoid ending up in the bank manager's bad books. But being thrifty doesn't mean you have to be miserable: you just need to get a little creative...

Make a budget – and stick to it

Seems obvious doesn’t it? Sit down with your trusty calculator and start planning your finances.

The best way to budget is to see how much money you have until next payday. Then deduct any outgoings or charges (including that wild night out for your mate’s birthday) and divide what's left by the number of weeks you have to go.

If you get paid midweek, count it as a whole one – this way you'll have some extra money to play with should you overspend during one of the other weeks.

You can now do this again for next month. Follow your spending as you go and if you forget easily, store the amount in your phone or in a diary and deduct each amount as you go along.

If you end up underspending, try to save the extra money elsewhere or use it if you need a buffer in a particularly expensive week. But remember, be honest with yourself – you’re going to be the only one that’ll get ripped off.

Budget revolution

Use your temporary lack of funds as the perfect excuse to create healthy habits and ditch the old expensive ones (at least temporarily).

Now is the perfect time to quit smoking and/or drinking. Quite apart from being physically harmful, they also depress your wallet even further. Go on a health kick and give your finances a chance to recover along with your lungs and liver.

Keep it cheap – or free!

You can find a world of suggestions for cheap days/nights out by running a simple search on the internet. You’ll be amazed at how much there is on offer.

Companies are always falling over themselves to offer their services at a special rate to tempt you in. For example, gym memberships. Get in while you can, but beware that the cost will eventually go back up if it’s something you’d like to continue on a regular basis throughout the year.

You could also try one of these ideas:

A lot of cinemas now offer unlimited viewing at a low monthly cost – great value for money if you’re a movie buff.
Look in your local paper for galleries and museums that offer free exhibitions and go and get some culture.

Get a group of friends together and hold theme nights. You could do film nights or board game tournaments – the only limit is your imagination. Cost? As long as you're only gambling for tortilla chips, your bank account should be safe.

Do it together

Talk to your friends about sticking to a budget together. If you’re the competitive type, challenge each other to see who does the best at not overspending!

In hospitality, you’re well known for your strong work ethic, and deserve every minute of downtime you get so, however you choose to spend your free time, these tips will help you do it without breaking the bank.