We all like to let our hair down every now and then, but have you ever looked into how much it can all cost?
Whether it’s every weekend, a couple of times a month or a handful of special occasions throughout the year, it’s not uncommon to hit the town every now and then with your friends.
It’s also not uncommon to set yourself a budget and withdraw the cash you’ve allowed yourself to spend, to then chuck your budgeting out of the window and start splashing on your plastic once the evening’s in full flow. But, have you ever wondered just how much those nights out cost you?
Well, wonder no more.
According to Deltic, the average cost of a night out between January and March of this year came in at £69 a head. And, with the average this time one year ago sitting at £54.49, it’d appear our boozy nights out are becoming more and more expensive.
Where does the money go?
With drinks, transport and that all-important kebab to finish the night off, the costs can soon rack up, and the same study revealed spending’s up in every area:
Millennials spending more than most
A different study, this time by sellmymobile.com, revealed the annual cost of nights out for millennials (aka the nation’s 18 to 35-year-olds), who reportedly head for a night out, on average, twice a week.
While most said they’d set themselves a budget of £50 a night, bringing their annual spend to £5,200, the majority (78%) admitted to going over budget once they’d got a few drinks down them. The cost of this tipsy spending? An extra £1,389 a year. That’s a whopping total £6,589 in just 12 months.
Full of regret
As well as waking up with the routine post-night out hangover, 77% of millennials wake up with a pang of regret, dreading how much cash they splashed the previous night. In fact, of those who were coupled up, almost half (49%) confessed to lying to their partner about how much they spent.
On top of that, most (85%) of the young adults surveyed said they know their money could be better spent elsewhere, with almost all (90%) admitting their lifestyle has actually got them into debt.
How to keep costs down
Nights out with your nearest and dearest are important, but so is being savvy with your spending. So, to help you get the best of both worlds, here are some simple money-saving hacks for your next night on the town.
1. Use public transport: Taxis are expensive and some even bump their prices up during peak hours. To stop yourself being stung by surcharges, plan your journey back ahead of time so you can catch the last bus or train - it’ll get you home for a fraction of the price.
If public transport isn’t an option for you, try to avoid catching a taxi back by yourself. Wait until there’s a bunch of you ready to head home so you can split the fare however many ways.
2. Head out early: If you do some digging before you go out, you should be able to find a handful of places that offer happy hour specials - like half price drinks and buy one get one free offers. The only snag is these often end at around 7-8pm, but if you start and end your night earlier, you’ll not only save yourself some pennies but you’ll limit your tiredness for the following day too. Win, win!
3. Eat before you head out: It’s the end of the night. Your body’s craving something greasy. You head to the closest takeaway. You order way more than you know you’d normally eat. You wake up the next morning full of food regret. And then you look at your online banking and see how much you paid to feel this way. We’ve all been there.
There are a couple of work arounds though. Option number one, eat a decent meal before you go out to hopefully reduce your late night cravings. Or, option two, prepare yourself something tasty before you go out and set it aside ready for when you get home. That way, you know you can skip the takeaway, still settle your cravings, and all for a fraction of the price.
4. Avoid places you have to pay for entry: You don’t need to go to a fancy bar that demands you pay them to let you spend your money in there to have a good time. So, spare yourself the entry fees and only opt for bars, pubs or clubs that let you walk in for free. After all, it’s about who you’re with, not where you are.
5. Have a few drinks before you go out: If you want to limit how much you spend on drinks while you’re out, why not invite your friends round and have a cocktail or two at home before you hit the town? Drinks are expensive, so it could easily save you £10-£20 just like that.
We hope you’ve found these tips useful, and next time you’re out, remember to spend sensibly!
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